27 million adults in the UK do not have a will - so said the National Consumer Council in September 2007. It is also estimated that a staggering £1.1billion is wasted through failure to consider sensible inheritance tax planning.
We’d like to help you and your family plan your affairs and save money.
Wills
Quite simply, a will lets you control how your estate will be dealt with on your death. Without a will, rules direct where your money goes and it may well not be where you want it!
This is particularly the case for unmarried couples where, generally speaking, the survivor has no right to receive anything from the estate of their former partner no matter how long they may have been together. For married couples, the position is slightly better but under the intestacy rules your surviving spouse does not automatically inherit all your estate. You’ll need a will in place to make sure that happens.
A will can also result in huge savings of inheritance tax for owners of shares in private companies and other business owners.
Trusts
Many people shy away from trusts, in the mistaken belief that they are the exclusive preserve of the landed gentry. In reality, family trusts can be very effective to protect family wealth whilst allowing effective control to be retained. Trusts can appear to be one of the more difficult areas of law but we will use our expertise to break through the jargon and help you to understand what is involved.
Inheritance tax
Inheritance tax (IHT) should be considered by anyone who has assets worth in total more than £325,000. The tax rate is 40%. Business assets can be exempt from IHT but a carefully drawn will is required to make sure that exemption is properly used. With careful planning during your lifetime the amount of IHT your family has to pay can be significantly reduced.
Probate
Probate is the process of administering the estate of someone who has died. It can be complex and distressing, especially if the person involved was a close relative. We have specialists to look after this on your behalf and you can be confident that we’ll handle it with sensitivity, compassion and expertise.