Dying without a Will can create problems for family members, loved ones and other beneficiaries. On the other hand, a Will which is both flexible and as tax effective as possible in terms of inheritance tax gives an assurance that family members and loved ones will not be subjected to the uncertainty of the intestacy rules. Our level of expertise, personal approach and deep understanding of what families go through following the death of a loved one equips us with the ability to guide you through the Will making process and to ensure that the best protection is afforded to your family and loved ones.
The period after death can be very stressful for the family and friends of the person who has died. The formalities can be especially daunting. However because we have been helping bereaved families for over 25 years we understand the difficulties, challenges and complexities involved. We will provide you and your loved ones with solutions which are bespoke to your particular circumstances.
Tax is also becoming increasingly complex and it is more important than ever that proper advice is taken before making any major commitments or decisions, especially when contemplating tax planning with family home. Our Wills, Probate, Tax and Trusts team members possess an unrivalled level of expertise with which your matter will be knowledgeably dealt with. As amiable as they are professional, they are fiercely dedicated to protecting your best interest and ensuring that your wishes are carried out.
It is estimated that 60% of the population may not make a will. You decide who looks after your estate. When you write a Will you will say who you would like to look after the formalities. Whether it is relatives or friends, you can decide who the best person(s) is to ensure that your wishes are carried out after your death.
The current threshold* for the value of your estate before it attracts inheritance tax is currently £325,000.00 which is known as the Nil Rate Band (NRB). There is no tax payable when your estate is left to your spouse but if your estate exceeds £325,000.00 the amount over this figure attracts 40% inheritance tax when left to others. If you are married and when you both die there is a possible NRB allowance to be used of £650,000.00 before tax is paid. We can assist you with Inheritance Tax planning, just ask us. * As at Oct 2014
Lasting Powers of Attorney (LPA)
A LPA is a legal document which gives another person power to act on your behalf in respect of your financial or property affairs and health and welfare when you can no longer deal with your own affairs.
The benefits of making a LPA
Having a LPA in place can save a lot of time, trouble and expense in the future. You can choose who you wish to appoint as your Attorney or Attorneys which can be anyone you know and trust such as spouses, children over 18 or professional advisers. Your Attorney will be able to do anything with your finances which you are usually able to do, for example, open and close bank accounts, pay bills, sell your property and make investments. You can include restrictions and/or conditions in your LPA. Even though a LPA has been made this does not prevent you from dealing with your own affairs while you are still able to do so.
Even though a LPA has been made this does not prevent you from dealing with your own affairs while you are still able to do so.