Everyone should make a will and it is particularly important if you have children or own property.
Even if you have no close family, it is no reason not to make a will as should you die without a will and in the event of no next of kin being traced your estate would go to the Crown.
Making a will allows you to choose your own executor, the person who will wind up your estate and deal with your affairs after your death. The appointment of your executor is important as they require the expertise to be able to deal with the many matters that may arise during the administration as well as ensure that your estate is distributed as per your will instructions. If you do not appoint an executor, once again, the law will decide for you.
A will enables you to decide how your body will be dealt with after death - cremated, buried, the type of funeral service and whether your body parts can be used for medical purposes.
You can stipulate who should be appointed guardian of your children while you can leave money or specific items to charities or friends.
We make preparation of a will a quick and straightforward process regardless of your circumstances giving you and your loved ones peace of mind now and in the future.
Probate Trusts and Administration
With the rapid rise in the value of peoples homes everyone should consider inheritance tax with everything in your estate over £312,000 being taxed at 40%. The making of a will should be one of the first things you do when considering tax planning. We can advise you on ways to reduce the value of your estate including the setting up of discretionary trusts to minimize the tax burden on your death ensuring the maximum amount of your estate goes to the people you love.
We give friendly and sympathetic advice concerning the legal aspects of administering and winding up of estates and the most cost-effective way of doing it including advice on deeds of variation and their preparation.
Should a trust have been created we can advise on the regulatory implications for the trustees or administer the trust dealing with the complex trust laws involved and the various taxes involved.
Lasting Powers of Attorney
From the 1st October 2007 Lasting Powers of Attorney have been introduced taking the place of Enduring Powers of Attorney. These deal with the appointment of attorneys who can deal with a donors finances as well as their health and welfare should the donor be incapacitated either physically or mentally. We advise attorneys who have been appointed under the old system on how to register the Enduring Power of Attorney with the Court of Protection as well as new donors on how to appoint an attorney.