Wills, Trusts and Probate
Protecting your assets and notarial services provided
Although it is hard for loved ones to talk about death, making a will can ensure your wishes are carried out and that your money, investments, land or buildings go to the people or causes that you intend when you die. Your will can also be a way of communicating to loved ones about whether you would prefer to be buried or cremated.
Many people are concerned that new spouses or second families will inherit their assets in the future, so a well drafted will can help prevent this. If you have children, it is more important that you make a will so that arrangements can be made for them if either one or both parents predecease them. Other factors can be if your permanent home is not in the United Kingdom or you are resident here but have overseas property or have a business. With property prices overtaking inflation, inheritance tax planning is also an important thing to consider.
If you die without a will, there are certain rules which dictate how your assets are allocated. This may not be the way that you wished for your assets to be distributed after you die.
We also understand that when a loved one passes away, it can be a difficult and stressful time, especially when you are responsible for dealing with their assets. We have considerable expertise in administering estates. The probate process involves valuing the estate, applying for a grant of probate (if there is a will) or a grant of letters of administration (when there is no will), collating assets and distributing them. We can help you with all aspects of the process, including inheritance tax.
Trusts are used to manage assets for the benefit of someone. They can often be tax efficient and can be set up with a trust deed or within a will. The 'settlor' sets up the trust, the 'trustee' manages it and the 'beneficiary' benefits from it. They are useful in situations where family assets need to be controlled and protected, when somebody is too young to handle their affairs or when somebody is incapacitated. We can assist you with setting up, managing or administering a trust.
We now also offer notarial services, providing services to businesses and individuals relating to international matters. For more information, contact Robert Sykes on 01425 471 424.