Wills, Trusts, Tax and Probate
Making sure you’ve planned for your loved ones is a positive and caring thing to do. It will save them the anguish of making tough decisions at a difficult time.
What’s more, planning properly now will save time and money later, could protect your home being taken from you to pay for care home fees – and could save your beneficiaries thousands in inheritance tax and probate fees.
Below are just some of the issues that our clients encounter in daily life. Just click on a heading to view the description. To find out more or to discuss a particular issue, whether listed here or not, please contact us now. We have legal experts waiting to talk to you.
A properly drafted Will can protect your loved ones, save you inheritance tax and protect your home from being seized to pay care home fees. Fully qualified Estate Planning Consultants and solicitors will make sure your Will meets your needs. With every Will, there is a year’s free membership to MyLifetime, providing free updates to your Will and Legal advice on a whole range of subjects.
A Trust is a way of holding assets for the benefit of individuals, while distancing you from some of the liabilities of direct ownership. They can be used to protect your estate from inheritance tax and care home fees, as well as looking after assets for children that are too young to inherit.
Probate is the legal process of administering an Estate by valuing and selling the deceased’s assets, paying any debts and transferring the remaining money and possessions to the beneficiaries in accordance with the Will.
For many Estates, Probate is a complex process taking several months (possibly years) and the Executors carry the complete legal responsibility to perform all the duties accurately.
By creating a Power Of Attorney you can appoint a trusted friend or loved one to look after your affairs if you are unable to yourself, because of illness or an accident for example. These can cover both financial and medical affairs. If you don’t have a Power of Attorney and become too ill to make decisions, the courts will appoint someone for you!
When someone is incapable of managing their own affairs, the Court of Protection will appoint a Receiver to act on their behalf. Lifetime Legal can advise on the appointment of expert professional Receivers who can manage financial affairs and produce annual accounts.
From time to time, despite detailed plans, disputes can arise about the provisions in a Will. Lifetime Legal has an expert panel of Probate Dispute specialists who can both defend and contest a Will. In some cases this work can be done on a no win, no fee basis.
Inheritance Tax is a tax on gifts made by individuals during their life, or on death. Last year alone HMRC took £4bn in taxes. Planning to avoid or reduce Inheritance Tax is a must and in some cases it can be eradicated entirely. Our experts can advise from simple one-off arrangements, to complex arrangements that involve substantial assets.
As a client of Lifetime Legal you’ll get access to MyLifetime – our legal advice service, free for a full year of unlimited legal advice. If you’re not yet a client, call anyway, the first call is free and might be all you need.