Wills and Succession
A Will is arguably one of the most important documents you will ever sign, so we don’t believe in using standard forms. Our aim is to get to know you, your family situation and what you want to achieve and in light of that to advise you on the options available.
There are many reasons for making a Will but sadly many people put this off and the consequences can be disastrous.
As part of meeting with you to take your instructions for the preparation of your Will we will also assess your Estate’s likely exposure to Inheritance Tax and can offer you advice on how this can be mitigated, so that more of your assets are ultimately passed on to your loved ones.
TRUSTS & ASSET PROTECTION
Despite the attacks of the Finance Act (2006), Trusts remain a useful vehicle for tax planning and perhaps more importantly for asset protection.
A person’s assets may be exposed to various risks, including unwanted claims from family members, for example on death or on the breakdown of a relationship or where an intended beneficiary is likely to encounter financial difficulties perhaps from being in business.
Trusts are also often used to retain entitlement to means tested benefits and can be used in situations where a family may be at risk of losing assets such as a family home to pay for long term residential care.
The most common way in which Trusts are used is to allow assets to be held for the benefit of people who cannot or perhaps should not own assets themselves. For example, Trusts are often set up for children to allow Trustees hold the assets until the child reaches a particular age – often 21, 25 or 30. The Trust structure protects the assets by preventing the beneficiary from spending the proceeds in ways he or she might later regret!
We have extensive experience in advising Executors, Trustees and disappointed beneficiaries in relation to their obligations and entitlements and can offer advice and guidance from both points of view.
We know that dealing with the Estate of a close friend or family member who has died is a huge responsibility and can be time consuming, frustrating and sometimes complex – especially in situations where there is no Will or if Inheritance Tax is involved.
We believe you will find our approach to be sympathetic, understanding and practical.
We also have the technical ability to deal with these matters and can work closely with your other advisors to ensure that the Estate is managed and realised efficiently and that tax savings and planning matters are taken into account.
If you would like to know more about our conveyancing services why not give us a call on 0141 339 8432. Drop us an email or you can make an appointment using our booking facility below.