Probate
Our Probate team has many years of experience in dealing with estates whether they are worth a few thousand pounds or over a million pounds. With our Partner Andrew Hurrell being a Notary Public as well he can offer assistance in dealing with any assets abroad. He is also a member of the Society of Estate and Trust Practitioners (STEP) and the Law Society's Probate Section Group.
We can assist you with the following :-
- Valuing assets
- Obtaining Grant of Probate (where there is a Will) or Grant of Letters of Administration (where there is no Will - Intestacy)
- Preparing the Inheritance Tax forms - calculating Inheritance Tax
- Payment of liabilities
- Settling the deceased's tax affairs including income tax and Capital Gains Tax liabilities
- Paying legacies under the Will and transferring assets to beneficiaries where necessary
- Preparing the estate Accounts.
- Where a Trust arises under the Will or Intestacy arranging for the investment of the of the Assets.
- Making final distribution to beneficiaries
- Advising on Deed of Variation
- Advising on any potential claims against the estate including Inheritance Tax claims
Trusts
A Trust is a legal device which enables you to separate ownership of an asset (whether that asset is a house investment or cash) from the right to use the assets or to receive its income. The person who owns the assets in a Trust is called a trustee and the person who has the benefit of the asset is called a beneficiary.
A trust can be useful in the following examples :-
- Where someone is too young to handle their affairs
- Where someone cannot handle their affairs because of their incapacity
- To pass on money or property whilst you are still alive
- Under the terms of a Will or where there is no will
Our advice covers
- Setting up the trust and administering it
- Advice on Inheritance Tax and Capital Gains Tax liability
- Trustees' duties
- Varying the terms of a Trust.