Wills, Trusts, Tax & Probate
Whether you need immediate help or long-term planning for peace of mind, our team is on hand to provide professional, friendly advice.
By making a Will, you can ensure that in the event of your death your assets are distributed in accordance with your wishes. If you die intestate (not having made a Will) then your estate will be distributed in accordance with a set of legal rules. This may be contrary to what you would have wanted. In order to provide certainty for both you and your loved ones it is important that you prepare a Will.
Lasting Powers of Attorney
These enable you to appoint someone whom you trust to deal with your affairs if you are unable to do so in the future. There are two different types: the first dealing with your property and financial affairs and the second dealing with your health and welfare. If you lose your capacity to make decisions in the future and you do not have a Power of Attorney, a lengthy application to the Court of Protection for someone to be appointed as your deputy will be required. We can advise on both Lasting Powers of Attorney and Deputyship applications.
Administration of Estates
When someone dies it is often necessary to obtain a Grant of Probate or Grant of Letters of Administration in order to be able to deal with the assets in the estate. These may include bank accounts, shares and insurance policies. If the deceased owned a property it will be necessary to obtain a Grant in order to sell or transfer the property to the beneficiaries of the estate.
Trusts are set up for many reasons but usually to protect family assets such as the family home for future generations. We are able to provide specialist knowledge and expertise to advise you on trust drafting and administration.
Inheritance Tax affects many families and without proper planning it may have to be paid in the event of your death. Inheritance Tax is currently charged at 40% so it is worthwhile carrying out Inheritance Tax planning. If you have a potential liability, it is sensible to take advice regarding estate planning and utilising the number of lifetime exemptions.
If you or a family member are faced with decisions regarding care, our team of solicitors can provide you with proactive advice on the financial and other implications of long-term care. Many clients want to protect the value of their estate in the event of them needing care. It is not always possible to do this due to rules regarding the deliberate deprivation of assets, but there are some steps that can be taken and we can advise you on the best way to proceed.
At RDC we believe that it is never too early to plan for the future. Our team of solicitors understands how difficult it can be to contemplate and make decisions about your own and your family’s future; we’re here to help guide you through the options.