Wills and Inheritance

Whether you are looking to make a will for yourself and your partner, or need assistance dealing with an estate of a loved one, we will use our experience to provide timely, friendly and professional advice.

How We Can Help You

Our comprehensive range of services include:

• Preparation of wills and general inheritance tax matters
• Administration and winding-up of estates
• Establishment and administration of trusts
• Protection of assets for the elderly
• Guardianship and powers of attorney

 

Have you made a Will?

What happens if you don't make a will?

Without a Will the law of intestate succession will apply in the event of your death. There is a very real possibility that the rules applying on an intestacy will not accord with your own wishes in relation to the division of your estate. For example, after satisfaction of certain prior and legal rights, intestacy rules provide that the whole remaining estate passes to the surviving children rather than a husband or wife. In certain circumstances, even parents and brothers and sisters, if they survive, can inherit ahead of the spouse. That is rarely, if ever, a result which is ever desired.

A Will allows you to select who will be the persons responsible for administering and distributing your estate following your death (executors). Where, for example, the exercise of discretion is involved, it is important that the right people are in place.

In cases where Inheritance Tax is due, it is often possible to mitigate the amount of tax payable by insertion of appropriate Will provisions designed to ensure that all available reliefs and exemptions are utilised. Don't miss out on possible tax savings.

Beneficiaries under the age of legal capacity of beneficiaries physically or mentally handicapped> A Will can set up proper structures to ensure that bequests to such beneficiaries are managed and administered in an effective and efficient manner.

Second marriages frequently create quite complex succession problems. It is not always easy to reconcile the interests of children by a first marriage and a second spouse. Step-children have no automatic succession rights in the estate of a step-parent. Equally difficult can be ensuring that if there are children on both sides by previous relationships, all children inherit on a fair and intended basis. We can advise on techniques to help balance such competing interests

Reviewing your Will

Make sure you keep the provisions of your Will under review. Failure to take account of important developments, like a birth, death or change of marital status or a significant change in your personal finances could bring about a situation where your Will no longer deals with your estate in the manner you intended or creates an Inheritance Tax liability which did not previously exist.

 

What is a Power of Attorney

A Power of Attorney is a written document giving someone else authority to take actions or make decisions on your behalf. It is up to you to decide who you wish to be your Attorney and to decide what powers the Attorney should have in dealing with your affairs.

Nobody likes to think that they may not be able to look after themselves, but accidents and illness can happen to anyone. In these circumstances, if your capacity is impaired, the Attorney can take steps to deal with matters on your behalf. The alternative is that the family or friends may have to petition the court to obtain authority to act on your behalf and this can be an expensive and time consuming exercise

A power of Attorney can be signed by you and kept in safekeeping by us until such time as it may be required. Hopefully in the vast majority of circumstances and situations a Power of Attorney will not require to be brought into force, but it is prudent and sensible to sign one to provide for unforeseen contingencies.

The Power of Attorney will contain such powers as you may grant to your Attorney and depending upon your wishes, will not just be confied to looking after money and property issues, but it can also provide for your Attorney to decide personal welfare issues for you.

Our Private Client Department can prepare the appropriate Power of Attorney in accordance with your instructions. We often recommend that Powers of Attorney are signed at the same time as Wills are prepared.

 

Executries

When someone dies, it can be a very stressful and confusing time. Normally, relatives or close friends of the deceased will deal with the immediate problems, such as arranging the funeral and obtaining the Death Certificate. If the death was unexpected, there can be delays in obtaining a Death Certificate and organising a funeral. Matters have to be dealt with quickly. We can assist in liaising with the Undertakers and arranging for the Death Certificate to be issued by the Registrar of Births, Deaths and Marriages.

 

Further Information

Please contact Robert Forman for more information.