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Wealth Protection and Planning for Later Life

Wealth Protection and Planning for Later Life Top FAQs

  • There are a wide range of issues depending on your personal circumstances, for example whether you own your own business, whether you have any financial dependents, and so on? Generally speaking everyone should do the following: - Ensure that they have an up to date Will; - Put Lasting Powers of Attorney both for Health & Welfare and for Property & Financial Affairs in place; - Take advice on measures to reduce potential inheritance tax liabilities; and - Review their pension arrangements. Please contact us to arrange an appointment to meet with one of our lawyers to discuss your retirement plans in detail. We will be able to guide you on the areas that need to be considered and where necessary work with other your other professional advisers to ensure that your needs are met.
  • If you own any assets then yes.  If you die without a valid Will your assets will pass in accordance with the Intestacy Rules.  In many cases these rules will not reflect you wishes and could result in claims being brought against your estate from disappointed beneficiaries leading to unnecessary costs eroding the value of your estate.
  • This is a very complex area. There are several types of trust for tax purposes and the terms of the trust will dictate how the trust is then treated for tax purposes. There are different rules for IHT, CGT and income tax and it is important to identify the type of trust at an early stage. The nature of the trust for tax purposes may change over time and the trustees need to be able to identify that this is the case. We have a range of services for trustees ranging from dealing with one-off queries to carrying out a general review to acting for the trustees in administering the trust. Please contact us to discuss your trust in more detail so we can identify how we might help you.
  • Almost anyone can be a trustee as long as they are over the age of 18, of sound mind and are not declared bankrupt. However the role is strictly governed by both statute and the terms of the trust itself. It is very easy for an unadvised trustee to inadvertently breach one of the strict duties imposed on them and find themselves personally liable for any loss to the trust fund. This can be something as simple as not properly investing the trust fund or to failing to submit annual income tax returns for the trust. Therefore when creating a new trust, whether during your lifetime or by Will, we recommend that you seek legal advice regarding the terms of your trust and whether the complexities involve highlight a need for professional trustees.
  • Whether a grant needs to be obtained usually depends on the assets in estate. For example you have to have a grant to be able to sell or transfer property. Banks and building solicitors have the discretion to pay out the contents of accounts without seeing a grant if the total value of the estate is below a certain threshold. This is usually between £10,000 to £25,000 depending on the bank. Otherwise a grant will be required.
  • The grant of probate is a certificate provided by the Probate Registry of the Court which confirms that executors named on the grant have the authority to deal with the administration of the deceased’s estate. When someone dies without leaving a valid Will a grant of letters of administration will need to be obtained to enable the beneficiaries of the estate to administer it. Under the Intestacy Rules the people entitled to take out the grant are the beneficiaries of the intestate estate. They are known as the administrators opposed to the executors. They will be unable to administer the estate without a grant of letters of administration.