Inheritance Tax Planning

This has become for many a very onerous tax.  With careful planning much can be done to mitigate the tax bill.  We can discuss how appropriate such planning is for you. There are several schemes that may be appropriate for the Client's individual circumstances and these will be fully explored and discussed in depth with the Client to ensure that the correct course of action is taken. The Government has recently amended the Inheritance Tax Rules relating to married couples, which may result in Wills prepared some years ago having to be amended to take advantage of the latest tax-planning schemes. It is very important for any Wills that involve an element of tax-planning to be reviewed every few years, especially in the present economic climate.

Lasting Powers of Attorney

It is possible to appoint in advance someone to deal with your financial matters even when you are becoming mentally incapable of handling your own affairs.  We will be happy to survey your choices and decide with you the best way forward.

An extremely important change occurred on 1^st October 2007; the replacement of Enduring Powers of Attorney by Lasting Powers. The new regime now in place involves a complex and expensive procedure. Clients have to set-up a Property and Affairs Lasting Power and / or a Personal Welfare Lasting Power. In this latter case, a new concept is introduced whereby the Attorney will be permited by the individual creating the Power to decide when and if medication to sustain the life of the individual should be continued. Lasting Powers require registration almost immediately in order to be effective. However, it is still the donor's decision whether to give or not to give their attorneys the authority to give or refuse conset to life-sustaining treatment on their behalf. 

Over the last year we have seen a dramatic increase in Clients wishing to create Lasting Powers of Attorney, possibly as a result of increased media coverage. Indeed it is now considered "best advice" to recommend to Clients who have reached retirement age that they put in place an LPA as soon as possible. Unfortunately we often come across situations where it is too late to create an LPA as the Client (usually an elderley relative of the person approaching us) lacks the necessary capacity to understand what is involved. It is therefore vitally important to discuss the creation of these Powers sooner rather than later and again, if the Client prefers, a home visit can be arranged. 

 

Court of Protection

 

Quite often, Clients approach us when an elderly relative has become incapable of managing their own affairs and they wish to be appointed attorneys so that they can deal with those affairs on the relative's behalf (see above). However, it is still possible for the Client to be appointed by what is known as the Court of Protection, which is a division of the Public Guardianship Office even where their relative has become incapable of giving instructions to create the Lasting Power of Attorney because of their lack of capacity to understand. This does involve quite a lengthy procedure including obtaining one or more medical reports and the process is not straightforward, but we have extensive experience of dealing with such cases to achieve the swiftest possible outcome for the benefit of both the Client and the relative concerned. We would be able to advise on the best way forward and assist in this process.

The Administration of Estates (commonly known as Probate)

Dealing with someone's estate when they die can be very demanding particularly for family and friends.  This whole area of work has become increasingly complex due to the range of financial products often used by people and also the nature of the inheritance tax regime.  It is just so easy for those not experienced to miss some important aspects in this process. Recently there have been several reports in the press of how delays in the Probate process can affect people and their expectations. Clients will no doubt have read in the national press over the last year, almost on a daily basis, the increasing number of cases that come before the courts where Wills are disputed by either family members or other disappointed beneficiaries. It is often overlooked by Executors that, should they decide to deal with the Probate and administration of an estate themselves without seeking professional advice and assistance, they can be held personally liable to various classes of claimants should either the Will or the administration be disputed in the courts. Please note that this applies whether the personal representatives have sought professional advice and assistance or not. It is even more important therefore these days to seek specialist professional assistance in these matters. The whole procedure is fully explained in detail at the outset of each matter and, as far as possible, a time estimate is given so as to avoid disappointments. As required by the Solicitors Regulatory Authority, we will always provide an estimate of the probable costs involved when instructions are first taken, and this is updated as the matter proceeds. We will be pleased to work with you to seek to implement the wishes of the person who has died. Our specialist solicitor Andrew Quaintance is especially aware that some Clients who are the executors of the deceased wish to become involved more actively with a view to potentially reducing the overall costs of Probate and administration of the Estate. He is more than happy to guide executors as to what they can do in this direction and also advise throughout as to what the law requires.

Trusts

These structures are used in a variety of different ways and we are happy to advise on either their setting up, their implementation or their closure. This is a complex area of law and our specialist Solicitor, Andrew, would be happy to advise on each individual case. As before, a home visit can be arranged if desired. As Andrew has now acquired the further qualification of TEP and also as he is continuing to develop a specific expertise in contentious trusts anyone seeking to set up a trust for the benefit of their families or grandchildren are especially welcome to seek his advice.