WILLS, TRUSTS & PROBATE
HAVE A WILL?
Making a will can alleviate the stress of loved ones at what is a difficult and emotional time, and gives you piece of mind, knowing your affairs are in order. 57%* of us do not have a Will and of those who have, around half fail to update it. Dying without a will leaves no control over who should benefit from your estate and the law would govern how your estate is distributed amongst your relatives. For example if you are not married, your estate would go straight to your children regardless of whether you have a partner, and if there are no children the estate would go to your parents.
TAX PLANNING
Wills also play an important part in any tax planning exercise. There are many tax reliefs available on death and wills needs to be structured carefully to ensure you make the most of these exemptions. Dying intestate can be tax inefficient and expensive.
WHO WILL INHERIT?
Make sure you decide who inherits your possessions. Call and arrange an appointment to speak with an expert who can provide the best possible advice and guidance on having a Will written or updated.
INHERITANCE & CAPITAL GAINS TAX
From April 2009 if you have assets worth more than £325,000 they are subject to inheritance tax (IHT) of 40% To avoid this you need to plan ahead carefully and make your Will tax efficient. A staggering number of people with estates of this size do not plan effectively to avoid inheritance tax, with only a **quarter of people obtaining IHT advice. If your estate is worth more than £325,000 speak to one of our specialist solicitors who will advise you on the options available to avoid IHT, such as gifting money to family, giving money to charity or setting up a Trust, thereby keeping your tax liability to a minimum.
*Standard Life research
** Alliance & Leicester research
***Barclays research
FREQUENTLY ASKED QUESTIONS
WORK UNDERTAKEN
- Inheritance Tax Advice (IHT)
- Will writing & updating
- Trust and Estate disputes
- Arrange Powers of Attorney
- Probate, the administration of estates of all sizes
CALL 0161 832 3304 FOR A CONSULTATION WITH A SOLICITOR AT DAVIS BLANK FURNISS
