Wills, Trusts and Probate

The importance of making a Will cannot be overstressed. Making a Will creates certainty, reduces worry and gives you the peace of mind of knowing exactly how your money, property and possessions will be dealt with after your death.

 

A Will guides those who are left behind and saves worry and heartache at a time of great emotional stress. Making a Will is usually the first step to take in structuring your affairs in order to minimise your liability for Inheritance Tax.

 

Each Will is tailor-made for the client, taking into consideration his or her personal financial circumstances, family and commitments and the possible incidence of taxation and in particular inheritance tax.

 

After a death it is important to those who are left behind that the estate is administered with sympathy as well as efficiency. It involves obtaining valuations of all the assets of the estate, agreeing the tax liability, applying for the Grant of Probate (or Letters of Administration in the event that there is no Will) and then with the benefit of that Grant gathering in the assets of the estate and administering them according to the Will or according to the law. In some cases a trust may arise under the provisions of a Will or an intestacy and that trust could last for many years. It will normally require the advice and assistance of a solicitor and in many cases a skilled financial advisor.

 

In dealing with the personal affairs of clients it is appropriate to mention Powers of Attorney and Court of Protection Orders. These are normally granted to enable relatives, friends or professional advisers to administer the affairs of elderly or infirm persons who, for whatever reason, are unwilling or unable to manage their own affairs.

 

For more details, please email Jonathan Frankel

About Probate

When a person dies somebody has to deal with their "estate".  A person's estate is considered to be made up of the money, property and any possessions they had at the time of their death.  The process of Probate involves collecting any money that is owed, settling any debts due (including outstanding taxes) and dividing the estate amongst the respective beneficiaries.

 

All assets (including property) in an estate will remain frozen, until the Probate Registry gives the authority (via a document known as a Grant of Representation) to the individual(s) nominated in your Will, the "Executor".  If you have no Will, then it is up to the most appropriate member of the family to act on behalf of the estate. 

 

If there is a Will the estate will pass to the people named in the Will. If there is no Will certain rules known as the Rules of Intestacy will apply.

 

Whether you are an Executor or the next of kin, we can provide practical guidance to help you deal with the administration of someone's estate. We can help you determine the size of an estate for Probate and Inheritance Tax purposes.  We can prepare an application for the Grant of Representation on your behalf and help you lodge the required forms with the relevant organisations to collect monies due to the estate and settle any outstanding debts.

 

We can arrange the transfer or sale of any shares and work with our residential property team to handle the sale of any property or land owned by the deceased.