Wills & Trusts
Anyone over 18 ought to make a will. If you die without a will you are said to have died intestate. This means your estate (that is, your personal belongings, property, savings etc.) goes to people prescribed by parliament rather than people you choose. Even if parliament’s choice of heir(s) is the same as yours, the lack of a will can significantly add to the time and expense involved in distributing your estate, causing disruption and anxiety for your loved ones at a very stressful time in their lives.
So, don’t leave it any longer, ask Lewis Francis Blackburn Bray to help.
On death, an application for a Grant of Probate or Letters of Administration has to be made to allow the estate to be distributed to beneficiaries. We will help discover what assets are in the estate and assist in valuing them. We will help complete the Inland Revenue Accounts, establish any inheritance tax that is due, apply for a Grant of Probate, collect the assets, pay debts, legacies and expenses, complete tax returns for the estate, and distribute the estate to the beneficiaries.
Inheritance Tax Planning
Inheritance tax is charged at 40%. The increases in property values of recent years mean that more and more people are potentially liable for inheritance tax. We can discuss with you how your will can be made tax effective. We can advise on the steps you can take to reduce or eliminate the tax burden.
Advice can be given on tax saving by:
• lifetime gifts
• the creation of trusts
• properly prepared wills
• the use of the nil-rate band
• the use of discretionary trusts
Lewis Francis Blackburn Bray can help to protect your savings for the benefit of the next generation.