Probate and Trusts

Probate

Our Probate team has many years of experience in dealing with estates whether they are worth a few thousand pounds or over a million pounds.   With our Partner Andrew Hurrell being a Notary Public as well he can offer assistance in dealing with any assets abroad.   He is also a member of the Society of Estate and Trust Practitioners (STEP) and the Law Society's Probate Section Group.

We can assist you with the following :-

  • Valuing assets
  • Obtaining Grant of Probate (where there is a Will) or Grant of Letters of Administration  (where there is no Will - Intestacy)
  • Preparing the Inheritance Tax forms - calculating Inheritance Tax
  • Payment of liabilities
  • Settling the deceased's tax affairs including income tax and Capital Gains Tax liabilities
  • Paying legacies under the Will and transferring assets to beneficiaries where necessary
  • Preparing the estate Accounts.
  • Where a Trust arises under the Will or Intestacy  arranging for the investment of the of the Assets.
  • Making final distribution to beneficiaries
  • Advising on Deed of Variation
  • Advising on any potential claims against the estate including Inheritance Tax claims

Trusts

A Trust is a legal device which enables you to separate ownership of an asset (whether that asset is a house   investment or cash) from the right to use the assets or to receive its income.   The person who owns the assets in a Trust is called a trustee and the person who has the benefit of the asset is called a beneficiary.

A trust can be useful in the following examples :-

  • Where someone is too young to handle their affairs
  • Where someone cannot handle their affairs because of their incapacity
  • To pass on money or property whilst you are still alive
  • Under the terms of a Will or where there is no will

Our advice covers

  • Setting up the trust and administering it
  • Advice on Inheritance Tax and Capital Gains Tax liability
  • Trustees' duties
  • Varying the terms of a Trust.
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