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Wills
If you're thinking about making or updating your Will, we are here to help. Just as many of us never get round to visiting a local place of interest because it's on our doorstep, it's very much the same with Wills. There's always another day. Which could explain why two-thirds of us die intestate; why those gifts and bequests never quite end up where we intended; why a sizeable chunk of assets accumulated over a lifetime disappear in an instant in Inheritance Tax.
If you have young children, you'll want to ensure that they are looked after by guardians of your choice if the worst happens. If your home and assets are worth around a quarter of a million or more, your estate is potentially liable to Inheritance Tax of 40%. A straightforward Will is not expensive and the additional costs of extra trust provisions to reduce or even avoid Inheritance Tax liability is small in comparison to the six-figure savings that may sometimes be made with the kind of proper tax planning advice that we can provide.
If you've not yet made a Will or wish to review your existing Will, the best time to contact us is NOW while you're reading this. Of course, there's always tomorrow!
Trusts
Trusts are becoming an increasingly common way of lawfully minimising liability to Inheritance Tax and for managing assets, for example giving interim benefits to one person pending future transfer to a final beneficiary. Trusts can be set up to operate during one's lifetime or by Will, or both. We can set up lifetime or Will trusts for you. We can also undertake the management of ongoing trusts and the preparation of annual tax returns.
Powers of Attorney
We have many clients who find it increasingly hard to manage their routine financial affairs and enlist the assistance of a family member or close friend to act on their behalf on a permanent basis. Such arrangement is normally set out in a formal document called an Enduring Power of Attorney and enables your relation or friend to continue managing your affairs on your behalf even if you lose your mental faculties. If you are thinking of granting someone an Enduring Power of Attorney, we would be pleased to set this up for you and if necessary visit you at home.
Probate
Being an Executor often proves more demanding and time-consuming than imagined. We can relieve the burden by acting on your behalf in obtaining Grant of Probate (or Letters of Administration where there is no Will), handling the administration of the estate by collecting in all the assets, dealing with the Inland Revenue and making the distributions to the beneficiaries.
Douglas Solicitors is a trading name of Gray Hooper Holt LLP.
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