Wills, Trusts & Estates

When the time comes your probate team at Paris Smith can help you to obtain a grant of probate, advise on the merits of challenging a Will on behalf of a beneficiary or undertake complex inheritance tax calculations on your behalf.

Trusts and Trust Administration

There are various different types of trusts and our experts will be able to advise the right type for your needs.  Trusts are a way of holding money, investments, land or property for the benefit of family or friends (known as beneficiaries) and are managed by people you appoint (known as trustees). 

Our team can also advise on trust administration, including aspects such as managing investments or paying bills and collecting money due to the trust where relevant. 

Which type of Trust is right for you?

• Bare Trust – A trustee will look after assets set aside for the beneficiary, which the beneficiary is entitled to obtain once they are over the age of 18.  
• Discretionary Trusts – Allow the trustees to make decisions about how to use the Trust income and, in some cases, the capital.  Trustees can decide which beneficiaries are paid, how much and how often. 
• Interest in Possession Trusts – A way for Trustees to pass on any income to the beneficiaries as it is received.  
• Trust for a Vulnerable Person – A vulnerable beneficiary is someone who would have difficulty in managing their own affairs due to a mental health condition or a child under the age of 18 whose parents have died.
• Mixed Trust – This is a mixture of more than one type of trust, taking elements from the different trusts named above.
• Non-Resident Trusts – A Trust where all of the Trustees reside outside of the UK and as a result the beneficiaries may have less income tax to pay on funds received.

Wills

Wills have a number of roles to play; they enable you to plan in a tax-efficient way for the care of your family when you are no longer around.  They also ensure that your estate and wealth are divided amongst your family as you would wish and that any minor children are cared for by the guardians that you would wish to appoint.

Estate Planning

Estate planning is essential to ensure that your wealth is protected in a tax-efficient way for you and your family’s future.  Our team will support you through the often complex world of Inheritance Tax planning, giving you peace of mind for all that the future brings. 

Lasting Powers of Attorney

Lasting Powers of Attorney protect your interests while you’re still alive.  They give a person or people of your choice the ability to make decisions for you when you no longer have capacity to do so. Your attorneys will be able to deal with your property and financial affairs and make health and welfare decisions on your behalf. It’s possible to restrict powers and provide guidance for certain situations.

Obtaining Grant of Probate

As an executor of a Will, in most instances you will need to apply for a Grant of Probate to enable you to deal with the distribution of the deceased’s estate.  Until Probate is obtained the assets of the estate are ‘frozen’ to safeguard them against an ‘incorrect distribution’ to the wrong people. This means that without the Grant of Probate a property cannot be sold and the deceased’s bank accounts and other financial assets cannot be accessed. 

If someone has died without a Will, then you can apply to become the administrator of the estate and will then need to apply for Letters of Administration.   This will give you the necessary rights to be able to ensure the property and finances can be dealt with.

Costs

Estate administration services

For information on how we charge for this service please see our costs information sheet.