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.
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.
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 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 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.
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.
For information on how we charge for this service please see our costs information sheet.
Jean and John
Do You Always Have To Sell The Family Home To Pay For Care Fees?
It is often assumed that selling the family home is the only way to pay for care fees as this is often the biggest asset; however this is not always the case. Legal Assistant Ashleigh Bryant talks through the key legal principles you should be aware of if you are in this situation.
00:40 Why it is important that you know the basic principles?
00:50 Ashleigh talks though Property Disregards and how these works
01:21 Ashleigh goes into more detail about 12 week Property Disregard
01:50 Ashleigh considers deprivation of assets – how does this work?
02:30 Summary and where to go if you have questions
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