Wills, Trusts & Estates

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Organising for your loved ones to be looked after doesn’t have to be a daunting prospect. Your team at Paris Smith can advise on the creation and administration of trusts, Lasting Powers of Attorney and estate planning, by ensuring that the provisions in your Will protect your family now and in the future.

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.

How we’ve helped our clients

“Thank you very much for your efforts on our behalf in finalising the Wills and LPA’s so quickly. We really appreciate the way you must have worked very hard to get all this finalised before we went away.”

Jean and John

Chambers and Partners Legal Directory 2021

The lawyers at Paris Smith advise wealthy clients on a range of succession planning techniques including estate planning and trusts. The team also advises on tax planning.

Several sources praise the firm’s client service. One interviewee says: “They are very professional, the service feels very tailored and personal to clients.” Another source notes: “They are knowledgeable and responsive to client needs.

Isabel Deverill is a noted practitioner.


Legal 500 Directory 2022

Paris Smith LLP’s expertise in the trusts and estate planning sphere sees it acting for a broad client base throughout Southampton and Winchester, including farmers, property investors, and business owners with significant assets. Practice head Elizabeth Power is well-versed in Court of Protection matters, and leads a team dedicated to safeguarding the interests of vulnerable people, while Nick Turner handles a range of tax planning and asset structuring matters for elderly clients. Isabel Deverill and William Hadley jointly lead the Winchester office, concentrating on wills and agricultural relief matters respectively. Winchester-based Jason Oliver leads the contentious probate and trusts disputes team, and often acts on behalf of clients at the High Court. All named lawyers are based in Southampton unless noted otherwise.

Sources say:

  • “Having worked with some of them for a number of years, they have been able to deal with any problems, with a background knowledge of the matter”
  • “Although the firm has grown tremendously over the 50 years I have known them, they still make you feel important no matter how small the problem is on which you are seeking their advice”
  • “They have great teams in place. I would happily recommend the Trusts and Estate and matrimonial teams to others”
  • “I believe the team at Paris Smith are brilliant in the way they treat vulnerable clients and families with honest and trustworthy advice”

Introducing your key contacts

Kelly Greig
Partner – Head of Tax & Estate Planning

Contact

Isabel Deverill
Partner – Wills, Trusts & Estates, Winchester

Contact

KEY CONTACTS

Wills, Trusts & Estates Resources

10th July 2019

Do You Always Have To Sell The Family Home To Pay For Care Fees?

LISTEN DETAILS

10th July 2019

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.

Show notes
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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