Wills, Trusts & Estates
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 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
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.
Estate administration services
For information on how we charge for this service please see our costs information sheet.
How we work with you
Whilst based in the South of England, Paris Smith acts for businesses and families throughout the UK. Technology has enabled us to provide a high level of service to our clients whether they are local to our offices or not. Our advice can be given in many ways:
- Over the telephone
- Via video conferencing
- In face to face meetings
We will talk through how you would like to be contacted and the best ways for us to meet in our early conversations with you.
How we’ve helped our clients
“My experience recently has been very good. Questions were answered promptly and everyone I dealt with were polite and could answer my queries to my satisfaction.”
Trust Registration & New Will Client
“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
“Cannot recommend David Watson highly enough. He has helped us through an extremely difficult case with professionalism, compassion and understanding. He kept us updated and informed at all times and we are so thankful to him for all his help and support.”
“All your communications have been clear and polite. I would have no problem using you again.”
EB – Trust Administration
“I have used PS both for my work and private legal affairs and always found the service provided to be highly professional and with excellent customer care. I always suggest PS as a first point if call for anyone wanting legal advice. The service provided is not cheap but I always feel I am paying for best and the results are good vfm”
NT – Will
“Excellent advice in a specialist area – clear, reasoned and concise. Happy to consider additional questions”
RL – Trust
“I would have absolutely no hesitation in recommending Paris Smith LLP. David Watson from the firm has been nothing short of brilliant in taking on a very difficult case following appalling service from another firm in the Hedge End area of Southampton. He has been incredibly helpful and gone above and beyond in his service. Paris Smith LLP have restored my faith in the legal profession and I would definitely use them again.”
“Emma Cole was extremely helpful with excellent advice regarding the Metamorph Law closure and how to proceed with obtaining my original Will and house deeds plus modifications on my property with the Land Registry. A professional and courteous service.”
MC – Tax & Estate Planning Advice
“I would recommend Jade at Paris Smith as she was very helpful and professional when completing my Will and Power of Attorney”
Sue Merry – New Will & Power of Attorney
“Very good service from William Hadley. I will highly recommend him to my friends.”
“I have been provided with good timely advice and support delivered in a customer focussed and attuned way.”
Robert Allenby-Ryan – Tax & Estates Planning Client
Chambers and Partners Legal Directory 2022
The Wills, Trusts & Estate team are ranked in both the Chambers UK Legal Directory and The Chambers High Net Worth 2022 editions.
The Chambers UK Legal Directory states: 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.”
The Chambers High Net Worth edition states: Paris Smith has a considerable team of private client lawyers able to assist with wills, estate planning and tax matters. The team can also advise on contentious estate matters.
A source says that the team has “a depth of expertise in complex estates and disputes,” while another adds: “They recognise the personal as well as the legal issues.”
Will Hadley is listed in the Chambers High Net Worth edition as a notable practitioner.
Legal 500 Directory – 2024 Edition
Receiving instruction from landed estates, farmers, and entrepreneurs, Paris Smith LLP’s team is highly experienced in advising on tax-efficient wills and creating trusts in line with family investment companies. Within the department, there is a specialist Court of Protection and contentious probate section. Vicky Day leads the group from Southampton after arriving from Coffin Mew LLP in July 2022. Anthony Nixon is an expert in succession planning and associated tax issues, while Winchester-based Jason Oliver is highly knowledgeable in contentious trust and estate matters. William Hadley focuses on inheritance and capital gains tax planning.
What clients say:
‘Great service and legal advice.’
‘Anthony Nixon clearly has a handle on the legal issues we have that require a range of varied skills, and can find people in his wider team to support with their expert knowledge. I believe too we have received value for money and a clear roadmap moving forward.’
Do You Always Have To Sell The Family Home To Pay For Care Fees?
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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