Estate Planning Solicitors

Why consider estate planning? 

Our estate plan lawyers can help protect your cash and assets during your lifetime and after death, it’s wise to do some careful forward-thinking and find out how estate planning can help you. 

Effective estate planning will help you make the most of your hard-earned cash and reduce the inheritance tax your estate may have to pay – ensuring your loved ones inherit as much of your estate as possible. 

Proper estate planning also helps avoid the costly private wealth disputes we see when estates are contested—disputes over wills, trusts, inheritance and family business succession that can deplete the very assets you worked to protect. Through clear planning, proper documentation and strategic use of trusts and other structures, you can minimise the risk of your estate becoming the subject of family conflict.

How can our estate planning solicitors help you?

The advantage of a robust estate planning strategy is not just about passing on your assets when you die, it’s about making the most of your money today. Succession and estate planning is for everyone, not only for the wealthy. 

However much you’re worth, it’s sensible to take expert advice on what steps you can take to protect your assets and mitigate any future inheritance tax bill. 

Our specialist estate planning solicitors are experienced in examining the whole picture and taking a holistic approach to our clients’ property and assets. We will discuss your family circumstances, and your current financial needs and determine what your goals are.  Once we have the full picture, we will help you identify how best to protect your money and your loved ones. 

Estate planning services:

Making a will

An up-to-date will is one of the most effective ways to control your estate – without an effective will, the intestacy rules govern who inherits the estate. This means your beneficiaries may not be those who you would have chosen. We will advise you on making an effective will to ensure your assets are dealt with tax-efficiently – freeing up as much as possible for your family. Making a will is especially important if you have assets in more than one country as the intestacy rules that each country will apply could conflict and create confusion.

Inheritance tax planning

More estates than ever are liable for inheritance tax on death. The inheritance tax threshold (known as the ‘nil-rate band’) has remained static at £325,000 since 2009, while the value of property and other assets has significantly increased. Tax may be charged at 40% of the value of an estate that exceeds this threshold. The inheritance tax rules are complex, particularly if you own business assets or foreign property. Our inheritance tax experts can help you reduce the tax bill on death, for example, by utilising available exemptions, or clever utilising of the nil rate band, such as creating a nil rate band trust. We can also help with filing inheritance tax returns.

International estate planning

If you are one of the growing numbers of individuals owning property abroad, our solicitors are experts in managing international assets and navigating tax and property laws in foreign jurisdictions. This includes efficient tax planning and advising on the transfer of assets between countries to protect your global wealth.

Tax planning

We also advise on capital gains and income tax for individuals, businesses, landed estates, professionals and entrepreneurs on matters including business reliefs and exemptions, retirement planning and dealing with income tax issues with HM Revenue & Customs.

Trusts

We can help you set up a tax-efficient trust to benefit, eg your grandchildren, under the careful management of your trustees. Putting money or property into trust effectively ring-fences it from the rest of your estate for inheritance tax purposes if you survive for 7 years, so significant tax savings can be had. You can appoint trusted individuals as your trustees or Osbornes as your professional trustee if you choose.

Residence nil rate band

This is a tax allowance (worth £175,000 in 2020/2021 and rising in line with the Consumer Prices Index thereafter) which your estate can claim if you leave a residential property (which has been your main residence at some point) to your direct descendants which include your biological children, step children, adopted children or foster children, and their lineal descendants. If your estate is worth more than £2m, the residence nil rate band will be tapered away by £1 for every £2 that the net estate exceeds that amount. It’s important to note that the relief is restricted to a single residence only.

Wills containing a nil rate band trust can sometimes be a useful way of tax planning but sometimes they are unnecessary and so the trust can be terminated. It is usually important to terminate such a trust within 2 years of the date of death. We can advise on the estate’s circumstances and whether it is a good idea to retain the trust.

Lifetime giving

Consider making financial gifts to family or charity if surplus funds are available. This will have the effect of depleting the total value of your estate for inheritance tax purposes. The rules are fairly complex but our specialists will explain how lifetime giving can work for you and your estate and what exemptions could apply. If you’re particularly wealthy, you could consider how effective philanthropy can save significant tax while benefiting society.

Read our blog post Gifting property to children

Charitable gifts and trusts

You may be considering making financial or charitable gifts, or even setting up a charitable trust – now and possibly under the terms of your will. With specialist advice and strategic planning, this can be a highly tax-efficient way of disposing of surplus wealth. Tax-efficient giving means a greater sum of money available for those you want to benefit from your wealth. You may be thinking about regular giving or one-off gifts, but we strongly recommend consulting with our specialist wealth planning solicitors before making any gifts and donations.

Read our blog post How to ensure money left in your will goes to the causes you care about

Lasting Powers of Attorney

It’s never too early to appoint attorneys under an LPA. You can nominate trusted attorneys to make decisions on your behalf about your money and assets, for your health and welfare – or both – if you were to become mentally incapacitated and unable to make your own decisions. If you or a loved one needs expert information on how best to protect your property and estate and potentially make significant financial savings.

Care home fees

This is an increasing concern for many clients who are worried their hard earn assets could be eaten up by future care or residential home fees, leaving little for their loved ones. With careful planning, you may be able to structure your property ownership and plan your estate to protect your assets from these potential costs.

Read our blog posts Severance of a joint tenancy and Tenants in Common vs Joint Tenants