Wills, Probate & Trusts
It is something that we often put off until another day, avoid through fear of tempting fate or dismiss as unnecessary, but making and updating your Will is the single most important thing to do before you die.
We know that it can be a morbid and, sometimes, uncomfortable conversation to have, but our experienced solicitors will help guide your thoughts, answer your questions, clear up any grey areas and address your concerns.
Once we've finished, you can rest assured in the knowledge that you have dealt with the task properly and professionally, leaving you free to turn your attention to the more pleasant things in life.
When we refer to 'probate' we mean the legal process of dealing with someone's estate after they have died. The term 'Probate' is both used in this context and to refer to the document giving legal authority to the people nominated by the deceased to look after their affiars. The document itself is called a Grant of Representation or, commonly 'Probate'.
The complexity of the process varies from case to case and often relects the nature and complexity of the deceased's estate and the need to deal with any Inheritance Tax charges.
Whatever the case, we're here to listen and to help you though what can, at first, be a daunting prospect at a difficult time.
Simply put, the word 'trust', in English law, describes a relationship between three individuals or groups of people, concerning some property or other assets, for example an amount of money or a house. Those individuals or groups are:-
- The Settlor(s) - the person (or people) that originally owned the property or assets being placed in a trust;
- The Trustee(s) - the person (or people) appointed to look after and manage the trust's property or assets;
- The Beneficary(ies) - the person (or people) for whom the Trustee looks after and manages the property or assets. The Beneficiary is, ultimately, the person who benefits from the property or other assets in the trust.
The concept is simple enough, but the legal document bringing the trust into existence and the taxation rules applicable to trusts can be rather confusing and complicated at times.
We're here to help guide you through the process of creating or administring a trust and to advise you on the nature of the associated legal documents.
So, whether you're looking to safeguard family assets, ringfence some money for university fees, reduce your inheritance tax bill or just need a prod in the right direction, we would be delighted to hear from you.