Inheritance Tax Advice

Many people think that inheritance tax will not apply to their estate when they die. But rising house prices over the decades, plus investments and savings can put many people above the tax-free threshold of £325,000.

If you leave an estate valued at more than £325,000, your estate may have to pay inheritance tax at 40% on anything above that figure.  Without inheritance tax planning, the people you want to benefit could face a big tax bill reducing the value of their inheritance.

There are ways to protect your assets by planning ahead, and by working with your legal adviser and your accountant or financial adviser in partnership you can arrive at the best ways of passing on as much as you can to your chosen beneficiaries who may include children and grandchildren.

There are specific allowances, exemptions and reliefs from inheritance tax which may apply to you, and another way of reducing the amount of inheritance tax paid can be to put some assets into a trust. You will also need to consider changes to the Residence Nil Rate Band due in April 2017. Although there is still uncertainty on the like changes, Else Solicitors can guide you through the basic guidelines.

It is vital that you draft a will, as this is the only sure way in which you can define who will receive your money, property and possessions after your death. Without a Will there are likely to be family disagreements, distress and uncertainty over your wishes.

How We Can Help

By taking expert advice from the Wills team at Else Solicitors, individuals and married couples may be able to save their beneficiaries a substantial amount of inheritance tax simply by ensuring they have made the most of the exemptions and reliefs available.

Our solicitors can also provide specialist advice and legal services on obtaining probate and funeral arrangements.

It is understandable that many people are reluctant to think about what happens after their death – but by planning now you can make life a lot easier in the future for the people you care about.

If you would like to discuss the options available for your specific situation, please contact Kathryn Caple on 01283 526230 or email kathryn.caple@elselaw.co.uk.

Making A Will

Many people who fail to make a Will are probably unaware of the stressful situation they create for those they leave behind.


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Updating A Will

Once you have made a Will it is vital that you keep it up to date and change it to reflect any major lifestyle changes.


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Inheritance Tax Advice

If you leave an estate valued at more than £325,000, your estate may have to pay inheritance tax at 40% on anything above that figure.


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Court Of Protection – Deputyship

The Court of Protection can appoint a Deputy when someone loses the mental capacity to make decisions for themselves.


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Trusts

A trust is a formal way of giving a group of people (known as Trustees) authority to hold and manage assets.


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Lasting Power Of Attorney

A Lasting Power of Attorney (LPA) allows you to appoint someone – or more than one person – that you know and trust to make decisions about your welfare, money or property.


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Probate

The death of a loved one is always a difficult time, but if it is followed by responsibility for dealing with estate administration and probate, it can be even more stressful and upsetting.


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Mirror Wills

Mirror Wills can be used when a husband and wife, or an unmarried couple, want to create virtually identical Wills that leave their estate to each other in the event of the other’s death.


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Contesting a Will & Probate

The death of a loved one is always a difficult and traumatic time. Many things need to be organised and done all at a time when you are grieving. This is a very stressful time for you, your family and your loved ones.


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Kathryn specialises in and heads up Wills and Probate. Kathryn has been working as a private client solicitor since qualification and is also a member of the Society for Trust and Estate Practitioners (STEP).

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Kathryn Caple

Associate - Head of Wills & Probate

Yolanda is a paralegal specialising in wills & Probate. She has developed her legal experience by working at a number of different law firms acquiring a great working knowledge in several areas of law.

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Yolanda Ride

Wills & Probate Paralegal

How can we help?

Get in touch.

We build productive, long-term relationships, with our clients and their families. By listening to you and examining your individual circumstances, we strive to establish a deep understanding of your situation and needs.

If you would like to discuss your situation with one of our Will solicitors contact 01283 526200. Alternatively, you can email info@elselaw.co.uk and we will get in touch at a time that suits you.