Wills, Probate and Trusts
If you want to be certain as to what will happen to your assets when you die you need to have a Will.
This is a relatively simple document which appoints up to 4 people to carry out your wishes – these are called Executors. You then state in the document exactly what you want the Executors to do and to whom you want your assets to be transferred. Usually the Executors will sell your assets so as to be left with money and divide up that money but, if you wish, you can pass property, shares and other assets to particular people. Remember you can appoint your Solicitor as one of your Executors.
There are tax considerations to take into account – Inheritance Tax in particular, which has to be paid or payment arranged before a Grant is issued. We will complete the necessary forms to be submitted to HMRC and will deal with HMRC for you and advise you regarding payment of tax. There is an arrangement in place with clearing banks whereby tax due can be paid from the deceased's account to HMRC before a grant is obtained so there is no need to worry about this.
Tej Cheema is the Solicitor in charge here who has considerable experience both in drawing wills and administering Estates – an Estate is a term we give to the assets of a deceased person.
When someone dies having left a Will and their assets are more than £15,000 then a Grant of Probate is usually required. Where the assets total £15,000 or less then quite often asset holders such as banks and building societies will not insist on a Grant.
When a Grant is required, we can help. If you have been appointed an Executor or if someone you know has died and you need advice or you need someone who can do all the necessary work and save you the worry as well as the work, then contact us. Again Tej Cheema is the Solicitor to contact in this important area of the Law.
This is when someone dies without leaving a Will and has an Estate where asset holders insist on a Grant. Here you do not obtain a Grant of Probate but instead, usually as next of kin, you apply for a Grant of Letters of Administration. We will advise you in such instance as to who can be the Administrator – like Executors there can be up to 4 of these. As with Probate we will contact the asset holders, work out the value of the Estate at the date of death and prepare all the necessary forms as well the oath which is required for an Administrator to swear – this has to be done in front of another Solicitor.
Trusts exist when more than one person holds an asset. Usually in this context we refer to a Trust when a deceased person has left a legacy to someone who has not achieved the age at which the deceased person has said that they should receive the legacy. The Trust can also refer to lump sums or other assets which are given by individuals for the benefit of others. We can assist you here to set up Trusts and to also administer those which exist for beneficiaries. We will carry out the annual work if required and deal with Annual Trust Tax Returns if you do not have Accountants carrying out this important function. Again in this area of work we have Tej Cheema as the Solicitor in charge.
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