© 2019 TRS Secretaried Ltd.
“The best preparation for tomorrow is doing your best today.”
This service provides a bespoke reconciliation of your estate assets and liabilities which can be updated annually.
Generally estate administration is carried out by the executors of your will on your death. Our estate planning service provides an annual financial reconciliation of your estate and confirms the potential current inheritance tax payable. On your demise probate fees can be substantially reduced.
There are a number of trusts that can be implemented, the most common are:
Other services are also available:
An essential service to establish the value of your estate and calculate the potential inheritance tax payable.
The current exempt level for inheritance tax is £325,000 for a single person or £650,000 for a married couple.
There are other reliefs available:
There are two kinds of LPA:
LPAs are registered with the Office of the Public Guardian and once in place your attorneys can make decisions on your behalf.
You can choose family members, friends or professionals to be your attorneys. You may wish to appoint a person to be notified when your attorneys wish to register the LPA with and use your LPA. This person must know you well as they have the right to object to the registration if they feel your attorneys are not acting in your best interests.
A person to be notified cannot also be an attorney.
Personal representatives of the deceased apply to the probate service for a grant of representation. The grant establishes who can legally collect monies from financial bodies and individuals.
When the assets and liabilities of the estate have been calculated this is reported to HMRC to determine tax liabilities such as income tax, inheritance tax and capital gains tax.
Once the net estate is declared a submission is made to the probate office which will issue a grant of probate, which allows the designated representatives the legal right to administer the estate. These would include money, property and possessions of the deceased person.
Separate ownership and use, to avoid problems associated with ownership
A car owner has both title (ownership) of their car and use (they can drive it wherever they like), whereas a company car driver has use (they can drive it wherever they like) but not title (the company or lease company owns the car).
A trust can own something (ie your home, ready cash and/or investments) that you have the use of but, as you don’t own them, they cannot be taken from you.
Take control of your affairs, when you cannot any more!
When making your will you appoint people you trust to be executors and to carry out your wishes for the distribution of your assets to your nominated beneficiaries.
If you don’t have a will the distribution of your estate is dictated by the rules of intestacy, not by you. To avoid this we recommend everyone has a will and reviews it every two or three years to take account of changing circumstances. For example, an existing will is automatically cancelled upon marriage in England or Wales.
Serving Stevenage and surrounding areas since 1980
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