Call Us: 01438 347 030

Stevenage, Hertfordshire, SG1 2DX

TRS
Secretaries
Ltd.

Will Writing &
Estate Planning

“The best preparation for tomorrow is doing your best today.”

H. Jackson Brown Jr.

What can we do for you?

Our Real solutions to your real problems

Estate Planning

This service provides a bespoke reconciliation of your estate assets and liabilities. Can be updated annually.

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Inheritance Tax Planning

An essential service to establish the value of your estate and calculate the potential inheritance tax payable.

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Lasting Powers of Attorney

Legal documents guaranteeing health and/or financial decisions can be made on your behalf by people you trust.

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Probate Administration

HM Courts and Tribunal Service administers the system of probate in England and Wales and issues grants of representation.

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Trusts

At its simplest, one way to think of a trust is a means of separating title (ownership) and use, to avoid problems associated with ownership.

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Wills

A will is a legal document outlining your wishes for the distribution of your assets, by your executors, on your death.

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Estate Planning

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:

  • Family probate trust
  • Family will trust
  • Homeowners will trust

Other services are also available:

  • Deed of variation
  • Severance of joint tenancy
  • Transfer of equity
Why would I need estate planning?
This identifies your potential inheritance tax liabilities and is prepared in advance of probate administration on your death.

Inheritance Tax Planning

An essential service to establish the value of your estate and calculate the potential inheritance tax payable.

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:

  • Residence nil rate band (RNRB)
  • Annual gift
  • Marriage / partnership gifts
  • National purposes
  • Political parties
  • Tapering relief
  • Quick succession relief
  • Small gifts to one person
  • Lifetime transfers
  • Charity donation relief
Why would I need Inheritance Tax planning?
Because if you do not plan it right, the government becomes the main benificiary of your estate.

Even if you have a Will in place, some serious taxation can be imposed on any and all proceeds, leaving little or nothing for your loved ones.

Lasting Powers of Attorney (LPA)

Legal powers guaranteeing health and/or financial decisions can be made on your behalf by people you trust.

There are two kinds of LPA:

  • Health and care decisions
  • Financial decisions

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.

Why would I need an LPA?
In the event of you losing mental capacity to legally allow your appointed attorneys to make decisions on your behalf. You need confirmed mental capacity to make an LPA.
What is mental capacity?
It is the ability to make a specific decision at a specific time.

Probate Administration

HM Courts and Tribunal Service administers the system of probate in England and Wales and issues grants of representation.

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.

What is a grant of probate?
This grant entitles the executors of your will legally to collect money due to you from banks and elsewhere and to pay any liabilities from your estate.

Trusts

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.

Why do I need executors and trustees?
They are a requirement in wills and trusts and use the people you trust to carry out your wishes on your death as executors in a will, or to help run your family trust.
What is mental capacity?
It is the ability to make a specific decision at a specific time.

Wills

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.

Why do I need beneficiaries?
They are a requirement in wills and trusts and are the people you would wish to inherit something, or everything, from your trust or via your will.
Can executors inherit from the will ...?
It is a common misunderstanding that executors can’t inherit from the will; they can.
Can a witness to a will inherit from it?
No they cannot. You may wish to make a gift to your witnesses at the time of making the will but this is not obligatory.
What decisions can be made by my attorneys?
These could include:
  • Running your bank and savings accounts
  • Making or selling investments Paying your bills
  • Buying or selling your home and other assets

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Serving Stevenage and surrounding areas since 1980

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