A Last Will & Testament is is probably the most important document you are ever likely to sign. It is paramount that the document has been drafted correctly and you receive the appropriate inheritance tax planning advice if you wish to protect your loved ones at the time of your death by benefiting them with your assets, whether those are situated in the UK or abroad.
A correctly drawn Will may save your Executors and Beneficiaries a substantial amount of Inheritance Tax. Whether your needs are simple, such as leaving your entire estate to your spouse or civil partner, or more complex, for example involving trusts for children, we are able to advise you upon a range of options.
We use our specialist legal knowledge to draft a Will that is clear and most importantly, tax efficient. We stress the importance of reviewing your Will on a regular basis to take into account a change in the law, or your financial and family circumstances.
If you have young children you should consider appointing guardians to take care of them if you die while they are still young. The appointment of guardians can be a component part of your Will and we always recommend that it is discussed with the nominated guardian beforehand.
There are many reasons that you may wish to set up a Trust for your assets and many important considerations when doing so to ensure how it will be controlled and administered. You might wish to set up a Trust during your lifetime or for one to be established upon your death.
Trusts are governed by complex legal regulations and specific tax regulations. Our team of experienced solicitors can discuss the options available to you and ensure that the correct solution is employed.
A complex area of tax law and an intrinsic aspect of Last Wills & Testaments requires an indepth understanding of the various facets of the regulations. The team at AWS can advise you on all aspects of inheritance tax issues arising in connection with Wills, Estate Planning, Trusts and Administering an Estate. This area extends to income tax and capital gains tax considerations and we are able to refer you to appropriate financial specialists in complex or urgent circumstances.
Where an individual has made a Will, it will usually indicate who will be responsible for administering the Estate: the Executor. On the other hand, if a person dies without a Will, known as ‘Intestate’, there are special rules as to who has the legal right to administer the Estate and benefit from it.
We are able to provide you with clear and straightforward advice and we aim to make the whole experience as stress-free as possible. We will assist you so that the Estate is administered efficiently and quickly, with the understanding that no Executor will wish for the administration period to last for any extended period of time.
If a person has died without a Will, we have the relevant experience in handling the complex intestacy provisions that govern the administration of the Estate.
The deferment rate is relevant to residential leaseholders whether they are a house owner seeking their freehold, a flat owner seeking a longer lease of their flat or the freehold to their building acting in concert with other flat owners.
A new Bill which will fundamentally change the way renting residential property in the UK works is currently going through its second reading in the House of Commons.
If enacted, Assured Shorthold Tenancies will be scrapped and all new tenancies will be Assured Periodic Tenancies. The Section 21 ”No fault” process for recovering possession will no longer exist and so landlords will only be able to recover possession by using the existing Section 8 procedure and proving their ground for recovery of possession. It is proposed that new grounds for recovery of possession will be added including where the landlord wishes to sell the property.
The Government has recently reconfirmed its proposal to implement reforms in this regard in the current term of Parliament.
