Probate and Letters of Administration
Administration of Estates
Tracing beneficiaries and “lost” family
Unclaimed asset searches
These are some of the questions that may occur to you from time to time an cause you worry when you have no ready answer. We can explain the issues and help you come up with answers in order to plan and organise your affairs. An updated will and other arrangements are best reviewed every few years to better suit your circumstances.
Have you reviewed your Will recently?
Do you and your executors know where your Will is kept?
How could charitable gifts lower the rate of Inheritance tax applied to your estate
Does your current Will coincide with your current wishes on beneficiaries, executors, guardians and trustees?
Does your Will take into account dependents and others who might have a claim on your estate?
Do you have a Lasting Power of Attorney for your Property and Affairs or your Health and Welfare? Does your attorney know where it is?
Do you have a life insurance policy that could be held in trust for a family member? Has the policy been reviewed recently?
Do your pension fund trustees know who you want the transfer the benefit to after death? And how about your employer – does the company know to whom your death in service benefit is to pass?
Is your property jointly held with anther person – how is it held? – will it pass automatically to your co-owner – would that reflect your current wishes?
Have you created a letter of instruction setting out details of your funeral wishes, contact information for certain key individuals and to guide your executors to the location of papers and documents?
Do you have an up to date list of your user names/passwords available for your attorney or executors?
Do you make annual gifts and do you fully use the available annual gifts and exemptions?
If you own assets that qualify for Inheritance tax business property relief or agricultural property relief, does your Will maximise the benefit of this relief to your heirs?
Have you planned the orderly continuation and succession of your business?
If you have made gifts out of income or other gifts in the past, have you filed returns or kept records for HMRC if required after death?
If you have entered into any family loans, how are these documented?
We can help you streamline the handling of your estate NOW and for your successors.
Help your Executors to carry out your wishes and avoid unnecessary delays, uncertainty and tax liabilities.
The majority of people in the UK do not have a Will. Some who have may not have made it with the assistance of a solicitor. This can cause problems when a person dies, even if they have verbally made their desires known or have written them down. Without a Will:
- Property is not always distributed in the way the deceased would have wished
- There can be disputes over property and other matters
- There can be unexpected tax problems
- There may be delay and addiitonal expense in order to get the powers necessary to administer the deceased's estate
- There may be no one to arrange the deceased’s funeral
Kagan Moss solicitors can help you to avoid these pitfalls by assessing your wishes and intentions; then explaining and advising on methods of dealing with your estate as you would wish on your death.
Planning your Estate
We can help you to consider the various assets in your estate and advise on the best way to deal with your assets whilst you are alive. You may need to plan for retirement or care home fees. And after detah you may want to pass property to beneficiaries in in a tax efficient way. This may involve setting up trusts to take certain assets out of your estate or advising on the making of lifetime gifts to minimise potential Inheritance Tax liabilities. There will be Inhertaince Tax and other tax implications to what you plan and the law changes all the time. If your Will is more than 5 years old we strongly advise a review.
Power of Attorney
Alongside your Will, we would explain the advantage of making a Lasting Power of Attorney. This enables you to appoint a person you trust to make decisions for you should you become incapacitated and therefore unable to manage your own affairs.
Executor of a Will
If you are an Executor of a Will we can help by either
We are happy to visit you at home to discuss the making of your Will in the event of you being housebound, handicapped or in any other way, unable to attend one of our offices to do so.
You can instruct us to arrange your funeral if there is no one to do this for you.
Peace of Mind
For your own peace of mind it is advisable to make a legally valid Will with the help of an experienced solicitor. This can avoid distressing circumstances for those you leave behind after your death.