Probates & Trusts

Probate and Administration of Estates

We know that when someone dies dealing with the complexities of probate and winding up an estate is a burden to many. We take time to listen and can take the burden off your shoulders. We can explain the procedures to you and advise you on many of the practical issues that arise.

When someone dies the will needs to be produced to the Probate Registry for probate to be issued, without which the assets in the estate will not be released by the financial institutions and a property owned cannot be sold. A detailed inheritance tax form needs to be prepared listing all of the assets and liabilities, any gifts and any exemptions claimed. We are very experienced in dealing with inheritance tax and can prepare all the necessary forms.

We will arrange to collect the assets and pay the legacies and distribute to the final beneficiaries. We will prepare detailed statements showing how the funds in the estate have been dealt with. We can prepare all of the necessary income and Capital Gains Tax returns.

We can often suggest ways of mitigating inheritance tax and assist beneficiaries with mitigating inheritance tax that they might pay as a result of their inheritance.

If there is no will then we are experienced in the intestacy rules that will apply to the distribution of the estate.

Trusts

We are experienced in both setting up trusts under wills or in someone’s lifetime and the administration of those trusts including filing all necessary inheritance tax, income tax and Capital Gains Tax returns.

Trusts can be very useful to protect vulnerable beneficiaries. Trusts can be useful for tax planning. They can also be useful in second marriage situations where a spouse needs to be provided for during their lifetime but you want to ensure that your own family receives the capital back after their death.

We recommend that trusts are reviewed regularly as sometimes circumstances change either in the lives of the beneficiaries or the tax rules might change and we can advise on this.

Charities

We have experience setting up new charities and also advising on issues that arise during the lifetime of the charity.

For more information on probates and trusts, please contact RICHARD PENTICOST or PAT SANDS or HILARY HUGHES on 01435 890101.