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Welshpool Office: 01938 552545
Newtown Office: 01686 625134

Wills Trusts and Tax Planning

Our team will help you identify your options and ensure your wishes are carried out.

The area of Wills Trusts and Tax Planning can often be a complex and interlinked one. Very often unless your situation is very straightforward you will have to explore all three to enable you to have the information to decide how you should deal with your affairs.

Your Will

For many the thought of making a Will is morbid and something to put off until later in life. However arranging your affairs may ease the emotional burden on your loved ones and enables you to plan ahead and avoid unnecessary problems and possibly reduce your liability for Inheritance Tax.

Our specialist Lawyers provide a personal service aimed at ensuring your wealth passes to those you want to provide for. Through an awareness of your circumstances we can guide you in making a Will and provide plans that are tailored to your requirements.

Our services will help you avoid any potential pitfalls by making you aware of:

  • Who your assets would pass to if you did not make a Will.
  • Your options in choosing the people who will deal with your affairs (your Executors).
  • The lack of rights of an unmarried partner. Unmarried partners have no rights under the laws relating to intestacy.
  • Any potential Inheritance Tax liability and potential ways to mitigate it.
  • Identifying potential claims against your assets or challenges to your Will.

Coral Milborrow; Kate Handel or Sian Danford will be able to assist you with your enquiry.

Is a Trust the right decision for you

We can explain the law relating to trusts to you in layman’s terms and can assess with you if this is the right option for you.

Creating a Trust is far more than drawing up the necessary document and arranging for it to be signed.

Essential points need to be considered before a Trust is created and then administered.

 We will assess with you what type of trust is needed, what assets are to be comprised in the trust and what interest in those assets you wish to give to the beneficiaries of the trust. We will look at the tax rules that apply, who you wish to appoint as the Trustee’s and the Beneficiaries and who is to administer the trust for you. You could decide to create a trust to restrict beneficiaries having absolute access to your assets or to ease the burden of Inheritance Tax.

You will be guided by our specialist in this area Kate Handel who is a member of the Society of Trusts and Estate Practitioners.

 Lifetime Tax Planning

Inheritance Tax is payable on an individuals estate on death and can arise on certain lifetime gifts. Each individual has an Inheritance Tax nil rate band of £325,000. Inheritance Tax is payable at 0% on assets to this value. Surviving spouses or civil partners can inherit the deceased spouse or civil partners unused nil rate band.

In addition individuals who die on or after 6 April 2017 will be able to benefit from an additional Residence Nil Rate band if they leave their interest in the family home to their lineal descendants.

There are complicated rules relating to the Residence Nil Rate Band which will always need to be considered when your Will of lifetime tax planning is being considered.

We also specialise in succession planning in the agricultural sector and for those in that sector who have diversified. There can be significant Inheritance Tax consequences when farmers diversify Huw Wyn Williams a fellow of the Agricultural Law Association will be pleased to assist, for details of our services in this sector click here.

Even if you have made a Will your circumstances may change and a periodic review is recommended. Harrisons also offer free and safe storage of your Will or Trust documents.

We can visit you at your home or place of business if you are unable to come to our offices. Both of our offices have disabled access should this be required.

 

Make an enquiry

To discover more about our service or for answers to your legal questions, please call us on either 01938 552545 or 01686625134, email us at [email protected] or complete a Free Online Enquiry.