Making a will is one of the most important things we can do - after all it determines how our most personal possessions and hard-earned savings will be shared among close family and friends.
It is often a simple and inexpensive process. But failure to make a will can pose major difficulties for those left behind, for instance, by paying more tax than necessary.
Your estate - money, other assets and possessions - could be distributed according to the law rather than your wishes. It is particularly important to leave instructions if you own property.
It is advisable to consult a solicitor before deciding what to put in your will. A will can cover a range of issues, including:
Wills are often straightforward, but some involve complicated arrangements and financial affairs, such as Inheritance Tax - all the more reason to ensure they are drawn up by a qualified solicitor.
By offering property, legal and financial services together, Aberdein Considine can help you see the opportunities that other cannot. Our experts will work together to make sure that there is as little Inheritance Tax payable as possible thus leaving more for your beneficiaries.
So when planning your estate becomes difficult to navigate, let us be your map and compass.
We can also assist you with establishing a trust, which can help both in protect assets and save tax. Significant gifts are only subject to Inheritance Tax if the person making the gift fails to survive for seven years.
This means that there is a great deal of sense in starting the process of transferring assets as soon as you can afford to do so. Of course, you may feel uncomfortable about making over significant assets to someone who is relatively young. Alternatively, you may be keen to start transferring assets to the next generation, but are not yet sure as to the exact division of particular assets.
The use of a trust is an extremely effective method of reducing the value of your own estate, without necessarily losing control over what happens to the assets transferred.
Our trusts and estate planning team is able to advise on the setting up, ongoing administration of and winding up of trusts. The team is also able to provide advice to trustees in order to ensure that that they understand their rights and responsibilities. We are also able to advise beneficiaries in connection with any interest they may have in a trust.
Our trusts and estate planning team forms part of our private client department which can also help with:
If you would like to speak to someone in our private client department, click here.
I have used Aberdein Considine for many years for numerous personal and commercial property transactions. They have never let me down and I value their advice and guidance on any property matter.
John P.T. Smith, property client
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