Wills, Trusts & Private Wealth

The Court of Protection helps with people who might be lacking the mental capacity to manage affairs or make their own decisions. It can appoint someone to help.

If someone has lost their mental capacity and they don’t have a Lasting Power of Attorney in place, an application will need to be made to the Court of Protection to appoint someone to act as a ‘deputy’. If successful they will receive an order telling them what they can and can’t do.

It is sometimes necessary to apply to the Court of Protection for an Order relating to someone’s affairs when that person is unable to manage these for themselves. You will be required to submit a few forms and likely provide a doctor’s certificate.

The court will then be able to give the power to make decisions to someone who can manage their affairs and make decisions relating to issues around finance and health – usually a relative or close friend. They will become the ‘Deputy’.

We specialise in Court of Protection applications and our solicitors would be happy to complete the paperwork for you to ensure it is fully compliant.

At Herrington Carmichael we receive many questions relating to the legal process on tax and inheritance – after years of property market growth, we are seeing more cases of clients who want to gain an understanding of the Inheritance Tax Reliefs and Exemptions with a little advice on income and capital gains tax.

Currently an individual has an Inheritance Tax free sum (known as the Nil Rate Band) of £325,000, and the value of their net Estate above this sum may be subject to Inheritance Tax at a rate of 40%.

For individuals who are married or in a Civil Partnership, they can benefit from the spouse exemption, which means that they can transfer assets between each other during their joint lives, or upon their respective deaths, without any Inheritance Tax implications.

We are recognised specialists in inheritance tax in the UK. In addition, we do have considerable knowledge of income and capital gains tax and often advise on these.

A lasting power of attorney (LPA) ensures your wishes are honoured when unable to make decisions. It empowers trusted individuals to manage finances, healthcare, and personal affairs, avoiding legal complexities during incapacity. Creating an LPA offers peace of mind and control over future decision-making processes.

When a person passes away, their assets go through a court-supervised legal process known as probate. The purpose of probate is to inventory and appraise the deceased’s property, resolve any outstanding debts and taxes owed, and transfer legal title or ownership of assets to their heirs according to the person’s will. If there is no will, assets get distributed according to state intestacy laws. The executor named in the will or appointed by the court handles estate administration by working through this involved settlement process. Completing probate and administration can take months to years depending on the size and complexity of the estate.

In order to deal with the administration of the Estate of the deceased, the Personal Representative may be required to make an application for a Grant of Representation to the Probate Registry.

Our Private Client Solicitors have a wealth of experience in Estate administration and can help you every step of the way, delivering economic, personal and compassionate service.

Our Private Wealth Team can advise on how Trusts can be utilised to safeguard your assets for the future. Our team can also assist with the day-to-day administration of Trusts. Despite the perception that they are primarily to do with saving tax, there are many different types of Trusts and reasons for using them. However, one of the more common reasons for using Trusts are to protect assets for family and loved ones. Reasons for setting up a trust might be:

• Protection from Inheritance Tax
• Holding assets for minor children until they are old enough to receive them
• Providing for a spouse while protecting assets ultimately for your children
• Paying grandchildren’s school fees
• Holding funds for a vulnerable beneficiary
• Safeguarding against divorce or bankruptcy claims against children
• Protection from care fees assessed against a loved one
• Continuation of existing means-tested benefits

Writing a Will gives you control over what happens to your assets when you pass away. This legal document allows you to choose who will manage your estate as executor and how your possessions and wealth will be distributed.

One of the most important elements of your Will is to ensure the security and peace of mind for those you care about. It is impossible to predict our future but when preparing a Will, it is essential to obtain up to date advice on the current Inheritance Tax position and how best to structure your Will. Without an official Will, your estate will be subject to intestacy laws that rigidly dictate who inherits what. The outcomes might not align with your wishes or be the most tax-efficient for your heirs.

Our private wealth & inheritance solicitors are experts in the preparation of Wills and will ensure that your new Will is suitable for your circumstances. We draft Wills that are bespoke to you, we will not make several additions in cost once we have received your information. Our Wills are tailored to you and your family and will be stored free of charge.