Wills, Probate, Tax and Trusts

People are living longer than ever before and the need to protect accumulated wealth for your own use, or to pass on to your heirs, is vital.

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House price inflation means many homeowners fall into the Inheritance Tax net and with more and more people buying second homes, in the UK or abroad, there is increased need to use specialist advice to protect estates.

Gregory Abrams Davidson LLP can ensure that making your Will is simple, straightforward and cost effective.

Making the best provision for your family or your business now and in the future requires careful financial planning. We can advise you how best to achieve your aims.

Our expertise enables us to advise both individuals and business clients about reducing their tax liabilities.

In addition, Gregory Abrams Davidson LLP Wills & Probate Department have introduced a service to help recently bereaved clients to deal with their loved ones’ affairs.

A consultation with our private client team will provide you with guidance and advice on what to consider when a loved one dies. We can advise you on how to register the death, making funeral arrangements, and who should be notified.

Our aim is to provide you and your family with practical support and advice at a difficult time.

In addition, our solicitors can offer you a wide range of private client services including:

  • Probate and administration of estates
  • Disputed wills
  • Claims under the Inheritance Act
  • Trust creation and administration
  • Powers of Attorney

Why Use a Trusts Solicitor

When organising your estate, a trusts solicitor can provide a great deal of reassurance either in providing for loved ones who could not look after themselves in the event of your death or simply in saving the beneficiaries money through tax planning.

At Gregory Abrams Davidson LLP, we deal with a significant number of trusts, the creation of which can have various tax advantages. We also guide clients through the legal complications of administering estates, which can be an added burden at a time of bereavement.

Most people seek advice from a trusts solicitor to safeguard their children’s inheritance. When making a will that involves young children it is important that setting up a trust is taken into consideration.

As your trusts solicitor, Gregory Abrams Davidson LLP can help to ensure financial protection for your children in your absence by transferring your assets under the control of a third party, known as a trustee. We can make a similar arrangement for an individual who cannot handle their affairs due to a disability or incapacity.

Our goal is the preservation of your wealth and through our specialist team’s knowledge of the special tax treatment of trusts we will work to save your beneficiaries hassle and money.

Following an initial consultation, we will first of all help clarify your tax liabilities and then we will be able to outline the benefits and limitations of setting up a trust. As with a will, we will attempt to include most types of assets in your trust, including cash, stocks, shares, real estate, land and personal property. You can instruct our team to set out how the assets and their income should be used and who you would prefer the trustees and beneficiaries to be.

As your trusts solicitor, we will also be able to administer the trust, which includes ensuring that your various tax commitments are met.

Prior to 2006, inheritance tax had been widely considered as easily avoidable. All that was required was some straight-forward planning; divide assets equally between spouses and write complementary wills, or set up a trust for the children and survive for seven years, and the job was largely done. The 2006 Budget created changes to the law which, to some degree, mitigated protection from inheritance tax.

In consequence many wills will have to be reviewed, many insurance arrangements looked at and many existing trusts will have to be varied.

If you had set up a trust before changes to the law came into effect, you may need to consult one of our trusts solicitors again to check that your situation remains unchanged.

You may also require a consultation if you are the beneficiary of a trust and wish to make arrangements for those assets upon your death.

We offer a broad range of services, including:

  • Probate and administration of estates
  • Personal and business taxation
  • Wills and inheritance tax planning
  • Disputed wills
  • Claims under the Inheritance Act
  • Trust creation and administration
  • Powers of Attorney

If disputes arise about inheritance, we can advise you and, if it proves necessary, (possibly on legal aid) conduct litigation. Involving us at an early stage through negotiation or by obtaining directions from the Court can avoid costly legal action.

For advice about any of the above issues, please contact our specialist team who are ready to help.

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