Wills and Probate
PROTECTING YOUR ESTATE
It is a fact of modern life that the value of our estates has increased faster than the tax exemptions available. Many people are surprised at how large their estate is if they take into account the value of their home, life insurance policies and any death in service benefits.
Inheritance tax is payable at 40% on property passing to the next generation over and above the Nil Rate band. This is likely to remain fixed at £325,000 for the lifetime of this Parliament and will become increasingly inadequate to protect your family from excessive taxation on hard earned wealth. Assets passing between spouses or civil partners remains exempt and any Nil Rate band unused on the first death can be transferred to the estate of the survivor. And yet the likelihood of your family or dependents paying tax continues to increase and with it grows the importance of taking advice and making use of any tax saving opportunities available.
English law is uniquely capable of providing for situations where ownership and control of valuable assets needs to be separated, either for the purposes of tax mitigation or simply to protect the assets against possible waste or neglect. We can advise on creating simple trusts for children and grandchildren to make use of available tax benefits. We can advise on making appropriate provision for vulnerable beneficiaries to protect their resources whilst enabling to enjoy them. We can identify opportunities for tax avoidance in relation to pension schemes and life assurance policies and enable you to preserve wealth for your dependent if the worst comes to the worst.
Probate is the formal procedure by which the validity of your Will is established and the authority of your Executors to deal with your estate is confirmed. It lies at the heart of the administration of all but the most modest of estates and is an area where MTA is able to advise you from first steps following a death, to applying the terms of the Will, valuing and collecting in assets, discharging any tax liability and distributing what remains to those entitled. It is a heavy burden to bear alone at a difficult time for your family and we are here to help.