Private Client

When you have worked hard to create a home and gather savings, pensions and other valuables it is important that these assets are used in the manner you choose after your death, with as little as possible going to the tax man.

Our Private Client team at Pothecary Witham Weld has a wealth of experience taking care of both individual's and family's private financial and will related testamentary matters. We offer sympathetic and constructive assistance on many matters and aim to find out your concerns and tailor our advice accordingly.

By acquiring an in-depth knowledge of your individual situation, we can advise on a wide range of legal and financial matters in order to protect and advance your personal, business and family interests. We can handle one-off problems or undertake on-going administration of personal and family matters. We can advise on lifetime estate planning (Income, Capital Gains and Inheritance taxes), preparation of accounts and dealings with HM Revenue & Customs.

Click on the link below for more details of the practice areas in which Pothecary Witham Weld can offer you and your family assistance.

Areas of practice:

Why make a will?

If you do not make a will the law decides what happens to your estate and this may not be what you expect or intend. You may also fail to take advantage of possible tax planning opportunities and your estate could incur more tax as a result.

Where there's a will...

...YOU are in control which means that in the event of death the future of your family is in your hands. YOU name your Executors, the people who deal with all the paperwork and procedures. YOU decide who should inherit your estate. YOU can arrange special bequests to specific people. YOU can appoint a guardian if you leave any young children. YOU can set up trusts for your children. YOU can arrange your affairs to ensure that tax liabilities are minimised. YOU can decide what type of funeral you want.

Where there isn't...

...the Law is in control and what it says might not be a reflection of your wishes. For instance, did you know that:

  • If you are married, your husband or wife does not automatically inherit the whole of your estate.
  • If you and your partner live together but aren't married the Law favours relatives over a non-married partner.
  • Step-children are not entitled to inherit.
  • Friends and charities do not benefit. There may be additional Inheritance Tax to pay.

Dangers of Homemade wills

Will drafting is a highly specialised area of law that should only be undertaken by qualified, experienced professionals who are properly insured. There are often hidden complexities not appreciated by an individual or catered for in a 'ready-made' will which only come to light on a proper review and consideration of personal circumstances. Attempting to save the relatively modest cost of a professionally drafted will could subsequently cause distress and financial loss to your loved ones.

Keeping a will updated

Though wills are normally drafted to take account of likely future circumstances, it is wise to review your will every few years to reflect changes in your life and taxation. You should review your will on any of the following events:

  • Entering into a marriage, registered civil partnership or living together
  • Moving house, moving abroad or changing jobs
  • The birth of children or grandchildren in the family
  • The death of your spouse, partner or other family member of your family
  • On members of your family reaching 18 years
  • Before each member of your family reaches 25 years
  • Divorce or separation within the family
  • On the sale of a family business
  • A significant change in personal finances
  • The death of your spouse, partner or other member of your family
  • On retirement
  • Within 2 years following the death of a family member (see Deeds of Variation)

What is estate planning?

The purpose of estate planning is to preserve, protect and pass on family wealth. By organising your financial affairs you are able to reduce the inheritance tax payable on your estate.

Estate planning has to be tailored to take account of your specific wishes, expectations and your wider family needs. It is a bespoke service and not a retail product. Estate plans evolve and should be continually revised. Remember, it's never too late to start.

When to consider estate planning?

Every family should have an estate planning strategy. The following milestones in a family's history are occasions to start or review a family's estate planning strategy:

  • On buying a house
  • On the birth of children/grandchildren
  • On members of your family reaching 18 years
  • Before each member of your family reaches 25 years
  • On a significant change of a family's financial circumstances
  • On the sale of a family business
  • On separation or divorce
  • On retirement
  • On death
  • Within 2 years following the death of a family member (see Deeds of Variation)

Deeds of Variation

It is possible to vary the terms of a will from which you benefit by drawing up what is called a 'Deed of Variation'. This can be a highly effective way of saving inheritance tax.

You sign a 'Deed of Variation' asking for all or part of your inheritance to be given to someone else. You can do this even if you've already accepted the gift in question but you must do so within two years of the deceased person's death. For tax purposes, the gift is then treated as if the new beneficiary was entitled to the gift directly under the terms of the will.

Deeds of Variation cannot be used to reduce gifts unless the person who's received the gift agrees. Therefore you can't reduce gifts given to minors or those suffering from mental disabilities.

If a member of your family has died within the last two years without making a tax efficient will please contact our Private Client team to see how a Deed of Variation could minimise inheritance tax.

Trusts

Despite recent changes in the law a trust is still an efficient way of protecting assets from the harsher tax regime levied on individuals. Whether the trust is created whilst you are still alive or as part of a tax- efficient will, it can provide control, security and flexibility. Pothecary Witham Weld can handle the establishment and administration of all kinds of private trusts as well as the preparation of associated tax returns.

Elderly Client Advice

We can assist with problems particularly encountered by the elderly client and advise on:

  • Living arrangements including community and residential care
  • Welfare benefits and entitlements
  • Pensions
  • Wills & estate planning
  • Lasting Powers of Attorney in the event physical or mental incapacity
  • Court of Protection matters

Enduring Power of Attorney

Everyone, young or old, should consider having an Enduring Power of Attorney (EPA).

Having an EPA means that in the event of physical or mental incapacity:

  • YOU name the person you trust to deal with all your property and finances (your Attorney)
  • YOU decide who should have responsibility to deal with your finances
  • YOU decide when the document comes into effect by providing specific safeguards
  • YOU can ensure that special instructions are included in the document
  • YOU can restrict your Attorney's authority
  • YOU decide if your Attorneys should act jointly or jointly and severally
  • YOUR affairs can be dealt with without delay and with minimal expense

An EPA must be made whilst a person has full mental capacity. In the event that an EPA cannot be made there is an alternative known as 'Receivership'.

We offer the services of solicitors as attorneys where professional management of a client's affairs is desired. We also look after the affairs of patients under the Mental Health Act and handle any necessary dealings with the Court of Protection including Receivership accounts.

Probate & Administration

Probate and Administration are tasks that require sensitivity and experience. Efficient handling of administration is of prime importance. We offer a comprehensive service for all probate matters including preparation of papers to apply for the grant and the subsequent administration of the estate.

The following are examples of other services offered:

  • Calculating and arranging for payment of any Inheritance Tax, Capital Gains Tax and Income Tax payable by the estate
  • Advising on tax liabilities outstanding in the name of the deceased, whether resident or domiciled in the U.K. or abroad
  • Gathering in the assets of the estate
  • Settling any outstanding liabilities
  • Advising on the interpretation of wills or an intestacy
  • Advising in relation to inheritance and any claims being made against the estate
  • Preparing estate accounts
  • Distributing the assets of the estate in accordance with the terms of the deceased's will or the laws of intestacy

Contact: Angela Lever

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