A will is a written statement that is usually legally binding. A will must be written by a person to describe the distribution of assets upon their death. If you have amassed a considerable amount of wealth or estate over the course of your life, writing a will is very important. The will shall be proven in the court of law and the assets and your estate will be divided accordingly as per your wishes. Ideally, you should start writing your will after 45, and you can amend it along the way as well.
However, understanding the concept of wills and probates is not easy. The probate is the official proving of a will, and in most cases, a probate solicitor in London will need to be present. A probate solicitor is someone who can help you prove the will in the court of law, and also provides a range of other services. Some of the services that probate solicitors offer are described below.
Inheritance Tax Planning
The UK charges an inheritance tax, which means that income generated from inheritance is also taxed. If you have received a considerable amount of money as inheritance, it will be taxed depending upon the laws. Inheritance tax planning is necessary if you want to minimise the tax payable. When you sit down with a probate solicitor, you can discuss with them the variety of different ways by which you can reduce the inheritance tax payable. Inheritance tax planning is very crucial and will help you save a great deal of money. If you are going to transfer your inheritance to your loved ones, why would you want it taxed at a higher rate?
Establishing a Trust
A trust is a way to control funds so that they are made available to people at a specific date and time. For instance, you might want to set up a trust so that your children get your inheritance once they come of age and know the importance of spending money properly. Establishing a trust is also not easy, and there are several things to keep in mind. A probate solicitor can guide you on the types of different trusts and can establish one for you. They will fill out the proper documentation and then register the trust in your name.
Administration of Estate
Another important service that the probate solicitor offers is the administration of estate, which means that the probate solicitor will oversee that the estate is administered as was included in the will. They will oversee all relevant parties and make sure that the estate is administered on time so that all parties get their fair share as mentioned in the will. The solicitor will finalise all agreements and get signed documents from every person mentioned in the will that they have received their fair share, too. These are just a few of the different ways by which a probate solicitor can help clients throughout London.