Probate, Wills and Trusts

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Probate, Will Writing and Lasting Power of Attorney

At Kingsley Bond, our Wills, Probate, Trusts and Lasting Power of Attorney (LPA) department stands ready to assist with dedication and expertise.

Our seasoned team excels in drafting Wills tailored to individual needs, ensuring your estate is managed precisely as you desire. Whether you're considering a single Will or a mirrored one with your partner, we are here to guide and advise.

The complexities following the loss of a loved one are profound.

With our extensive experience in securing grants of probate and letters of administration, we're here to support and guide during these challenging times.

Contemplating a Lasting Power of Attorney? At Kingsley Bond, we provide competitive rates for drafting and registration, coupled with expert advice. Whether it concerns your health, welfare, finances, or if you simply seek guidance, do get in touch with us. Your peace of mind is our priority.

What is a Lasting Power of Attorney

A Lasting Power of Attorney (LPA) is a legal document that grants a trusted individual the authority to make decisions on someone's behalf if they become mentally incapacitated. With longer life expectancy coupled with the rise in dementia and stroke cases in the UK, and the unpredictability of sudden brain injuries, having an LPA is indispensable. It ensures that if one becomes unable to make decisions due to health challenges or accidents, their affairs will be managed as per their wishes.

What is a Trust?

A trust is a legal structure where a person, known as the Settlor, places assets under the management of appointed Trustees for the benefit of designated recipients, the Beneficiaries. Trusts offer an added layer of flexibility and control over assets and can be beneficial in diverse scenarios, be it for minor beneficiaries, tax planning, or ensuring that specific wishes concerning asset distribution are met. Trusts can be established while the Settlor is still alive or can be set up through provisions in a will.

What is a Will?

A will is a legal document that outlines how an individual's assets and possessions will be allocated after their death. It serves as a clear directive to ensure that personal wishes regarding property distribution and the guardianship of minor children are followed. When a person dies without a will, default state rules determine asset distribution, which might not reflect the deceased's true intentions. For parents, a will is paramount in specifying care arrangements for their children in unforeseen circumstances. Moreover, for couples not legally registered as partners, a will is essential, as they can't inherently inherit from one another. A thoughtfully constructed will can also be a tool to reduce potential inheritance tax.

Legacy Planning, Streamlined and Assured.

Charting Your Legacy's Course? Call 020 8051 4222 for specialised guidance.

FAQs

Please note: the information provided here is not tax advice, and for detailed guidance, one should consult with a tax professional.

  • While all three are ways to manage assets, trusts provide a broader framework for asset control and protection. In contrast, Declarations of Trust specify ownership shares in a property, and joint accounts are shared bank accounts with multiple owners.

  • Yes, trusts can have tax implications, including those related to income, capital gains, and inheritance. It's vital to consult a tax professional to understand these intricacies.

  • Both types of trusts manage assets for beneficiaries. However, the former, known as "living trusts," are established while the Settlor is alive. In contrast, testamentary trusts arise upon the Settlor's death through provisions in their will.

  • Probate is the official process where a will is validated, and the designated executor is granted the authority to administer the deceased's estate, paying off debts and distributing assets.

  • If a person passes away without leaving a will, a close relative or representative may need a Letter of Administration to gain legal authority to manage and distribute the deceased's assets.

  • Digital assets, such as online accounts, intellectual property, or digital currencies, represent significant value in today's digital age. Properly accounting for and managing these assets is crucial in legacy planning to ensure they don't get lost or mismanaged.

  • Trust and legacy planning involve intricate legal, financial, and tax considerations. Professionals in the field possess the expertise and experience necessary to ensure all aspects are addressed correctly and compliantly.