Private Client Team

Wills

If you are concerned as to the Inheritance of your Estate then it is imperative that you have a Will prepared.

If you do not have a Will, then your assets may pass to individuals you do not wish to inherit or even pass to the Crown! Without a Will, it is the Government who directs who shall benefit from your Estate.

It is important to have a Will prepared by a solicitor. This will then avoid the Will being declared invalid on death and may also reduce Inheritance Tax liability for your relatives.

It is also essential to have a Will prepared or reviewed particularly if you are in a relationship but not married. The Law may not automatically recognise unmarried partners as having the same right as a married partner. Even if you are married without a Will, your spouse alone may only receive a certain amount from your estate.

Inheritance Tax

Are you bearing the burden of Inheritance Tax Liability? Is your net estate over £300,000? If so, then your children may pay a 40% tax charge on assets over and above £300,000. It is estimated that 40% of Inheritance Tax payers are located in London and the South East. The Government raised £2.5 Billion from Inheritance Tax in 2003/2004. Since 1992, the Inheritance Tax Threshold has increased by 75%, however in line with house prices, the housing market has increased by 139%!

Are you in a situation where you are liable for Inheritance Tax? Looking for avenues to reduce this liability? Why pay tax all through your lives only for your children to pay tax when you die?

A Living Will

In a situation where you may be in a vegetative state we are sure you would not want your life to be prolonged unnecessarily and your children or family members to suffer emotionally, may be for the rest of their lives. If your family do not know your wishes the Hospital may utilise the technology available to them to keep you alive. A Living Will can prevent your family encountering these problems and will ensure your wishes are followed.

Enduring Powers Of Attorney

If for whatever reason you become unable to manage your own financial affairs, then it is likely, whether a relative or a professional person will have to apply to the Court of Protection to appoint themselves as a Receiver. This is a lengthy and costly procedure, however this can be avoided!

To avoid this scenario, you must prepare an Enduring Power of Attorney whilst you are mentally capable. The document will allow you to appoint individuals to look after your affairs if you are physically or mentally incapable to do so. Without this document, family or close friends will have no legal right automatically to deal with your affairs.

You can only have an EPA prepared until October 2007 after which new style documents will come into effect. These new documents are called Lasting Powers of Attorney and are more complicated and costly! Our advise is to have an EPA prepared without delay!

Care Home Funding

Moving into a Care Home can be an emotionally stressful time for you or your loved ones and too often there is too little information available about the sources of funding. Families often believe that the family home has to be sold to pay for Care Homes and the local authority is the only other available source of funding this. This is not correct! Rowberry Morris can help you with the various avenues available.

Care Home Contacts

Often prepared by the Care Home Solicitors. Ensuring that the Care Home is adequately protected, but are you and your family? Would you enter into a contract ordinarily without checking the terms and conditions? Care Home Contracts are happily signed without having the terms checked and approved by a solicitor? To ensure your protection, please contact Rowberry Morris who will help you in this.

Trusts

Want to ensure your wealth passes to future generations? Want to pursue tax planning? Trusts may be the answer!

Probate

If a relative dies it is often traumatic and frustrating to handle the administration of their estate. Rowberry Morris offers a very sympathetic and efficient service in dealing with and advising on all aspects of administration. If you have any queries regarding the administration or would indeed like Rowberry Morris to handle the administration please do contact one of the offices.

At Rowberry Morris we aim to make every procedure as simple and as straightforward as possible and will happily meet you to discuss any of the above scenarios.

Published articles

Leaving Your Affairs in order

Powers of Attorney

Making or Reviewing your Will - by Alex Moore

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