Estate Planning and Administration

 

Succession Planning, Wills and Probate

We at Agri Advisor feel that it is important to look at succession planning as a process as opposed to a one-off event.  It is advisable that your Wills, Inheritance Tax position, Powers of Attorney and your business structures are considered as and when there are changes, or otherwise every 2-3 years or so.

The Law continues to change, and it is the Law that applies on the date of your death that will be the applicable Law, and not the Law as at the date you signed your Will. For these reasons, it is important that your Estate is reviewed on a regular basis to ensure that it remains fit for purpose following any such changes.

We can offer the following services:

Wills, Powers of Attorney & Estate Planning

Will Writing/Checking:   Wills are not just for the elderly and their importance cannot be understated. We can provide you with a bespoke Will checking and Will writing service.  It is important also that your estate is as tax efficient as it can be, and we advise a wide spectrum of clients including landowners, farmers, professionals and businessmen/women.

Powers of Attorney:   A Power of Attorney (commonly referred to as an LPA) effectively makes life easier for you, and your loved ones, should you become either mentally or physically incapable.  It provides someone else with the necessary power and authority required by them to make decisions on your behalf.  You may need someone else to make decisions for you in the following scenarios:

  • You are mentally well but your physical mobility is impaired meaning that you would prefer to nominate a loved one to help with everyday tasks such as paying bills.
  • You are due to attend hospital for an operation, or you are planning on leaving the country for a long holiday, and you would prefer those temporary measures be put in place to ensure that your affairs run smoothly.
  • It may be the case that your health is deteriorating, and you are concerned that your mental capacity may be impaired in the longer term. This could be if you have been diagnosed with dementia and you may lose the mental capacity to make your own decisions in the future.

Provided you have the necessary mentally capacity, a Power of Attorney can be put in place at any time ensuring that important decisions as to both your health and care, and financial and property matters, are dealt with in accordance with your wishes.

Court of Protection Application:  Where a loved one has lost mental capacity; we are able to assist with the application required to be submitted to the Court of Protection.   Our Team is well experienced in this field, and two of the Partners are currently appointed as professional Deputies for clients.

Inheritance Tax advice:  Our team can advise on relevant tax matters to include an individual’s Nil Rate Band, Residential Nil Rate Band and the inheritance tax reliefs such as Agricultural Property Relief and Business Property Relief and the consideration of Trusts as a tax efficient vehicle. Our aim is to ensure that our clients benefit from all available exemptions and reliefs ensuring that their estate is as tax efficient as possible.

Business Succession advice: This often requires both a holistic and pragmatic review of your current business, its aims and objectives for the future and what resources will need to be put in place to achieve them. Looking at the business structure utilised, tax implications, the wishes of those around you enable you to ensure you have in place what you need so as to ensure compliance of your wishes, during lifetime and after your days.

Our approach to succession planning considers the practical and the legal implications for you, your loved ones and your business and we are keen to work as part of a team of trusted advisors and experts to achieve your goals.

To quote C.S. Lewis:

You can’t go back and change the beginning, but you can start where you are and change the ending.”

Probate/Estate Administration

Following the death of a loved one, their estate will need to be administered.  The process will depend on whether they left a Will, and also the nature of the assets in their estate.

Our team have experience in all forms of estates and in particular the following:

  • Grant of Probate Estate (where someone left a Will).
  • Grant of Letters of Administration (where someone died without a valid Will).
  • Other more complex estates where different Grants may be required.
  • Collating the information required to submit the Inheritance Tax return to the Inland Revenue.
  • Applying the various reliefs (ie. agricultural property relief, business property relief, nil rate band, residential nil rate band) in the most effective and tax efficient manner.
  • Considering the use of a Deed of Variation by way of post-death inheritance tax planning.
  • Advising on the continuation of a business, post death.
  • Our dispute resolution team are also able to advise on claims against an estate and any disputes.

Pricing

We do not charge on the basis of a percentage of the estate value but rather on the amount of time spent on dealing with the estate.  Please see our Price Transparency page for further details.

Probate Estate Administration fee guide




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