Woodfines > Wills, Probate and Lifetime Planning
Wills, Probate and Lifetime Planning
Navigating the intricacies of Wills, probate, and planning for the future can be overwhelming. Fortunately, you’re not alone. Our compassionate and experienced wills and probate solicitors are here to guide you every step of the way. We understand that these are sensitive personal matters and handle them with the utmost professionalism and empathy. At Woodfines, our ultimate goal is to provide a tailored service that gives you peace of mind for the future.
Our dedicated team offers extensive services to protect your interests and secure your future.
In the event a loved one lacks mental capacity and is unable to make financial or welfare decisions on their own, an application to the Court of Protection to appoint a deputy to make the decisions on their behalf may be required.Discover
We believe in a personal approach. Every Will we create is tailor-made to suit your needs, and our solicitors provide rounded advice to reduce the impact of inheritance tax and manage the estate efficiently. Our team is skilled in dealing with complex estates and understand the probate process, guiding you with kindness and understanding.
Frequently Asked Questions
What is a probate solicitor?
A probate solicitor, also known as a wills and probate solicitor, assists in dealing with a deceased person’s estate. This process, known as probate, involves various tasks such as validating the deceased’s Will, assessing the estate’s value, paying any outstanding debts and taxes, and distributing the remaining assets according to the Will or the intestacy rules if no valid will is in place.
Do I need a solicitor to apply for probate?
While it’s not a legal requirement to have a solicitor for probate, many people find it beneficial, especially in more complex scenarios. If the estate is large, consists of various types of assets, or includes foreign property or high-value business assets, a solicitor can be invaluable in navigating the complexities of probate law, reducing potential tax liabilities, and ensuring a smooth process. Additionally, probate can be time-consuming and emotionally challenging, and having a specialist probate solicitor handle this process can provide relief during a difficult time.
I don’t have a large estate do I still need a solicitor?
Even if the estate is low in value there are still reporting requirements which we can assist with.
What are the key benefits of setting up a trust for wealth management?
Trusts offer a range of benefits for wealth management, such as:
Asset Protection: Trusts can used to safeguard assets to ensure it passes according to your wishes.
Tax Planning: Properly structured trusts can help reduce inheritance tax or capital gains tax liabilities.
Control Over Assets: Trusts can control how and when your assets are distributed, such as setting conditions for inheritance or providing for minors or vulnerable individuals.
Succession Planning: Trusts allow for a smooth transition of assets to the next generation and can avoid the probate process.
What types of assets can be placed in a protection trust?
Various types of assets can be placed into a trust, including real estate properties, stocks and shares, cash, business assets, life insurance policies, and personal belongings such as jewellery or art. The type of assets that should be placed in a trust can vary depending on individual circumstances, financial goals, and tax planning needs, so it’s advisable to consult a specialist solicitor when setting up a trust.
Do I need a solicitor to create a valid Power of Attorney?
Having a solicitor create a Lasting Power of Attorney (LPA) is not legally required. However, a solicitor can guide you through the process, ensuring that all legal requirements are met, and your interests are protected. They can also advise on choosing an attorney and drafting instructions or preferences in the LPA. Mistakes in the preparation or registration of an LPA could render it invalid or cause problems in the future, which a lawyer can help avoid.