Placing assets into a trust during your lifetime can help to minimise your inheritance tax liability. Any assets held in a trust do not form part of your estate when you die and may escape inheritance tax, if sufficient time has passed since you placed the assets into the trust.
Assets which you put into trust under the terms of your will can also be shielded in a second family situation without depriving your family of access to those funds as and when they need them. This is a way of passing family money down the generations free of tax.
It is also possible to place any death in service benefits (which may flow from a pension scheme membership) and life policy proceeds, into a trust fund. By placing these interests in a trust you are ensuring that they do not form part of your estate on your death and will therefore not be subject to inheritance tax. As the benefits are usually only paid out in the event of your death (i.e. you would not benefit from them directly) this is a good method of reducing your inheritance tax bill.
How much will it cost?
If the value of your assets is such that you will not require any tax planning or estate planning, your will should be straightforward and we will apply a fixed fee to prepare this. If you require tax planning advice and a more complex will, for example making effective use of the nil rate band, we will charge on a time basis and the fee will be based on the time spent in dealing with your matter. We will provide you with a costs estimate and will always keep you updated about the total costs.
Our expert wills, probate and trusts lawyers have extensive experience of preparing wills and administering estates and trusts created by wills or the intestacy laws. A meeting can be arranged at our offices, or we can visit you at home, to explain and prepare your will or outline the process of obtaining probate after the death of a relative.
Whatever your requirements, we will handle your needs efficiently and sensitively