Wills, Trusts & Probate
Oxford Dictionary definition: /
- the legal certification of the validity of a will
- late Middle English: from Latin probatum ‘something proved’
174 Law definition: /
An area of law demanding precise attention to detail delivered in a sensitive manner.
Delivered well a means of reducing life and death time tax liabilities ensuring hard earned wealth is passed on to survivors and future generations to protect their financial security.
How does the 174 Probate service benefit you:
A Probate Team providing advice for Life
70% of people die without having made a Will. Contemplating your own death or that of a close family member is never easy. Failing to make a Will can result in a very different outcome to what you would have wished for result in paying tax which could otherwise have been avoided and can even result in family members having to take court proceedings against each other.
Taking legal advice can ensure that your wishes will be realised after your death.
Dealing with the Administration of an Estate after the death of a close family member can be very distressing and time consuming. Taking legal advice can help make the process as stress -free as possible and does not involve great expense.
Why choose our Probate Team?
174 Law’s Specialist Probate Team provides sensitive support and advice. The responsibility of obtaining a Grant of Probate and dealing with estate administration after the death of a loved one can be extremely difficult. Our aim is to alleviate as much of the stress as possible.
Our Probate Experts can help you:
- Make a Will without great expense to ensure you choose who benefits from your assets on your death. If you don’t make a Will the distribution of your assets may be quite different from what you would have wished for.
- Provide you with advice to avoid or minimise the impact of Inheritance Tax upon your estate through advice on lifetime Inheritance Tax planning and setting up Trusts.
- Provide you with advice to help minimise the cost to you and your family of future Nursing Home care.
- Prepare a Lasting Power of Attorney so you choose who manages your money when you are no longer able to do so yourself. We advocate raising this issue with elderly relatives sooner rather than later. This avoids the potential fright and distress an elderly relative may suffer if this subject is only raised with them when they have become unwell. It also avoids the possibility of an elderly relative having already lost the mental capacity to enter into a Lasting Power of Attorney.
- Make an application to The Court of Protection to be appointed as a Deputy for someone who has not made a Lasting Power of Attorney and who no longer has the mental capacity to manage their financial affairs. This is a complex and lengthy process. We can prepare the myriad of forms and guide you through the process. Our Experts can also take up an appointment as a Deputy if there is no one in the family able to do so.
- Help you with the Administration of the Estate of someone who has died. Our Probate Experts can also act as an executor. We can assist you in the sale of property, paying debts, valuing and collecting in assets, tracing Beneficiaries, preparing final Tax Returns and paying Tax, preparing Estate Accounts and making payment to Beneficiaries. We can also advise you if a more tax or otherwise financially efficient outcome can be achieved by varying the terms of a will within two years of the death of a family member through a Deed of Variation.
Our Probate Specialists offer three levels of service personalised to your individual needs
Our Basic Probate Service
You provide us with details of the assets and debts of the Estate , a Death certificate and the Will ( if there is one) and we prepare the Inheritance Tax Return Forms and the Executor’s, or Administrator’s Oath. We obtain the Grant of Probate or Letters of Administration from the Probate Registry and leave you to deal with the rest of the Administration of the Estate.
Our Probate Extra Service
In addition to the service provided by our Basic Probate Service you choose additional assistance where and when you need it. This service is tailored to your individual needs so that you only incur additional cost for what is needed. This could for example be obtaining valuations for certain assets, acting in the sale or transfer of a property, selling shares, tracing Beneficiaries or distributing assets to beneficiaries.
Our Full Probate Service
With this service our Experts provide you with a Comprehensive Service covering all aspects of Estate administration. You are able to pass all responsibility over to us assured that everything will be dealt with sympathetically and to a high Professional standard.