PRIVATE CLIENT SERVICES

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1 Helping you to manage your personal and financial affairs efficiently and effectively, now and for the future. REF: /15 SERVICES FOR YOU PRIVATE CLIENT SERVICES

2 YOU RE NEVER TOO YOUNG TO START PLANNING FOR THE DID YOU KNOW? UK INDIVIDUALS SPEND 9BILLION PER YEAR ON LEGAL ADVICE, OFTEN IN STRESSFUL CIRCUMSTANCES. MORE THAN ANYTHING THESE INDIVIDUALS LOOK FOR STRONG, ACCURATE AND PRACTICAL ADVICE FROM SOMEONE WHO IS GENUINELY ON THEIR SIDE. FUTURE!

3 PRIVATE CLIENT SERVICES HELPING FAMILIES ACCESS THE BEST POSSIBLE ADVICE FOR THEM AND THEIR LOVED ONES Getting your personal and financial affairs in order can often seem daunting and complex. With a little foresight and forward thinking you can look towards a future that retains your wealth and reflects your wishes with a greater degree of certainty and confidence. HOW WE DO THIS We provide accurate advice and use practical solutions within; Wills, probate and estate administration, Inheritance Tax planning, Lasting and Enduring Powers of Attorney and trusts. WHAT MAKES US DIFFERENT We aim to build productive, long term relationships with our clients and their families. There are often sensitive and difficult situations to think about, and we promise to offer a friendly, personal and confidential service that puts your needs and wishes first. elselaw.co.uk

4 WILLS PUTTING YOU IN CONTROL OF HOW YOUR MONEY AND POSSESSIONS WILL BE DISTRIBUTED AFTER YOUR DEATH WHY MAKE A WILL Simply put, by making a Will you are giving those you love peace of mind for the future. Provision can be made for all members of the family, friends and charities as you wish. Choose who your Executors are and ensure that it s the people you trust who administer your estate. IF I DON T HAVE A WILL If you die without leaving a valid Will you leave your estate in uncertainty which can often lead to stressful family disputes. Without a Will, your family could face a larger Inheritance Tax bill than necessary. Unmarried partners may not receive anything from your estate, unless you have made a Will in their favour. GETTING IT RIGHT The legal language around drafting a Will can be complicated, and it is easy to make mistakes which is why using a solicitor can spare you worry and stress. Updating your Will is also important if your circumstances change; for instance if you divorce, re-marry, have children or set up your own business.

5 DID YOU KNOW? 60% OF PEOPLE DON T HAVE A WILL. THIS LEAVES LOVED ONES TO DEAL WITH COMPLICATED AND EXPENSIVE FINANCIAL MATTERS WHICH OFTEN LEAD TO FAMILY DISPUTES. IS IT TIME YOU GOT ROUND TO SORTING YOUR WILL? elselaw.co.uk

6 DID YOU KNOW? 1 IN 3 PEOPLE AGED OVER 65 WILL DIE WITH SOME FORM OF DEMENTIA. LOSING CAPACITY TO LOOK AFTER YOUR OWN LEGAL AND FINANCIAL AFFAIRS IS A REAL CONCERN. WE WERE VERY PLEASED WITH THE SERVICE WE RECEIVED. ELSE MADE IT SO EASY FOR US.

7 POWERS OF ATTORNEY GIVING YOU THE POWER TO CHOOSE WHO YOU WANT TO MAKE THE IMPORTANT DECISIONS ABOUT YOUR WELFARE, MONEY OR PROPERTY ON YOUR BEHALF WHAT ARE POWERS OF ATTORNEY Now called Lasting Powers of Attorney (LPA), this powerful document is often thought of as an insurance policy for the future. Hopefully you will be able to deal with matters yourself for as long as possible, but should you lose mental capacity to do so, then you can be assured that it will be the people you know and trust who will make the decisions for you. Those who care for elderly friends or relatives may need help and assistance in dealing with their money and belongings, and also with decisions concerning their well-being and healthcare. GETTING IT RIGHT Preparing an LPA requires careful thought and planning and specialist experience is often required in drawing up these important documents. We can guide you through the process and help you with the drafting of all the elements so that sufficient protection is in place for you and your loved ones. DEPUTYSHIPS Both Deputyship Orders and Lasting Powers of Attorney authorise someone to make decisions for somebody else. The difference is that an LPA is made by someone who still has mental capacity however a Deputyship is made by a court for someone who has already lost that capacity. HELP IS AT HAND If you need to apply for a Deputyship Order, you will have the best chance of success if the application has been properly drawn up and submitted by a legal expert. At Else Solicitors we are able to provide advice and help with preparing applications to the court, obtaining the necessary medical evidence and implementing the Order once it has been granted. Our Private Client team will continue to support the Deputy after their appointment including assistance with the preparation of annual accounts if needed. elselaw.co.uk

8 DID YOU KNOW? IT HAS BEEN ESTIMATED THAT 1.3BN IS BEING WASTED IN UNNECESSARY INHERITANCE TAX PAYMENTS. INHERITANCE TAX PLANNING PLAN NOW TO PROTECT YOUR ASSETS AND MAKE LIFE EASIER FOR THE PEOPLE YOU CARE ABOUT HOW MUCH IS INHERITANCE TAX If you leave an estate valued at more than 325,000, your loved ones may have to pay 40% on anything above that figure. Many people think that Inheritance Tax will not apply to their estate when they die but investments and savings can put many people above the tax-free threshold. THIS COULD HAVE BEEN AVOIDED WITH BASIC TAX PLANNING IN PLACE. WHAT CAN BE DONE TO REDUCE INHERITANCE TAX There are specific allowances, exemptions and reliefs which may be available to you. Another very popular way of reducing the amount of tax paid can be to place some assets into a trust. Also by working with your legal adviser and your accountant you can explore the best ways of passing on as much as you can to your chosen beneficiaries. EFFECTIVE PLANNING USING YOUR WILL Special types of Wills can be drawn up to further reduce the Inheritance Tax bill. By placing a trust in your Will you can leave assets to beneficiaries who are exempt from Inheritance Tax, such as a spouse or civil partner or by leaving gifts to charities. However it is worth noting, if you have the wrong type of Will drawn up all the tax benefits could be lost, so it is vitally important you seek the advice of a solicitor to ensure you get this right.

9 TRUSTS TRUST FUNDS ARE AN EXCELLENT WAY TO HELP PROTECT YOUR LOVED ONES AND ENSURE THEY CAN BE PROVIDED FOR IN THE FUTURE WHY A TRUST Trusts are generally made for one of three reasons: WHAT KINDS OF TRUSTS ARE THERE There are many types of trusts for different purposes which each have their own tax rules. Some of the most commonly created are: 1. PROTECTING YOUR ASSETS - so they cannot be sold in order to pay for residential care 2. PROTECTING YOUR FAMILY - ensuring vulnerable loved ones are not left to manage funds directly but can still benefit 3. HELP REDUCE OR AVOID INHERITANCE TAX - ensure money, investments and property are passed on in the most tax efficient way Setting up trusts can often be a complicated process but can have great benefits for you and your family. TRUSTS FOR MINORS - under 18s PILOT TRUSTS - for Inheritance Tax planning purposes, intended to receive pension funds or the proceeds of a life policy LIFE INTEREST TRUSTS - providing funds for the lifetime of one person DISCRETIONARY TRUSTS - where there are a number of people who can benefit at the trustees discretion TRUSTS FOR DISABLED PERSONS - specially designed to give favourable tax considerations CHARITABLE TRUSTS - providing income for charitable concerns BARE TRUSTS - held for children or adults unable to look after the money themselves PERSONAL INJURY TRUSTS - set up as discretionary or bare trusts to benefit someone who has received a cash settlement following injury to allow them to continue receiving benefits DECLARATIONS OF TRUST - used to define how proceeds from the sale of property would be split if one party has put more into the purchase than the other elselaw.co.uk

10 PROBATE & ESTATE ADMINISTRATION PROBATE SIMPLY PUT IS THE PROCESS WHEN APPLYING FOR THE RIGHT TO DEAL WITH A DECEASED PERSON S ESTATE WHO DEALS WITH THE ESTATE The administration of an estate is normally dealt with by the Executors who are named in the Will. In order to collect assets, sell property and wind up an estate, you would need to obtain a Grant of Probate from court which confirms the executors legal authority to manage the estate and deal with banks and building societies. WHAT IF THERE IS NO WILL If there is no Will, the beneficiaries of the estate will be determined by the Intestacy Rules, and it is only one (or more) of these beneficiaries who can apply to be appointed as an estate administrator. A court can appoint other people to take on a similar role to Executors, but they have no authority to do anything until Letters of Administration have been applied for and are granted by a court. HOW LONG DOES PROBATE TAKE Once a Grant of Probate has been applied for it takes approximately two weeks to be received. The administration of an estate will usually take between four and six months, however in some cases up to a year depending on the complexities of the estate. DEED OF VARIATION If beneficiaries of a Will want to make an additional gift to someone not named in the Will, or a charity, a Deed of Variation may be the answer. This may avoid the tax consequences that would apply if the money was just gifted. We have many years experience in handling estates and can give you the advice and support you need whether you are acting as an Executor or Administrator. We can thoroughly explain the benefits of Deeds of Variation and guide you through the necessary processes, whether applying for Grant of Probate or for Letters of Administration.

11 DID YOU KNOW? THERE ARE APPROXIMATELY 500,000 DEATHS IN ENGLAND AND WALES EVERY YEAR. IN SOME FORM OR OTHER, PROBATE SERVICES WILL BE REQUIRED FOR ALL. THANK YOU FOR YOUR PATIENCE AND THE WEALTH OF KNOWLEDGE YOU IMPARTED TO US. elselaw.co.uk

12 OTHER LEGAL SERVICES WE OFFER BUSINESS LEGAL SERVICES Property Commercial Dispute Resolution HR & Employment Business Law Contracts Debt Recovery Insolvency & Business Recovery Mediation PERSONAL & FAMILY SERVICES Wills & Inheritance Employment Law Advice Dispute Resolution SPECIALIST SECTORS Construction & Engineering Healthcare Pubs, Pub Companies & Breweries Banking & Finance Sports & Entertainment BURTON OFFICE First Avenue, Centrum 100, Burton on Trent. DE14 2WE - Call BIRMINGHAM OFFICE 43 Temple Row, Birmingham. B2 5LS - Call elselaw.co.uk