Scott Bailey

Private Client

This department is pleased to provide the following services:

• Wills
• Inheritance Tax planning
• Estate Administration
• Lasting Powers of Attorney
• Elderly Client advice
• Trusts

Wills
It is vital to have a will in place to ensure that when you die your estate passes to those whom you want it to, in the most tax efficient manner. If you do not make a will, you are deemed to die ‘intestate’, and statutory legal rules dictate how your estate is to be divided which can cause distress for surviving relatives.

There are often many different issues that need to be considered before completing your will, such as making provision for spouses, partners, children, financially dependent relatives, and safeguarding your estate for future generations. Making a will is a crucial part of inheritance tax planning.

Our experts can prepare a will to reflect your wishes and provide the advice you need in a friendly and efficient manner.

Inheritance Tax Planning
Inheritance tax can become payable on your death depending on your financial circumstances at the time. In certain special situations, inheritance tax can become payable during your lifetime, or payable in relation to a trust which you may have set up.

Reducing the value of your estate will ultimately reduce the inheritance tax that may become payable on your death, provided careful inheritance tax planning has been carried out during your lifetime, and under the terms of your will.

The legislation relating to inheritance tax is complex and susceptible to frequent change which is why it is essential to seek professional guidance before implementing inheritance tax planning and we will be pleased to assist in this respect.

Estate Administration
An individual’s estate consists of the assets, such as property, investments and possessions that they owned at the time of their death. The purpose of administering an estate is to collect in these assets, settle any debts and expenses that become due, such as inheritance tax, and to deal with the distribution of the estate assets.

In our experience every estate is different and the work we do to assist executors and beneficiaries will vary depending upon for example whether or not the deceased left a will, the value and nature of the deceased’s assets, and whether there are any disputes concerning estate assets which can sometimes arise. A death usually triggers inheritance, capital gains and income tax implications.

Our professionals can advise on all areas of estate administration and the service we offer is a personal and friendly one with the aim of winding up the deceased’s affairs as efficiently as possible.

Lasting Powers of Attorney
A Lasting Power of Attorney (‘LPA’) enables you to appoint chosen individuals (called ‘attorneys’) to act for you in the event that you need assistance in dealing with your affairs for any reason. There are two types of LPA, one governing your financial matters and the other your personal welfare decisions. A personal welfare attorney can only act when you have become incapable of dealing with your affairs.

If you become incapable of dealing with your affairs and you do not have an LPA (or an old style Enduring Power of Attorney created before 1st October 2007 which remains valid) in place, an application to the Court of Protection would need to be made to enable someone to step in and manage your affairs. This is a very expensive, involved and time consuming process.

An LPA is flexible enough to allow you to decide who you want to appoint as attorney and to control the scope of authority that your attorney is to have with regard to control of your finances and/or personal welfare decisions as appropriate. Our experts will be pleased to guide you through the process of creating an LPA.

Elderly Client Issues
The law relating to the care of elderly people is complex and the subject is often an emotional one for those involved. The cost of meeting care home fees is an area of particular concern for many people as an individual’s capital can be eroded very quickly by this expense.

Elderly people may wish to nominate relatives or others (including professionals such as ourselves) to assist with the handling of their day to day financial affairs which can often seem to be daunting task. We can assist in this respect either directly under a Lasting Power of Attorney, or by providing general advice on elderly client issues in conjunction with other professionals such as accountants and financial advisers.

Trusts
A trust (sometimes referred to as a ‘settlement’) is the name for an arrangement whereby an individual (as the ‘settlor’) can place assets into a fund which they and/or others can legally control (as ‘trustees’) for the benefit of those whom the settler chooses (the ‘beneficiaries’). Trusts can be a useful tool with which to protect family assets, and to some extent carry out inheritance tax planning. They can be set up during your lifetime, and/or under the terms of your will.

Trusts allow you to put virtually any type of property into trust for the benefit of the beneficiaries you choose but as trustee you can retain control over the trust assets, which is useful where for example the beneficiaries are children, there is a fragile family marriage, or there are elderly relatives to protect.

There are many different types of trust and the tax and legislative rules which govern their operation are complex therefore professional guidance is essential. We can advise you as to what would be the most appropriate trust mechanism for your circumstances.

For more information on any of these services please contact either:

Barbara Robins - barbara@scottbailey.co.uk
or
Lloyd Thomas - lloyd@scottbailey.co.uk






						Private Client This department is pleased to provide the following services: • Wills • Inheritance Tax planning • Estate Administration • Lasting Powers of Attorney • Elderly Client advice • Trusts Wills It is vital to have a will in place to ensure that when you die your estate passes to those whom you want it to, in the most tax efficient manner. If you do not make a will, you are deemed to die ‘intestate’, and statutory legal rules dictate how your estate is to be divided which can cause distress for surviving relatives. There are often many different issues that need to be considered before completing your will, such as making provision for spouses, partners, children, financially dependent relatives, and safeguarding your estate for future generations. Making a will is a crucial part of inheritance tax planning. Our experts can prepare a will to reflect your wishes and provide the advice you need in a friendly and efficient manner. Inheritance Tax Planning Inheritance tax can become payable on your death depending on your financial circumstances at the time. In certain special situations, inheritance tax can become payable during your lifetime, or payable in relation to a trust which you may have set up. Reducing the value of your estate will ultimately reduce the inheritance tax that may become payable on your death, provided careful inheritance tax planning has been carried out during your lifetime, and under the terms of your will. The legislation relating to inheritance tax is complex and susceptible to frequent change which is why it is essential to seek professional guidance before implementing inheritance tax planning and we will be pleased to assist in this respect. Estate Administration An individual’s estate consists of the assets, such as property, investments and possessions that they owned at the time of their death. The purpose of administering an estate is to collect in these assets, settle any debts and expenses that become due, such as inheritance tax, and to deal with the distribution of the estate assets. In our experience every estate is different and the work we do to assist executors and beneficiaries will vary depending upon for example whether or not the deceased left a will, the value and nature of the deceased’s assets, and whether there are any disputes concerning estate assets which can sometimes arise. A death usually triggers inheritance, capital gains and income tax implications. Our professionals can advise on all areas of estate administration and the service we offer is a personal and friendly one with the aim of winding up the deceased’s affairs as efficiently as possible. Lasting Powers of Attorney A Lasting Power of Attorney (‘LPA’) enables you to appoint chosen individuals (called ‘attorneys’) to act for you in the event that you need assistance in dealing with your affairs for any reason. There are two types of LPA, one governing your financial matters and the other your personal welfare decisions. A personal welfare attorney can only act when you have become incapable of dealing with your affairs. If you become incapable of dealing with your affairs and you do not have an LPA (or an old style Enduring Power of Attorney created before 1st October 2007 which remains valid) in place, an application to the Court of Protection would need to be made to enable someone to step in and manage your affairs. This is a very expensive, involved and time consuming process. An LPA is flexible enough to allow you to decide who you want to appoint as attorney and to control the scope of authority that your attorney is to have with regard to control of your finances and/or personal welfare decisions as appropriate. Our experts will be pleased to guide you through the process of creating an LPA. Elderly Client Issues The law relating to the care of elderly people is complex and the subject is often an emotional one for those involved. The cost of meeting care home fees is an area of particular concern for many people as an individual’s capital can be eroded very quickly by this expense. Elderly people may wish to nominate relatives or others (including professionals such as ourselves) to assist with the handling of their day to day financial affairs which can often seem to be daunting task. We can assist in this respect either directly under a Lasting Power of Attorney, or by providing general advice on elderly client issues in conjunction with other professionals such as accountants and financial advisers. Trusts A trust (sometimes referred to as a ‘settlement’) is the name for an arrangement whereby an individual (as the ‘settlor’) can place assets into a fund which they and/or others can legally control (as ‘trustees’) for the benefit of those whom the settler chooses (the ‘beneficiaries’). Trusts can be a useful tool with which to protect family assets, and to some extent carry out inheritance tax planning. They can be set up during your lifetime, and/or under the terms of your will. Trusts allow you to put virtually any type of property into trust for the benefit of the beneficiaries you choose but as trustee you can retain control over the trust assets, which is useful where for example the beneficiaries are children, there is a fragile family marriage, or there are elderly relatives to protect. There are many different types of trust and the tax and legislative rules which govern their operation are complex therefore professional guidance is essential. We can advise you as to what would be the most appropriate trust mechanism for your circumstances. For more information on any of these services please contact either: Barbara Robins - barbara@scottbailey.co.uk or Lloyd Thomas - lloyd@scottbailey.co.uk