Wills, trusts and probate solicitors

How can Anthony Collins’ solicitors help with estate and tax planning?

We always start by listening to you, to ensure we understand your wishes.

Whether you’re looking to create a will, provide for your family or apply for probate after the loss of a loved one, our specialist team of wills and probate, as well as estate and trust lawyers, will provide you with clear, practical guidance.

Managing complexity is second nature to us and we advise people from all social backgrounds – from people with sizeable legacies to leave, through to families looking to provide for a disabled or otherwise vulnerable person over the course of their life.

As leaders in Court of Protection and Deputyships, we are skilled at representing disabled and vulnerable people and their families in seeking representation through the courts. We are also skilled at supporting executors when the time comes to administer a will. From establishing family trusts to managing complex property and asset portfolios and inheritance tax planning, our team has the skills and breadth of expertise you need.

Our areas of expertise

• Wills & estate planning
• Probate & estate administration
• Trusts & personal injury trusts
• Lasting Powers of Attorney (LPAs)
• Deputyship & Court of Protection
• Property management & statutory wills

How to make a will in England and Wales

To make a will, you must be an adult – aged 18 or over – and have capacity. It must be signed in the presence of two independent witnesses, who must also sign it.

We are often asked: “Do I need a solicitor when preparing a will?” The answer is yes and no. It might not be essential in all cases, but there can be serious repercussions if you make a mistake or overlook something that could leave your will open to a legal challenge in the future.

It’s not easy to think of everything, which is why our will solicitors start by asking the right questions and help you to make the right decisions for you and your family.

You may have accumulated a substantial estate over your lifetime and deciding who to leave it to after your death may not be a straightforward matter. You may have treasured possessions you want to leave to individuals or assets you would like to ringfence until a child or grandchild reaches adulthood. You may wish to include supporting documents, such as a Letter of Wishes, to accompany the legal wording of your will. You need clear and accurate information from trusted advisers to guide your decisions.

For more advice about how to make a will, contact our specialist will solicitors.

What is a Will Trust and when is it needed?

Will trusts are legal arrangements set up within a will to manage and protect assets, such as property or money, for beneficiaries. They are often helpful for inheritance tax and family protection purposes and can also help to protect disabled and vulnerable relatives.

The various types of will trust are:

• Bare Trust – The simplest type of trust, a bare trust is often used for making gifts to children and grandchildren when they reach the age of 18. The funds and assets are held in trust, until the beneficiary turns 18 (England and Wales). They will then inherit both the capital, and any income generated by the trust, such as bank interest.
• Discretionary Trust – These trusts are a flexible option, giving trustees absolute discretion over how the money is shared out between a number of beneficiaries. For example, they can decide which beneficiaries need the most support, and ensure they get the money when it is most needed.
• Life Interest Trust – This trust allows an individual to leave funds and property to be used by someone else (the ‘life tenant’) for their lifetime. Once the life tenant has passed away, the funds and property pass to other named beneficiaries, for example, children or grandchildren.
• Disabled or Vulnerable Person’s Trust –This trust holds funds for a vulnerable or disabled beneficiary. As well as being favourable from a tax perspective, the trust will help to ensure that money is available to meet the beneficiary’s needs during their lifetime, without losing out on other entitlements.

Will Trusts must be registered using HMRC’s Trust Registration Service (TRS) if they continue for two years after death.

For more information about setting up a Will Trust, contact our specialist team of family trust lawyers.

How long does probate take with a will?

Probate usually takes between six and 12 months, but it may take longer, and there is a legal process to follow.

When someone dies leaving a will, the executors must apply for Grant of Probate. They should proceed by identifying assets and valuing the estate, including any overseas investments or property. They should pay any inheritance tax due and sell any assets that might need to be disposed of, such as property.

Finally, the executors are responsible for paying any debts, such as unpaid bills, and preparing the estate accounts. The funds and other assets can then be distributed among the beneficiaries, according to the will.

If someone dies without leaving a will, the closest living relative must apply for Grant of Letters of Administration to manage the estate and distribute the assets, according to the rules of intestacy.

To find out more about seeking probate and what an executor has to do, contact our specialist probate solicitors.

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