Wills, Powers of Attorney, Trusts & Probate
Chris Hadfield and Patricia Gadd specialise in all areas of Wills, Powers of Attorney, Probate, Trusts and Estate Planning. Chris is a member of the specialist organisation “Solicitors for the Elderly”, which also covers areas appropriate to all age ranges. Patricia is also a member of “Solicitors for the Elderly” and is additionally a member of STEP, the Society of Trust and Estate Practitioners.
If you are contemplating making or updating your Will, need help with Probate or are considering a Power of Attorney, Trusts or your inheritance tax position, please contact Chris Hadfield or Patricia Gadd for friendly, expert advice, and to discuss all your options in more detail.
For those with mobility problems, Nichols Marcy Dawson Solicitors has ground floor meeting rooms and we are also able to visit clients either at home or in hospital, if necessary.
Nobody can be sure what the future holds so it makes good sense to create a Will. It is no longer seen as something that just the elderly or ill do, but it is simply part of sound financial and future planning for any family or individual.
Your Will is probably one of the most important documents that you will write and sign in your lifetime and as such, warrants careful consideration to make sure your wishes are properly reflected. By making a Will, you can have peace of mind that your assets pass to those you want to provide for and it ultimately makes administration of your estate easier. If carefully planned, a Will can also help to minimise inheritance tax.
A meeting with one of our solicitors will clarify your ideas and the options available to you. Even if you are uncertain about some decisions and especially if you have young children, a Will which may not be perfect now is better than no Will at all. Bear in mind too that a Will can be changed later as families grow up or circumstances change.
Powers of Attorney
Who would manage your affairs if you became mentally incapable of taking care of things yourself? You can give a trusted member of your family or a friend a Lasting Power of Attorney, which would enable them to manage your property and financial affairs on your behalf. You can impose restrictions if you wish on how that power is used. There is also a separate Lasting Power for personal welfare matters.
We can advise you, prepare all the relevant documents and assist you with this difficult process.
The death of a loved one is never an easy time. Despite it being an emotionally tough phase for their relatives, the administration of the estate is an important and necessary step to undertake.
At Nichols Marcy Dawson Solicitors, the needs of our clients are paramount particularly at this difficult time and we therefore aim to offer our clients a fast and efficient service in all areas of probate law, providing as much or as little help as you feel you need.
Chris Hadfield and Patricia Gadd are specialists who will deal with the administration of the estate cost-effectively, sympathetically and efficiently. They will guide you through the complexities of probate law, deal with the tax authorities and any other relevant State or commercial organisations and ensure that you are clear on what your options are, even if no Will has been left or if a Will is invalid.
For many people, Trusts are a useful way to assist in tax planning and to preserve assets. There are various types of Trusts and they can be created during your lifetime or in your Will. Trusts can be used to safeguard your interests if you’re buying a house with someone, especially if you’re not married. They can also be used to protect your assets from bankruptcy or divorce and, if you have children, to ensure that their inheritance is protected when your estate passes to your surviving spouse.
If you’re a grandparent, you might use a trust to provide for your grandchildren’s education. Additionally, if you’re a business owner, there are benefits of using Trusts to take advantage of special provisions for business assets.
At Nichols Marcy Dawson Solicitors, we have a wealth of knowledge and experience in creating Trusts, so we can ensure that if a Trust is appropriate and cost-effective then the law is applied in the most effective manner for your personal circumstances.
Planning ahead for when you die allows you to set out clearly who should get what from your estate. Unless you are leaving the majority of your assets to charity, which is tax exempt, most people prefer that as many of their assets as possible pass to their family or friends rather than the tax office.
Estate planning ensures that your estate incurs the minimum tax bill and also allows you to plan for more complicated circumstances, such as second marriages, vulnerable beneficiaries and business or farming assets. Our specialist solicitors can arrange your affairs so that your estate can be dealt with in the most advantageous and fair way.
Estate planning takes two forms: firstly lifetime planning, such as understanding all the available tax reliefs and exemptions, or the creation of family trusts, and secondly, planning your will, which requires an understanding of your potential future needs and concerns.
A full understanding of inheritance tax, capital gains tax and income tax – and the interaction between them – is needed to put in place the right plan for you. It is important that you take advice early as many apparently straightforward actions can have unintentionally expensive consequences, such as a gift of your house to your children whilst you are still living in it. The most important thing is that you are comfortable with whatever arrangements you put in place.
For more information or impartial advice on our Wills & Probate Services, please call our friendly team on 01932 219500.