Wills, Trusts, Tax and Probate Solicitors in Plymouth

You can legally make your own Will in England and Wales, provided it meets the requirements for a valid Will. However, problems can arise if the wording is unclear, the Will is not signed and witnessed correctly or it doesn't properly account for your family and financial circumstances.

For example, you might assume that your share of a property will automatically pass under your Will, when the way you own the property means it passes directly to the surviving joint owner. You may also want to provide for children from a previous relationship, leave money to someone who needs additional support or make arrangements for a family business.

A solicitor can help you understand these issues and prepare a Will that reflects your wishes. They can also advise on inheritance tax, the appointment of executors and whether trusts might be appropriate.

Even if your circumstances seem straightforward, having a professionally prepared Will can help reduce the risk of uncertainty or disputes after your death.

This is a particularly important consideration for people who have remarried, have children from previous relationships or own a property jointly with their spouse or partner.

You may want your spouse or partner to be able to continue living in the family home after your death, while ensuring that your share of the property eventually passes to your children. Leaving everything outright to your spouse or partner may not achieve that, because they would generally be free to change their own Will or dispose of the assets they inherit.

Depending on your circumstances, a carefully drafted Will incorporating a life interest trust may be an option. This can allow someone to benefit from an asset during their lifetime, while specifying who should ultimately inherit it.

However, the arrangements need to be considered alongside how the property is owned, your wider estate, inheritance tax and the needs of everyone involved.

Our solicitors can explain the available options and help you decide how best to provide for the people who matter to you.

Engagements range from two weeks for focused audits to several months for comprehensive transformation.

Making gifts during your lifetime can sometimes reduce the value of your estate for inheritance tax purposes, but the rules are not as straightforward as simply transferring assets to someone else.

Many outright gifts to individuals are potentially exempt transfers. If you survive for seven years after making the gift, it will generally fall outside your estate for inheritance tax purposes, provided the relevant conditions are met.

There are also exemptions for certain smaller gifts and gifts made from surplus income, although specific requirements apply.

However, giving away your home while continuing to live in it without paying an appropriate market rent may mean it is still treated as part of your estate under the gift with reservation of benefit rules.

Transferring property or investments can also have capital gains tax, stamp duty land tax and other consequences.

Before making substantial gifts, it is important to consider your own future financial needs, including retirement, care and unexpected expenses.

We can advise on the legal and inheritance tax implications of lifetime gifts and help you understand how they might fit into your wider estate planning.

A Will sets out what should happen to your estate after your death. A trust is a legal arrangement in which trustees hold and manage assets for the benefit of other people.

You do not necessarily need a trust. For many people, a straightforward Will is sufficient.

However, a trust may be worth considering if you want to provide for young children, protect the interests of a vulnerable beneficiary, allow someone to benefit from an asset during their lifetime or manage how and when an inheritance is distributed.

Trusts can be established during your lifetime or created through your Will. Different types of trusts operate in different ways, and some involve ongoing administration, tax reporting and trustee responsibilities.

A trust should have a clear purpose. Establishing one without understanding the legal and financial implications can create unnecessary complexity or expense.

Our solicitors can help you understand whether a trust would provide a genuine benefit in your circumstances and explain the alternatives where appropriate.

Being named as an executor means you have been chosen to administer someone's estate after their death.

Your responsibilities may include identifying and valuing their assets, establishing what debts are owed, dealing with inheritance tax, applying for a Grant of Probate where necessary, collecting money and property and distributing the estate to the beneficiaries.

You must act in accordance with the Will and your legal duties. Executors can potentially be personally liable if they distribute assets incorrectly, fail to deal with liabilities or otherwise breach their responsibilities.

Not every estate requires a Grant of Probate. Whether one is needed often depends on the types of assets involved, how they were owned and the requirements of the organisations holding them.

For example, jointly owned assets may pass automatically to a surviving joint owner, while a property held in the deceased person's sole name will commonly require a Grant before it can be sold or transferred.

You do not have to administer the estate entirely on your own. Our Probate solicitors can help with specific tasks or handle the full administration on your behalf.

If someone dies owning assets in more than one country, their estate may need to be dealt with under the legal requirements of each relevant jurisdiction.

For example, a person who lived in England may have owned a holiday property in Spain, while someone who lived overseas may have retained a bank account or property in England and Wales.

An English Grant of Probate will not necessarily be sufficient to deal with assets overseas. Equally, a Grant issued in another country may not automatically be recognised by banks or other organisations in England and Wales.

In certain circumstances, an overseas Grant can be resealed in England and Wales. Where resealing is not available, a separate application may be necessary.

There may also be questions about which country's succession laws apply, inheritance tax, double taxation relief and the responsibilities of executors or personal representatives.

Our International Probate solicitors can advise on the steps required to deal with assets in England and Wales and work with overseas legal advisers where necessary.

You may be able to challenge a Will, but the legal grounds for doing so are important.

A Will is not automatically invalid because someone considers its contents unfair or is disappointed by what they have inherited.

A challenge to the validity of a Will may be possible where there are concerns about the deceased person's testamentary capacity, undue influence, lack of knowledge and approval or whether the Will was properly executed.

Separately, certain individuals may be entitled to apply for reasonable financial provision from an estate under the Inheritance (Provision for Family and Dependants) Act 1975, even where the Will itself is valid.

Disputes can also arise about how executors are administering an estate or interpreting the terms of a Will.

Different types of claims have different legal requirements and time limits. For example, claims under the 1975 Act generally need to be brought within six months of the first Grant of Representation, unless the court permits a later application.

If you have concerns about a Will or inheritance, obtaining advice promptly can help you understand whether you have a potential claim and what steps may be appropriate.

It is sensible to review your arrangements whenever there is a significant change in your personal or financial circumstances.

This might include marriage, divorce, the birth of children or grandchildren, the death of a beneficiary or executor, the purchase of property, the sale of a business or a substantial change in your assets.

Marriage or civil partnership can also revoke an existing Will in England and Wales unless the Will was made in contemplation of that particular marriage or civil partnership and the relevant legal conditions are satisfied.

Divorce does not automatically revoke a Will, but it can affect provisions relating to a former spouse or civil partner.

Changes in tax legislation may also affect the suitability of existing arrangements, particularly where trusts, business assets or inheritance tax planning are involved.

If you established a trust many years ago, it may also be worth reviewing whether the trustees, beneficiaries and administrative arrangements remain appropriate.

Our solicitors can review your existing documents, explain their current effect and advise whether any changes should be considered.