Wills, Probate, Estate Administration and Inheritance Tax Planning. Your Business Our Passion

Transcription

1 Wills, Probate, Estate Administration and Inheritance Tax Planning Your Business Our Passion

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3 Contents How we can help 04 Raffingers Probate Ltd 09 Probate 04 Fees 09 Wills and Lasting Powers of Attorney Estate Planning and Inheritance Tax (IHT) Services 09 Services we offer During your lifetime During Probate Why Raffingers? 08

4 WILLS, PROBATE, ESTATE ADMINISTRATION AND IHT 4 How we can help Probate has traditionally been restricted to the legal profession but not anymore. Raffingers Probate Limited are licensed probate advisors, able to support your loved ones and beneficiaries during the difficult time of dealing with an estate. Furthermore, we deliver expert knowledge on Inheritance Tax (IHT) planning to ensure you are saving on your IHT liability and passing on as much wealth as possible onto your beneficiaries. Probate Probate is essentially a fact gathering exercise to pull together a balance sheet of the deceased s assets (property, possessions, personal funds) and liabilities (debts) on death, attending to any tax issues, filing the necessary returns and obtaining a Grant that enables the estate to be distributed to the beneficiaries. It is the duty of the executors named in the Will to obtain the Grant of Probate, although they usually use the services of professionals to assist them. This is where we can help. We can advise on the procedures involved; attend to the Tax Returns and IHT forms; deal with the application for the Grant and assist with the estate administration and distribution of the deceased s assets. Wills and Lasting Powers of Attorney Over 60% of people in the UK do not have a Will and those that do, we often find the Will is not up-to-date or a reflection of their current wishes. Without a Will the rules of intestacy apply, which are over 100 years old and do not necessarily ensure assets pass to the beneficiaries you would want them to.

5 5 WILLS, PROBATE, ESTATE ADMINISTRATION AND IHT Having a valid Will in place is the start of effective estate planning. We can assist with putting Wills in place or reviewing current Wills to ensure they are tax efficient, protect assets, keep assets in your family bloodline and meet your wishes. The validity of a Will can be challenged on various grounds, so it is important they are drafted correctly and that professional advice is sought. At the same time as considering your Will you should also consider putting in place Lasting Powers of Attorney, should you become incapacitated or unable to look after your own affairs. We have access to a team of specialists who can assist in these areas. Estate Planning and Inheritance Tax (IHT) Our dedicated team of tax experts can help advise you on all aspects of estate planning and IHT mitigation. IHT is currently charged at 40% above the Nil Rate Band of 325,000. Married couples and civil partners may benefit from the transfer of any unused nil rate band from a deceased partner, however, this does not apply to unmarried couples. There are also the added complications of the Additional Main Residence Nil Rate Band which has started to have an effect on estates from 6 April 2017 but is subject to a number of qualifying rules and restrictions. Therefore, in many estates the IHT payable can be significant and HMRC can become one of the largest beneficiaries. It is therefore vital to plan early and take advantage of the exemptions and reliefs available during your lifetime to mitigate tax. A properly drafted Will, regular financial review of your net worth and the use of trusts can help you to plan ahead and reduce the burden of IHT on the estate. Over 60% of people in the UK do not have a Will and those that do, we often find the Will is not up-to-date or a reflection of their current wishes.

6 WILLS, PROBATE, ESTATE ADMINISTRATION AND IHT 6 I would have never known that I could reduce my IHT liability by so much if it wasn t for Paul. His advice was invaluable and came at a testing time. Thank you! Ricky Jordan, UK Car Servicing

7 7 WILLS, PROBATE, ESTATE ADMINISTRATION AND IHT Services we offer During your lifetime Helping create and / or review your will and Lasting Powers of Attorney we can act as professional executors if you wish us to Tracking your net worth Guiding you on IHT planning During Probate Advising beneficiaries and executors of the tax implications connected with selling any estate assets Providing final estate accounts Distributing the estate assets in accordance with the deceased s wishes Advising the family / beneficiaries on any tax planning Gathering the information needed for Probate Preparing the IHT account and liaising with HMRC thereon Handling Income and Capital Gains Tax liabilities of the estate and preparing necessary Tax Returns Obtaining the Grant of Probate Gathering assets and paying creditors

8 WILLS, PROBATE, ESTATE ADMINISTRATION AND IHT 8 Why Raffingers? 1. We Are Familiar with Your Financial Affairs As your accountant, we already help with the management of your finances and are well informed about your accounts and assets, more so than your lawyer. As a result, you can be rest assured that your wishes will be handled efficiently and discreetly, making the probate process stress-free. 2. We Can Save You and Your Family Thousands We are likely to be more cost-effective, allowing you to not only save on fees, but also on IHT and Capital Gains Tax bills, especially where a Deed of Variation can be used. 3. We Know You Managing your probate and estate needs can be a delicate topic to touch upon, which is why working with someone who knows you can be ideal, even in the worst of situations. You can be rest assured that your wishes will be handled efficiently and discreetly, making the probate process stress-free

9 9 WILLS, PROBATE, ESTATE ADMINISTRATION AND IHT Raffingers Probate Ltd Paul Dell heads up our Probate department and will guide you through this sensitive and complex area. e: t: Fees Our fees are based on the time we spend working with you, which means we can work with the executors to agree who does what, keeping fees to a minimum. We do not charge any premium based on the value of the estate. Services Other services you may be interested in include: Cloud Accounting Auto Enrolment and Payroll Tax Investigation Support Research and Development tax credits Corporate Finance Wealth Management We do not charge any premium based on the value of the estate

10 WILLS, PROBATE, ESTATE ADMINISTRATION AND IHT 10 The process has been smoother and much quicker than I could ever have imagined and all done at a very reasonable cost. Thank you Paul for all of your help and support at such a testing time. You and your team provided an excellent service which is much appreciated Charles Boyd, 8 Northumberland

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12 Head office Bourne Court Woodford Green Essex IG8 8HD London office 1 Primrose Street London EC2A 2EX t: f: e: info@raffingers.co.uk