will and estate management our success is your succession

Transcription

1 will and estate management our success is your succession

2 Did you know? If you write a Will and make a gift to charity, you could reduce the amount of inheritance tax your family has to pay There is no such thing as a common law husband and wife. If you are not married to your partner, the only way to make their inheritance secure is to write a Will Despite a recent government review of Will writing services, only solicitors are regulated to do this for clients.

3 You are entitled to do what you want with your assets in your will but if that will is not well-drafted then it is often not worth the paper it is written on. Those DIY or conveyor belt wills can leave your legacy open to potential challenges. You need to have the necessary level of quality legal input to make sure your wishes will be honoured and not ignored Liz Palmer, Partner Howard Kennedy 1

4 Planning your legacy The law on dying without a will known as intestacy is complex and can be, confusing. Intestacy can cause the administration of your estate to be more drawn out. If you are married and have children, you will have to share your spouse s assets with your children which may not produce the best outcome, especially when the children are young. Partners who are not married or in a civil partnership may even end up with nothing. Ever-more intricate family dynamics also complicate matters. Family structures are no longer the old married with 2.4 children model. People move on to new relationships, so step-children or half-brothers and sisters can expand the family relations even further. As such, estate planning can become muddled and, if not planned properly, messy without the right advice. Quality will-writing should not be a commoditised service; a poorly-constructed will is no guarantee of legacy because the legitimacy can be challenged. Is the will-writer s capacity is in question? Were they unduly influenced? Had they made individual promises outside of the will? Our experts will give you peace of mind that your legacy will be put on paper as well as passed onto your loved ones with as little fuss or fallout as possible. 2

5 Our services Our team of experts advise on the entire estate planning journey, from the initial decision to make a will to drafting to implementing your final wishes. We will make the complex issues simple for you, whether that is provisions for charity, trusts, inheritance or management of companies or holdings. Several of our lawyers are also qualified Chartered Tax advisers, which is something not many law firms offer, so provide additional advice on tax and succession planning. The international scope of the practice both with the team s experience and clients, who can have assets and family across the globe means whether or not you are domiciled in the UK, we can create the most efficient structures to protect your wealth and transfer it to future generations. Our services cover: Estate planning Administration of estates Court of protection Powers of attorney Trust and estate disputes Charitable giving Creation and administration of trusts Estate planning and succession advice Inheritance tax advice Planning lifetime gifts Tax efficient will drafting Trusts for people with learning or behavioural difficulties Variation and amendments to existing family trusts. Our estate planning skills are supplemented by our ability to ensure your legacy is honoured. You will have the comfort of knowing that we take all the steps we can to reduce the potential for disputes that could arise so that your estate passes in accordance with your final wishes. 3

6 Market insight Many people think of financial matters first when writing a will but when they start to look at the management of their assets, the process becomes more intricate. For example, what do you want to do with your art or vintage car collections you lovingly built over decades? You may not want them sold off to fund your children s round the world trip but donated to a museum. Estate planning may ultimately centre on a legal document but the thought and emotional processes that goes into that document, and making sure it can withstand contests, is not something you will find on the High Street. Liz Palmer, Partner Howard Kennedy Recent work Advising Executors and Trustees of an estate (valued at approximately 200 million comprising complex family trusts and companies) to ensure tax efficient succession of the family business to the next generation Advising a widow and sole executor responsible for a valuable company to maximize inheritance tax savings and negotiate the value of the company with the District valuer Advising Executors responsible for substantial assets in numerous jurisdictions (US, New Zealand and South Africa) to co-ordinate the transfer of those assets to the beneficiaries Helping the owners of a family business understand the pitfalls and opportunities of passing the business to the next generation Advising Executors of a well-known artist (where the value of the artwork exceeded 2 million) by preparing and negotiating the sale of art and representation agreements with galleries Advising the attorney of a client with dementia about making lifetime gifts and a statutory Will. Helping them through the application and hearing with the Court of Protection. 4

7 Key contact Liz Palmer Partner, Head of Private Client +44 (0) John Annetts Partner, Private Client +44 (0) At Howard Kennedy, all matters are dealt with efficiently. The team has great pedigree in complex tax planning for individuals and families, particularly in the UK, the US and continental Europe. Legal

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