Probates and Trusts
Trusts can give security
Without this formal authority the provisions of most Wills cannot be carried out
After a person has died it is usually necessary to apply for Probate to implement any Trusts which the deceased set up in his or her Will. Probate is the formal process whereby an appointed executor obtains authority to administer the Will and deal with any Trusts which are set up by the Will.
Without this formal authority the provisions of most Wills cannot be carried out unless the estate is very small in value or all property is held jointly with a surviving relative or friend. If the deceased did not leave a Will then the next of kin will need to apply for Letters of Administration instead of Probate. In either case it will be helpful (if not essential) to seek the advice of a specialist solicitor.
The setting up of a Trust can secure a portion of the estate for the benefit of named individuals to inherit at a specific point in time. A Trust can be established during someone’s lifetime or on their death by an executor carrying out instructions contained in a Will. Setting up a Trust can be a way of reducing taxes which are normally levied on an estate after death.
However, careful planning is required when considering probates and trusts and it is important that early discussion takes place to ensure that the right decisions are made for everyone concerned.
In the event of a death in the family we can take the worry off your hands leaving you free to cope with bereavement and other personal aspects involved.
Setting up a Trust
Can reduce Taxes
Setting up a Trust can be a way of reducing taxes which are normally levied on an estate after death. However, careful planning is required when considering probates and trusts and it is important that early discussion takes place to ensure that the right decisions are made for everyone concerned
