Probate Fees
Changes in probate fees.
From May 2017 probate fees are set to dramatically increase.
The new fees are based on the size of the estate and are in addition to ..link
Trusts Guide.
Many people use a trust to reduce inheritance tax, if you put an asset into a trust you no longer own it, so depending on when you die your beneficiaries may not need to pay inheritance tax on it.
What is a Trust?
In simple terms, it's a legal arrangement where you can give an asset, which can be property, money, shares etc. to someone- a 'trustee' to look after for another person the 'beneficiary'.
The trustee technically owns the assets and will manage the trust for the beneficiary, who will receive the asset at a given time.
The role of a Trust.
If you are in a position where your estate is liable for Inheritance tax when you die, setting aside assets when you are alive should be considered as they may 'possible' be exempt from inheritance tax, we will come on to the 'possibly' part.
You must remember you will no longer own the asset when it is in trust, you do of course have the power to set the rules of the trust and, for example, when the beneficiary is entitled to the asset.
Types of trust.
Now this can get complicated and you should seek legal advice when setting up a trust, as there are several types of trust, and it will come down to what's best for tax and fits the purpose.
The basic trusts are
- Interest in possession trust - the beneficiary can receive an income from the asset but not the asset itself. An easy example of this is the trust is set up with a partner as the beneficiary, say it's a rented property, the beneficiary can receive the income from the property but when they die it will pass to a specified recipient, children for example.
- A Bare Trust - straight forward - gives everything to the beneficiary (if over 18)
- Mixed Trust - bit of a mix and match - part of the trust is like the, 'Interest in possession trust' but some of the assets are treated under the rules of a different trust.
- Discretionary trust - this gives the power to the trustees to decide how the assets are distributed, and investment decisions within the trust.
- Vulnerable Persons Trust - this may be of tax benefit if the beneficiary is a 'vulnerable person'.
- Non resident Trust - once again may be of tax benefit.
There is a myriad of considerations when setting up a trust, most are set up very easily, some may be subject to legislation changes, or allowance changes, or may be the structure of a Will, hence the need for professional involvement.
If you want to set up a trust.
- Write down why you are setting up the trust and what you want it to achieve.
- Make sure the trustees are happy to act and know their responsibilities.
- Get together your financial information and Wills, then we recommend you speak to a solicitor.
related news
Agricultural Law.
link
Aviation Law Solicitors.
This is a highly specialised area of the Law and covers both aircraft and their facilities as well as many other areas detailed here.
link
Charity Law Solicitors.
As a charity it is important to understand your legal obligations and rights, a Charity Law solicitor swill be able to help with this, find Charity Law Solicitors from Solicitors.com
link
Civil Liberties and Human Rights | Solicitors.com
Solicitors.com - if you are looking to take action under the Human Rights Act, understand your rights and how a solicitor can assist you.
link
Construction and Civil Engineering Law | Solicitors.com
link
Consumer Law, Consumer problems.
We have produced a few guides to help you but would recommend that you speak to a solicitor as all situations are different.
link
Education solicitors | Solicitors.com
link
Property Abroad.
If you are looking to buy a property abroad you will need expert legal advice, this section details services provided, and offers guidance on how to find a solicitor for your needs.
linkrecent articles
Probate Fees
Changes in probate fees.
From May 2017 probate fees are set to d..
Lasting Power of Attorney
Guide to Lasting Powers of Attorney.- If you are looking to appoint a solicitor to arrange a Power of Attorney this guide can help you understand how they work...link
Trusts Guide
Many people use a trust to reduce inheritance tax, if you put an ..
linkProtecting your on-line memories
Protecting your on-line memories - In a recent survey over 2,000 people were asked what they think happens to digital images on Facebook if a user passes away, ..link
Transferring personal allowances.
Transferring personal allowances for Inheritance Tax - understand your rights on IHT planning...link
Contentious Probate
Contentious Probate Guide, talking to a solicitor can help you understand your rights if probate is contested...link
Help to buy ISAs
Help to buy ISAs - The new, 'Help to buy', ISA is designed to hel..
linkHelp to buy ISAs
Help to buy ISAs - The new, 'Help to buy', ISA is designed to help first time buyers save for a deposit for their first home, with the inducement of an extra 25..link
Trusts Guide
Many people use a trust to reduce inheritance tax, if you put an asset into a trust you no longer own it, so depending on when you die your beneficiaries may no..link
Diverted Profits Tax
Diverted Profits Tax - With effect from this April, foreign companies selling to customers in the UK will be liable for UK tax on profits...link
Is there anything wrong with this page? - any amendments will receive accreditation - email us link
Solicitors.com are not a firm of solicitors, and any content on the site should not be used in substitute for obtaining Legal advice from a solicitor regulated in the UK, Solicitors.com recommends that you contact a firm of solicitors to discuss your individual legal requirement. Whilst we strive to bring you accurate up to date content, all content on this site is not legal advice and is not guaranteed to be correct. Use of this site does not create a client relationship.
Information by area of law
Conveyancing Solicitors.
Step by step guide to help you understand the process of Conveyancing and moving.
link.jpg)
Criminal Solicitors.
We have put together a few guidance notes for your help with Criminal law matters, if you require a solicitors please use the search facility or ask a question.
link
Commercial law.
If you are looking for a commercial solicitor understand your options by contacting one of the 100s of commercial law firms on solicitors.com
link
Clinical or Medical Negligence Solicitors
If you are considering making a claim for Medical Negligence understand your rights and the process, find a medial compensation solicitor via solicitors.com.
link
Personal Injury Claims.
If you have suffered an injury and are looking to make an accident claim for compensation, understand how a personal injury Solicitors can help make you injury claim for you.
link
Debt Collection Solicitors.
The amount of money owing may dictate the route you take to reclaim your money, we recommend that you discuss your situation with a solicitor, or you can call the CAB on 08454 04 05 06.
link
Dental Negligence Solicitors
To undertake a dental negligence claim you must have sustained an injury or damage, as a result of the dental treatment understand the options available to you.
link
Family Law Solicitors.
Family Law Solicitors can help you resolve the problems which may arise in the break-up of relationships, including financial issues and matters concerning any children.
link
Motoring Offences Solicitors.
Will be able to assist on all areas of Motoring Law for Example Drink Driving, Dangerous Driving, Careless Driving, Totting Up, Speeding, Driving Without Insurance motor offences.
link
Will & Probate
Find a solicitor that can assist with wills, probate and estate planning in your area.
link