Wills, Trusts and Probates
The importance of making a will cannot be overstressed.
Each will is
tailor-made for the client, taking into consideration his or her personal
financial circumstance, family commitments and the possible incidence of taxation,
and in particular inheritance tax.
After a death it is important to those who are left behind that the estate is
administered with sympathy as well as with efficiency. It involves obtaining
valuations of all the assets of the estate, agreeing the tax liability, applying
for the Grant of Probate (or Letters of Administration in the event that there
is no will) and then with the benefit of that Grant gathering the assets of that
estate and administering them according to the will or according to law as the
case may be. In some cases a trust may arise under the provision of a will
or an intestacy and that trust could last for many years. It will normally
require the advice and assistance of a solicitor and in many cases a skilled
financial adviser.
In dealing with the personal affairs of clients it is appropriate to mention
powers of attorney and Court of Protection Orders. These are normally
granted to enable relatives, friends or professional advisors to administer the
affairs of elderly or infirm persons who, for whatever reason are unable to
manage their own affairs.
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