Why (or when) someone would need this service?
In order to minimise the inheritance tax liability that may be payable on death. It is important firstly to ascertain the size and nature of a client’s estate and to assess the inheritance tax exemptions which may be applicable to the estate. If there is likely to be an inheritance tax liability, clients can engage in estate planning to reduce this.
How does the process work/what are the steps?
Clients are invited to attend our offices for a meeting to discuss their wishes. We are equally happy to discuss matters over the telephone or by email. Alternatively, we can meet at a client’s home if that is more convenient.
At this stage, we should be able to ascertain the likely inheritance tax liability and suggest possible methods by which this can be reduced. We always follow up our meetings with a detailed letter of advice to explain the options which are available.
Such options can include but are not limited to:
- Lifetime gifts of assets, subject to the seven year rule
- Trust creation
- Restructuring how assets are owned
- Maximising the use of inheritance tax allowances, exemptions and reliefs
How long is the legal process and is it expensive?
The legal process very much depends on the complexity and extent of the estate planning options but we will always provide you with a timescale estimate at the outset of the matter.
Similarly, the costs also depend on the work involved but we will provide you with a costs estimate before we commence any work for you to agree in advance.
What are the things people should consider before calling?
Before an appointment, it would be helpful for a client to have their current Will (if any) to hand, along with details of their assets, such as where they are held and approximate values of the same.
Why are Grant Saw the best people for the job?
We are the largest Wills and Probate department in the local area and have five dedicated specialists in the team. As a department, we pride ourselves on providing excellent client service, with a friendly and approachable manner and we are frequently instructed by new clients based on recommendations received from our existing clients.