We offer a comprehensive, personal service designed to protect your assets at every stage of life.
Of prime importance to all of our clients is the need to protect the assets that they have worked so hard to acquire. Our Private Client Team helps our clients to do this by offering personal expert advice on all aspects of Wills, Powers of Attorney, Trusts and Inheritance Tax.
Our services include:
- Powers of Attorney
- Elderly Care
- Inheritance tax planning
If you want to ensure that your assets are left to the person or people of your choosing, it is imperative that you make a Will. If there is no Will, application has to be made to the Court for the appointment of an Executor and this leads to delay and expenses.
Did you know that if you do not leave a Will and your house is valued at over £473,000 your spouse will not be entitled to the property? The Scottish Law Commission may be reviewing the law on intestate succession but for peace of mind putting a Will in place now will ensure your assets pass to the people whom you wish to benefit.
Trusts can be set up during your lifetime or in your Will. Trustees of your choosing control the assets in the Trust and decide when and how they should pass to your chosen beneficiaries. A Trust can be used to preserve assets for future generations, to hold assets on behalf of beneficiaries who have lost capacity or to reduce your inheritance tax liability.
Powers of Attorney
A Power of Attorney can be used to regulate your affairs while you are temporarily unable to attend to matters but what if you lost that capacity permanently? A Continuing Power of Attorney would allow your family to deal with your financial and property affairs now but would also continue to be effective if you lost mental capacity. You could also grant a Welfare Power of Attorney to deal with your personal welfare.
The efficient management of personal financial matters is ever more important in today’s fast moving society. However, when faced with complicated paperwork and impending deadlines it can all become a little too stressful. This is why more and more of our clients (particularly the elderly) are taking advantage of our Asset Management Service
Suffering a bereavement is never easy and the thought of all the associated formalities and paperwork can become very distressing. To help our clients at such times, we offer a dedicated, professional and sympathetic service that recognizes how important it is to beneficiaries that estates are administered as quickly as possible.
Where someone has lost mental capacity and does not have a Continuing Power of Attorney in place it will be necessary to apply to the Court for an order to deal with their affairs. New legislation introduced in 2000 requires the least intervention possible in dealing with an adult’s affairs and there are a number of orders which can be applied for depending on the circumstances.
Inheritance Tax Planning
Inheritance tax is charged at 40% on assets over the nil rate band (currently £325,000). Ever increasing property prices in Edinburgh and the Central Region mean that more and more families are affected but with proper planning your liability can be reduced or even eliminated.