Wills and Probate Wills, probate, tax and trusts People are living longer than ever before and the need to protect accumulated wealth for your own use, or to pass on to your heirs, is vital. House price inflation means many homeowners fall into the Inheritance Tax net and with more and more people buying second homes, in the UK or abroad, there is increased need to use specialist advice to protect estates. Wills The process for drawing up a Will is generally far more straightforward than most people believe. It is an action that can provide you with the knowledge that, in the event of your death, your wishes can be acted on promptly and in a timely manner. It also ensures that the distribution of assets can be undertaken quickly and efficiently to provide security for your family.We can advise on the drafting and updating of Wills to ensure that as your circumstances change, your Will continues to reflect your wishes. Elderly client services (incl. Trusts, Power of Attorney and Enduring Power of Attorney *) Trusts provide considerable scope to pass on assets or reduce tax liability by placing the asset outside of your estate. We can act as Trustees on your behalf or draft Trust documentation to place the Trusteeship with your nominated individuals.Powers of Attorney and Enduring Powers of Attorney allow you to place the day-to-day administration of your finances with an Attorney, if your health is poor or your mental faculty prohibits you from attending to financial affairs. An Enduring Power of Attorney provides the flexibility to continue to deal with matters while you are able or willing to do so.Our specialist practitioners will explain how these documents can be best used to support your circumstances and will draft them in accordance with your wishes.* Enduring Powers of Attorney will become Lasting Powers of Attorney in October 2007 Inheritance Tax planning Increasing house price inflation in the UK means that Inheritance Tax is no longer “a tax on the rich”. The threshold for Inheritance Tax is currently set at £300,000 for the tax year 2007/2008, with fixed increases imposed by the Government so it will reach just £325,000, for the 2009/2010 tax year. Inheritance Tax is a flat rate tax at 40%, payable on the value of the estate that exceeds the threshold figure.A wide range of tax planning measures can be taken to reduce the potential for paying Inheritance Tax. Our experts can advise you on the best options for your particular situation. Probate and administration of estates on death Our team of Probate specialists provide advice with understanding and sensitivity when winding up and administrating estates. They can establish whether it is necessary to obtain a Grant of Probate or Letters of Administration to allow assets to be collected and distributed in accordance with the wishes of the deceased.Where appropriate, the service includes tax saving advice to ensure the estate is passed on, in as efficient a manner as possible, to the beneficiaries. Sherali Lakhani – PartnerThe probate work is supervised by Sherali Lakhani who is a qualified solicitor of 20 years. He has five years’ experience in probate matters.Sherali qualified as a solicitor in 2001 after gaining a law degree from Thames Valley University. He completed his legal practice course from De Montfort University in Leicester and thereafter completed his training with Athi Kulisra Smith Solicitors. He became a partner in 2013.He is assisted by Priscila Dittrich an Associate solicitor who qualified in November 2018. Priscila has gained experience under supervision from Sherali. Require more information? If you would like more information or would like to speak to us direct then call us on 01582 454 365 for our Luton office, 020 3137 3676 for our Park Royal London office. Or if you would prefer, ask us a question online.