Expert advice: Our wills and estate planning solicitors have years of experience.
Transparency: We won’t suggest anything that isn’t relevant to your requirements. We will simplify everything and advise you on every step, supporting you when you need us to make decisions for you and your family’s future.
Bespoke service:Â We will assign an estate planner to you that you will work with throughout the entirety of the process, ensuring continuity and consistency in the care and guidance you receive.
To book a free, no-obligation consultation to start your estate planning journey, contact us here or call us on 0207 242 1666.
Our wills and estate planning solicitors have a wealth of experience within a range of services linked with estate planning. Here are some of the services we provide:
Wills and Writing Service:Â We can create a legal document that confirms who will inherit your assets, property, and possessions (your estate) in the event of your death.
LPAs:Â A Lasting power of attorney provides a person of your choosing with the power to act on your behalf if you are unable to do so.
Trusts:Â Additional legal information within your will to protect your beneficiaries and estate after your passing.
Living Wills:Â A document that legally evidences your wishes in the event of poor health or end-of-life care.
Inheritance tax planning: Here we can meticulously examine your estate ensuring you leave as much as possible to your loved ones rather than HMRC. Our creative wills and estate planning solicitors will look at your circumstances, determining where you are eligible for tax relief and what options are available to you to minimise your beneficiaries’ inheritance tax.Â
Succession planning: This process helps you determine who your successor will be. You should plan for this in a timely manner, regardless of whether you are detailing capital, responsibilities, or expectations for their succession.Â
Probate: Probate provides a legal process of evidencing a person’s last will and testament, ensuring their wishes are carried out. We can help you with this process whether a will is in place, or if there isn’t one. Our team supports you in distributing assets and with the legal expectations and requirements, you need, allowing you the time and space to grieve for your loved one.Â
Planning for a care home: Our wills and estate planning solicitors have extensive experience supporting clients with planning for care home fees. We will structure your assets so that you’re prepared for costs in the future, whilst protecting your loved one’s inheritance.Â
If you would like more information on a service not listed here, please contact our wills and estate planning team who would be happy to discuss your enquiry further.
Wills and estate planning are often used interchangeably, but it’s important to recognise they don’t mean the same thing. Will planning can be a simple process, documenting your wishes and what is to become of your assets in the event of your death. Estate planning is a more comprehensive process incorporating various documents pertaining to securing your assets.
The level of detail preferred for both is the same, and due to the meticulous nature in which documents need to be drafted, we would always encourage at least a consultation with wills and estate planning specialists to discuss your options. Review our Wills page for further information.
The administration process of an estate can take months and occasionally years to complete. Very few people have the knowledge and available time to dedicate themselves fully to the process and often, it can become increasingly frustrating and overwhelming. Please review our Probate page for further information.Â
We would always suggest speaking with a wills and estate planning solicitor to discuss your options and provide you with advice on your circumstances. Our probate team offers a free consultation, outlining for you the best course of action for the administration process.
If you are concerned about inheritance tax, then there are strategies and reliefs available to you, ensuring that your exposure to inheritance tax is considerably reduced. Our expert wills and estate planning solicitors will go through your circumstances with you, delivering the best strategies to limit the amount of inheritance tax placed on your estate in the event of your death.
We may refer you to partner firms that specialise in financial advice around inheritance tax as you may wish to take out a financial product or use reliefs to mitigate your inheritance tax liability.
Through strategic planning, you can maximise the inheritance tax ‘allowance’ available in the event of your death. A will that is inheritance tax-efficient is a creative place to start and in the majority of cases, could be all you require to avoid sizable tax fees. Speak to one of our wills and estate planning solicitors in London to see how they can support you in this process.
Trusts can be used as a part of your wills and estate planning.
If you have taken out life insurance then it might be beneficial to place the policy in trust. Placing a policy in trust can benefit you in many ways. Your policy amount can be paid immediately, rather than awaiting a grant of probate, you can ensure the people you want to benefit from your estate do and by placing a policy in trust you could also eliminate inheritance tax. Speak to our wills and estate planning team to learn more about the benefits of trusts.Â
You can also establish trust within your Will. There are a variety of types including our popular Children’s Trusts and Life Interest Trusts.
The life interest trust allows for two classes of a beneficiary. You can give someone a life interest in the asset but ultimately others have to inherit once that ends. If you are concerned that your spouse may remarry after your death or that you have children from a previous relationship, you can give your spouse a right to remain in your property, detailing that your children will inherit once that life tenancy ends. There are 10-yearly tax charges on trusts and you should select trustees that are capable of managing the assets.
Another popular trust is the children’s trust. This allows your child to inherit up to the age of 25 years old. It has more tax benefits over other trusts.
Trusts are extremely useful tools, and you will need advice from experts like our wills and estate planning team to ensure that you have the right planning in place.
Get in contact with us through email or call 0207 242 1666.
Succession planning enables you to have full control over who will benefit from your wealth in the event of your passing. The succession plan will detail who will receive money or assets from your estate when this will happen and then carry out those decisions.
Succession planning involves creating a Will detailing who will inherit your assets. For more complex cases you may need to create additional steps like including a trust or working with family investment companies to protect your money. Our professional and understanding estate planning team in the UK can advise you on every option that is suitable to your circumstances, with a no-obligation, free consultation outlining what we believe will be best for you.
If you need to go into a care home, or would like to know more about how to plan for this, our estate planning team is here to help. Usually, upon admission to a care home, you will be expected to cover the cost of your own fees. Your local authority will carry out a financial assessment identifying if you are entitled to state funding, however, if your assets exceed £23,500, they will not contribute to your fees.
On average, care homes cost between £2,000 – £3,000 per month, and an average stay are 4.5 years. This could cost our estate £135,000 in fees to cover the cost of your care. Â
If you don’t plan for these potential costs, your home may need to be sold to cover the cost of your care leaving very little for your loved ones when you pass away. Our estate planning solicitors can support you in planning for care home fees in a variety of ways including state benefits you may be able to claim. We can also:
Speak with an expert estate planner now to ensure the best possible future for you and your loved ones. Get in contact with our team or call 0207 242 1666.
Putting in place a Financial Affairs Lasting Power of Attorney could prevent you from not receiving any drawdown facility.
You may have taken an Equity Release plan with an initial lump sum, with the remainder being drawn down as and when required. If you become incapacitated, how will you access funds?
If you have a pension drawdown scheme, it is the same. Without an LPA, how will you access your funds?
An LPA can alleviate this concern – please see our LPA section for more information.
Our wills and estate planning solicitors take a proactive stance on estate planning and believe that everyone should have advice on all aspects of their estate, not just their Will. Get in touch with our wills and estate team today and we will ensure that your concerns are eliminated.Â
Farani Taylor Solicitors is authorised and regulated by the Solicitors Regulation Authority.Â
Find the most suitable, London based Wills and Estate Planning Solicitors near you
Call us today on 0207 242 1666 to book a free initial consultation or contact us for more information.
We can support you with how to structure your will, ensuring any tax applied will be as low as possible. There are a variety of ways you can reduce an inheritance tax bill, a few examples are:
Inheritance tax preparation is vital in protecting your estate for your loved ones. With conscientious estate planning, you can ensure your wealth is protected for the next generation – our wills and estate planning solicitors and tax advisers can discuss with you the best way to do this.
The laws surrounding international wealth have become increasingly strict over the last few years. With tax regulations continuously changing, if you hold assets in other countries, you’ll firstly need to consider whether you have residence status or are domiciled for the purposes of tax. You will also need to look at your offshore trusts and their tax laws and any financial agreements such as the Foreign Account Tax Compliance Act etc. In addition to this, you’ll need to consider different cultural elements for wealth held in foreign jurisdictions – for example Sharia law. These issues may impact ownership status of your assets and how you can leave them to your beneficiaries if you pass away. At Farani Taylor, we frequently work with international clients and have the expertise required to work with unique issues that arise. Contact us or call 0207 242 1666 to learn more about international estate planning.
High net worth individuals need to consider more stringent planning when creating an outline of what happens to their assets when they die. Whilst having greater financial security is beneficial, this type of client usually faces more issues with estate planning. Some of the issues high net worth clients face come from the complexities of the Uk law, particularly if you have international assets. Assets held in multiple structures, i.e. trusts and businesses etc can cause difficulties, along with asset protection, privacy protection and succession planning for businesses and family governance.Â
There are other matters that may add difficulty to your estate planning and we recommend seeking the support of a legal expert to help you go through them to source the best outcome for you. Our solicitors and tax experts will provide bespoke advice to protect your wealth for the future. We frequently work with high net worth and high profile clients, providing them with expert, confidential advice.
It’s vital to plan effectively to ensure you can take advantage of RNRB. The law is complex in this area and we firmly suggest seeking expert advice to ensure your estate receives the maximum tax relief it is eligible for. The Residence Nil Rate Band (RNRB) states that some estates over the inheritance tax threshold of £325,000 may qualify for an additional tax exemption of £175,000. Our tax specialists have the experience and knowledge you need to enable your estate to benefit from RNRB if it’s eligible. We’ll help you ensure your assets are structured properly with an updated will to reflect current legislation.Â
If you are looking for help and guidance or have a question relating to Estate Planning, please contact us today on +44 (0)20 7242 1666.
The firm is authorised and regulated by the Solicitors Regulation Authority ID: 560013 – All rights reserved.
© 2023 City Solicitors T/A Farani Taylor Solicitors Registered address: Mermaid House Puddle Dock, London EC4V 3DB Company No. 07664373, registered in England and Wales.​
