JS. Wills, Trusts & Probate
At JS, we recognise that when it comes to having peace of mind about the future, one of the most important things is knowing that your loved ones are provided for, even after your death. By drawing on our specialist knowledge in this field and putting into place the foundations now for that provision, we can help provide you with the assurance you need whilst at the same time seeking to minimise future Inheritance Tax liabilities.
Trusts
When it comes to devising tax and estate planning strategies for family wealth, trusts have a key role to play.
Trusts can help to protect assets in a tax-efficient manner whilst enabling the intended beneficiaries to enjoy the benefits of that wealth over multiple generations.
In simplest terms, a trust is an arrangement whereby assets are held and managed by one party (the trustees) for the benefit of others (the beneficiaries).
Whether you're a trustee or a beneficiary, we can support you with all your trust requirements including:
- Advice on the establishment of trusts both in life and in your Will
- Advice on your rights and obligations under existing trust arrangements
- Referring you to a suitably qualified investment advisor to fulfill the trustees’ investment responsibilities
- Day-to-day administration
- Trust Tax Returns to report liability to Income Tax and Capital Gains Tax
- Financial accounts
- Ongoing advice to trustees and beneficiaries including Tax Planning advice
- Periodic Inheritance Tax compliance
- Acting as professional executors and/or trustees
Wills
Knowing that your loved ones are provided for, even after your death and that there is a clear plan in place for your estate when the time comes, can provide great peace of mind.
Research recently found that 54% of UK adults have not made a Will and so have not made clear their wishes as to who they would like to inherit their assets when they die or who they would like to handle the administration of their estate.
If you pass away without a valid Will, it can be more difficult for your family to sort out your affairs. Your estate will be shared out according to the rules of intestacy under which only your surviving husband or wife (if you are married) and certain close relatives inherit your estate, in set proportions, which may well not fit in with what you would want to happen if you had the choice.
In particular, for couples who aren’t married, the rules of intestacy do not provide for the surviving partner to benefit at all, meaning there is all the more reason for them both to turn their attention to making a Will.
The benefits of making a Will
- Ensuring your assets pass to your chosen beneficiaries
- Appointing executors whom you trust to administer your estate
- Appointing trustees whom you trust to look after and manage your wealth for the future
- Appointing guardians for your minor children
- Avoiding disputes among family
- Providing ongoing protection for your assets through the use of suitable trusts
- Facilitating Inheritance Tax planning for your estate, maintaining flexibility where possible
Probate & Estate Administration
Probate is the process of administering someone's estate, property, money, and possessions after they have passed away. This can be time-consuming and difficult, and families often look to appoint a professional firm to assist them.
At JS, we are here to help you through the Probate process, acting quickly and effectively to support you at every step of the way.
Additionally, we are licensed to provide non-contentious probate services by the Institute of Chartered Accountants in England and Wales (ICAEW). We pride ourselves on our close working relationships with our clients, and the service we provide sets us apart from our competitors.