Probate & Estate Planning
Whatever the size of an estate, a client’s final wishes are always a very personal matter. Over time we get to know our clients well, so we are often the advisors best placed to help inform these decisions.
SUCCESSION PLANNING DURING LIFETIME AND ON DEATH
From wealth preservation, succession and estate planning through to probate and estate administration, we help clients fulfil their financial aspirations throughout their lives, whilst ensuring they can pass on their wealth as tax efficiently as possible.
Whether they are creative entrepreneurs, professionals, landowners, family offices, trusts or owner managers, our clients’ estates often comprise complex assets; from music rights, royalties, intellectual property and family businesses to luxury real estate, commercial property, international investment portfolios, digital assets and cryptocurrency.
As well as being authorised by the ICAEW to handle non-contentious probate matters, Wills, and estate administration, we have substantial expertise in complex inheritance tax (IHT) and succession planning matters for ultra-high net worth individuals and their families; including generational family businesses, family offices, trusts, non-domiciles and UK domiciles living overseas. As well as working as part of our clients’ advisory teams, we consult with our in-house valuers for shareholder and music IP valuations, alongside our global network of trusted lawyers, offshore banks, RICS surveyors, investment managers, private wealth advisors and other niche valuers.
Areas we cover:
- Lifetime planning and wealth preservation, covering gifting and allowances, tax efficient asset structuring and IHT exempt investments
- Estate planning reviews, including Inheritance Tax (IHT) liabilities and life insurance requirements
- Advice for beneficiaries on future inheritance/IHT matters and Deeds of Variation
- Statutory Will creation, reviews and updates of existing Wills and Will registration
- Trust preparation, creation of Trust Deeds and Letters of Wishes (including discretionary or interest in possession trusts), and ongoing liaison with beneficiaries
- Applications for Lasting Powers of Attorney (LPA) and Business Lasting Powers of Attorney, and OPG registration
- Managing third party notifications and statutory notices of a death
- Overseeing Grant of Probate or Grant of Administration applications
- Inheritance Tax (IHT) advice, preparation of estate accounts, calculating tax liabilities, and submission of tax returns (including IHT 400 forms)
- Establishing financial histories, including family trees, trusts, assets, liabilities, lifetime gifts and tax exemptions
- Estate administration, asset valuations, collection of monies, settlement of estate liabilities, appropriation and distribution of assets to beneficiaries
Succession & Estate Planning
Each client has their own priorities and unique situation for estate and succession planning purposes. From high net worth individuals, families, entrepreneurs and landowners to family offices, trustees and beneficiaries, we support our clients to realise their succession plans (including settling family/business disputes, if required) tax efficiently, whilst fulfilling their compliance obligations.
Inheritance Tax & Trusts
We specialise in complex Inheritance Tax (IHT) matters which are particularly relevant to high value estates, including lifetime gifting, asset and transaction structuring, family investment companies, business property relief, Capital Gains Tax (CGT), offshore and onshore trusts, alongside more general IHT advice. British domiciles living overseas may also be liable to pay IHT so our residence tax specialists can also advise in these circumstances.
Working alongside clients’ financial advisors, we ensure our estate planning complements their wider financial planning. This includes advice on IHT exempt investments and real estate, as well as implementing life insurance arrangements to fund future tax liabilities.
For larger estates, trusts offer an effective way of preserving wealth for existing family members and future generations. Whether creating offshore or onshore trusts, we work closely with existing trustees or, if appropriate, act as a professional trustee, to oversee some/all of a trust’s administration and compliance.
Wills & Powers of Attorney
We work with clients of all ages to ensure their assets can be passed on according to their wishes, as quickly and tax efficiently as possible. Whether this involves locating, reviewing, and updating an existing Will or drafting a new one, we can work in consultation with clients’ lawyers or alternatively, manage all legal aspects in-house. Our support also extends to obtaining and/or implementing Lasting Powers of Attorney, covering property and financial, health and welfare (both joint and severally) and Business Powers of Attorney.
Probate & Estate Administration
Probate is the legal right to deal with a person’s estate after they’ve died in the UK. Although probate is only required in certain circumstances, if it does apply, only the executors named in the person’s Will or, if there isn’t a Will, their closest living relative can apply for probate.
Clients often name us as executors in their Wills, enabling us to oversee all/some aspects of the probate and estate administration process, alongside family members. This includes locating a client’s Will, obtaining Grant of Probate or Grant of Administration (if there isn’t a Will), identifying the assets, confirming the value of the estate and the amount of Inheritance Tax due.
A probate application can take up to four months to process or longer if a Will can’t be located, which can add to a family’s financial and emotional burden significantly; particularly as any Inheritance Tax due must be paid by the end of the sixth month after the person died. If appointed early enough, we can ensure that clients’ Wills and all other necessary legal paperwork are in place. Professional valuations are also a key aspect of our probate service and we use our global network of RICS qualified surveyors for property assets, whilst our in-house specialists can undertake shareholder and music IP valuations.
Once probate has been granted, we can support families with all aspects of estate administration. This includes notifying relevant parties of a death, establishing a client’s financial history and available tax exemptions, such as business property relief. Alongside identifying and valuing estate assets, we ensure all tax mitigation opportunities are considered before preparing estate accounts and submitting final tax returns. Lastly, we can oversee the settlement of an estate, including payments to HMRC and other debtors, and the appropriation and distribution of assets to beneficiaries.
For full details of our ICAEW accreditation for probate services, pricing and latest equality and diversity data, please see our Legal information here.
Forging Long-Term Relationships Of Total Trust
The size of SRLV keeps client service partner-led and personalised. Each client has their own particular needs and challenges, so we shape the strongest team for them, with the right match of industry knowledge, technical expertise and personalities. We become integral to protecting and enhancing our clients’ wealth, decision-making and overall strategic financial direction. This is how we forge long-term relationships of total trust.
