Estate and Succession Planning


This is often undertaken when drafting or reviewing a Will. Every time your personal situation changes (such as getting married, divorced, having children, moving house or inheriting a sum of money), you should reconsider your Will and review Estate and Succession Planning.

We can advise you on a number of different ways of reducing potential Inheritance Tax liabilities through Lifetime Planning and the drafting of your Will. It is quite possible for such planning to massively reduce your potential Inheritance Tax Liability.

Such Tax Planning is of course a balance between funds that you may require for your retirement and your desire to reduce the potential tax burden!

The Administration of an Estate

Unless an Estate is very small and has certain assets which can be ‘unlocked’ without the need for a grant, it will be necessary for the personal representatives to obtain a ‘Grant of Representation’, also known as ‘Probate’. Such Grant is a Court sealed document which provides the personal representatives with the legal right to handle the assets of the Estate.

The first thing for a personal representative to do is to deal with the registration of death (if a close family member has not already dealt with this) and deal with the funeral arrangements. Once this has occurred it is often a good moment to meet with us to discuss the various further steps which need to be taken. These include the preparation of a list of assets and liabilities, together with statements and other documentation to support that list. If a Grant is required then it will be necessary to go into detail as to the assets and liabilities for the purposes of completion of an H.M. Revenue and Customs Form. It is necessary to have detailed and accurate information to complete the Form(s).

Once the H.M. Revenue and Customs Forms have been completed and any tax due has been paid, it will be possible to apply for the Grant.

When the Grant has been issued, the personal representatives will be able to collect in the assets of the Estate, pay any outstanding liabilities, and make the necessary distributions.

We can assist from start to finish in this process, or act as consultants providing advice on a piece-meal basis.

Introducing our Private Client Department

For Private Client enquiries, please initially contact James Baker