Moving on

Legacy Services

At Harris Lipman, we are used to helping clients to make the most of their money during their lifetime, but many people will have concerns about what happens to their finances when they are no longer able to look after their own affairs, perhaps due to incapacity or death.

To help our clients with this difficult subject, we can offer a ‘one stop’ wealth management advice and estate legacy service, to help ensure your affairs can be looked after as quickly and painlessly as possible, at what can be a very difficult time for your loved ones.

We can also offer help with such delicate issues as long-term care planning, children’s trusts and pre-nuptial agreements.

Since such matters will often include legal as well as financial considerations, we would be delighted to introduce you to our panel of specialist legacy services and legal providers.

We can offer help and support in the following areas:

Will writing (UK and abroad)
All adults should have a will in order to ensure that the desired people benefit upon their death. A will can also determine who deals with the administration of the deceased’s estate, provide for funeral arrangements and ensure the well-being of any children by appointing a guardian. Those living abroad need two wills – one for any assets in Britain and one covering their property where they live – again we can arrange this.

Planning for long-term care
Long-term care is the provision of personal and nursing care for people who are unable to look after themselves without assistance, either in their own home or in residential accommodation. Costs can be high, and anyone with assets above £23,000 will not receive state financial assistance towards care home fees. However, we can advise on a number of insurance and investment plans which are designed to pay out if the holder finds themselves needing care.

Inheritance tax planning and mitigation
Careful will drafting and use of lifetime gifts can deliver significant Inheritance Tax (IHT) savings, although other tax traps do exist, so any changes to a will or gifts should be made with care. We can offer expert advice on the IHT implications of an individual’s financial arrangements, and help limit the amount of tax that will become payable.

Lasting powers of attorney
We can advise on the need for and preparation of lasting powers of attorney for both financial and welfare reasons. We can also advise on the attorney’s powers and responsibilities under Enduring Powers of Attorney created before October 2007 and, where necessary, the registration of these at the Court of Protection.

Conveyancing (UK and abroad)
We offer a full conveyancing service for buyers and sellers of property, including house and flat sales, re-mortgages, buy-to-let investments, transfers of equity, deeds of trust and matrimonial transfers.

Probate
The term probate refers to the legal process where a deceased’s assets are collected together and distributed to the beneficiaries of their estate, subject to any legal and fiscal restrictions. We can advise on the terms of the will (or entitlement where there is no will), obtain asset and liability details, deal with Inland Revenue forms and queries, and arrange for payment of Inheritance Tax.

Personal and corporate insolvency
We can take or defend insolvency proceedings for businesses and individual clients, including pre-action collection, interim relief applications, court proceedings, enforcements steps and bankruptcy.

Professional executor and trustee services
We can act as executors in an individual’s will, providing peace of mind that the execution will be handled in a professional and sympathetic manner. Where a trust is required, we can advise on the various options available, prepare the necessary deed and act as trustees.

Personal injury trust
Anyone in receipt of means-tested benefits who is expecting to receive compensation for a personal injury should give serious consideration to a Personal Injury Trust, so as not to lose access to their benefits. Where a Trust fund is set up out of damages paid, the value of the trust is ignored for the assessment of eligibility for most means-tested benefits and local authority support. We can assist with the setting up and administration of a trust, as well as acting as trustees.

Children’s trust
The most common reason for the establishment of a trust is to plan for Inheritance Tax. Trusts can also place conditions on the transfer of property to another party – for example, a child may only be allowed to inherit once they complete their education, or there could be limits placed on how much can be spent at any one time. We can assist in the setting up of trusts for children, as well as acting as trustees if required.

Applications to the Court of Protection
If someone has lost the ability to deal with his or her financial affairs, and it is too late to sign a Power of Attorney, we can advise on the merits of and, if appropriate, the subsequent application for, an appointment order from the Court of Protection. Where required, we can act as receiver or deputy, and assist with the management of the incapacitated person’s affairs.

Will disputes
As the law stands, a will can be varied or the intestacy provisions altered for up to two years from the date of death. We can advise and represent executors and beneficiaries in claims arising out of lack of capacity, lack of knowledge or approval, undue influence or forgery and fraud.

Claims under the Inheritance Act
We are able to help bring a claim against a deceased person’s estate if inadequate provision has been made for spouses, former spouses, current and former civil partners, children and cohabitees. We can advise on the merits of a claim and, if appropriate, bring a claim in the period immediately following a person’s death.

Post and Pre-Nuptial Agreements
In many cases Pre and Post-Nuptial Agreements will influence a financial settlement on divorce and in some circumstances the Agreement will be binding on the parties. We can help in drafting an agreement particularly if one or both parties wish to shelter assets or protect future inheritances. We can also advise on other protective steps that should be considered prior to marrying or entering a Civil Partnership.

Shareholder and LLP Agreements
In order to avoid disputes between partners in the future, it is vital to ensure a properly drafted shareholder or partnership agreement is used. We can also review and update existing agreements. We aim to ensure all parties are aware of the necessary provisions and any liability arising as a result.

Director’s Service Agreements and Contracts of Employment
We can help draw up a business’s contracts with its directors and staff, ensuring they are aware of their rights and responsibilities, and that contracts are drawn up in line with current legislation.

If you have any questions, or would like further information, please contact us.

We would be very happy to assist you with the completion of the Legacy Services Brochure on a one-to-one basis and help you plan and document your financial position during your lifetime

 

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