Solicitors First LLP has long expertise in these areas of private client work. Our aim is to offer a confidential and supportive service in the following areas:

1. Simple complex and tax planning Wills.
2. Estate planning
3. Probate and administration of estates
4. Contentious probate matters
5. Enduring Powers of Attorney. Preparation and registration
6. Receivership applications

For advice on these matters and preliminary interview please contact Graeme Wood on 020 8682 7210 or by e-mail gw@first.uk.net

If it is difficult for you to attend either office we would be pleased to arrange a home visit.

Wills

Please contact us to obtain a quote for preparation of your Will.

When we take instructions we first establish the size of your estate. If this comes to much more than the Nil Rate Band then we may recommend certain estate planning which could involve making lifetime gifts of investments or property and save substantial sums of inheritance tax for your family.

We will draw on our experience of administering estates not only in drafting your Will but also in putting forward ideas for your approval.

All references below to 'spouses' will apply as well to registered civil partners. References to 'wife' equally applies to 'husband' or 'registered civil partner'

Frequently asked questions

1. What do I need to bring to first interview?

It is helpful if you bring along brief details of your investments property and savings with approximate values. Also the names and addresses of any individuals you wish to remember.

2. Do you keep the original Wills?

This is at your discretion but we tend to keep the originals in line with advice from the Probate Registry. No charge is made for storage

3. How long will it take?

Usually following the first interview we will arrange a second appointment - usually the same or following week-at which time the Will should be signed and witnessed. In the case of more complex Wills we will endeavour to email or post a draft of the Will for you to consider before the second visit.

However we will respond and where possible offer a 'same day' service in cases of urgency (e.g. you are due to go on holiday or into hospital)

4. Do you charge for a home visit?

A charge will be made depending on where you live. We can discuss this when providing you with our quote.

5. I wish to transfer my house into the names of my adult children. Can you do that?

Yes, but there are few occasions when we would recommend that to happen. For tax purposes it would still be viewed as part of your estate, unless you started paying a market rent - about 5% per annum of the value of your house-to your children (and they would have to pay tax on the rent).

7 years after making a gift the value is excluded from your estate for inheritance tax purposes; however the gift has to be 'without reservation'; in other words for an investment property you have to give up the right to any rental income and for your own home you cannot live there rent free.

Inland Revenue rules do not treat a transfer into the joint names of yourself and an adult occupier as a gift with reservation. Therefore 7 years after such a transfer is made the value of the gift leaves your estate. Do remember that if such a gift is made there can be no condition preventing a sale of the house(otherwise for tax purposes you may as well retain sole ownership). Accordingly your son or daughter, perhaps under pressure from their spouse or partner or business creditor may force a sale. That possibility cannot be disregarded. Tax complications may also arise if your son/ daughter leaves the home.

6. Do I need to change my Will if names and addresses of my beneficiaries change, or if I move?

Generally no. However if you leave a specific legacy, eg a second home, to a particular person then remember to update your Will if that asset is sold(as otherwise that beneficiary may get nothing) We advise that it is better to leave specific sums of money and then the rest of your estate in shares without specifying the assets. That prevents the gift 'lapsing'.

7. I don't want to leave my half share of my property or investment to my coowner. Can I do that under the Will?

Where there is a jointly held investment such as a joint bank account the bank will transfer that investment automatically to the surviving owner on production of the death certificate. The bank doesn't look at your intentions in the Will. If you don't want that to happen then divide the joint account into separate accounts in your lifetime.

With property you can leave your share under the Will. It involves sending a Notice (called a Notice of Severance) to the other owner. After the Notice is served you and your co-owner will hold the property as 'tenants in common'-'tenants' means the same as 'owners'.

Remember service of this Notice cuts both ways. If your co-owner dies you would no longer be the sole owner of the property

Very often service of a Notice of Severance is dealt with in husband and wife tax planning Wills (so that by consent the half share of the house is left to the children rather than the surviving spouse). 

8. I can't come to the office to sign the Will. Who can be my witnesses?

We will send out instructions with the Will in that case. However no responsibility for the correct execution of the Will can be assumed unless you return it to us for checking. The general rule is that no beneficiary (or spouse or civil partner of beneficiary) can be  a witness. Both witnesses must be there when you sign and you must be there when they sign

9. Can my beneficiaries be my executors?

Yes, and indeed the most frequent form of Will is the appointment of your sole beneficiary as executor. It is important that the executors you name are likely to be businesslike and will get on with any co executors. It is not recommended that a business partner be an executor or anyone else who may have a conflict between their own interests and the efficient administration of the estate

Where money will be held in trust (e.g. for children until 21/25) then 2 trustees at least should be appointed.

If a close and trusted friend or relative is chosen as a trustee then it is usual to leave a legacy, (often between £1000 to £10,000 according to the amount of work and level of responsibility).

Often there is a need for an independent executor in case the beneficiaries are likely to argue or there is no one who would fulfill that role. We would be happy to appoint a member of Solicitors First LLP as executor in your Will. Solicitors First carry Professional Indemnity insurance to a level of £3million

10. Is there a difference between executors and trustees?

Generally executors make the practical arrangements and trustees make investment decisions and decide how to distribute the estate (when they have discretion to do so). In most cases the same people are appointed executors and trustees.

11. For tax purposes I want to leave my share in the house to my children -my wife agrees to this- but I don't want them to force her to sell. Can the Will protect her interests?

Unfortunately, no. If there is a clause giving the surviving spouse/partner right to live in the house rent free with no sale to take place without his or her consent this amounts to giving the surviving spouse/partner what is known as an interest in possession. In other words on her death the wife will be taxed as if she owned the house outright and therefore the house may as well have been transferred to her under the Will. If the share in the house is left to the children then there is no obligation on the wife to pay a market rent for occupying their share, but she cannot stop them selling their share.

12. Please explain the Debt/IOU scheme

This scheme is for consideration particularly for testators who are married with estates between £500,000 to £1million.

Typically it goes like this:

Husband leaves the Nil Rate Band ('NRB') to Trustees (often his adult children). The Trustees decide how to allocate the NRB between beneficiaries, usually wife children and other family members. They decide to loan the NRB to the wife, and she signs an IOU promising to repay it on demand. This can be secured by a charge against her property. The Trustees do not call in the loan until her death and the existence of it means that the wife's estate is reduced for tax purposes.

If you consider this then remember the Trustees can decide not to make the loan or they can call it in at any time (if the Trustees powers were restricted then it would not work for tax purposes). In neither case is the wife able to challenge such decisions. It is expected that matters will proceed by the Trustees deciding to make the loan and then not calling it in.

The Testator making such a Will (or any Will containing a discretionary trust)can leave with the Trustees a letter of wishes over what happens to his estate. However the Trustees may find this useful guidance but are under no obligation to follow such wishes.

13. I have 2 adult sons both in their 30s. I want to treat them fairly but the younger one has a drug habit. How can I provide for him?

This is where a discretionary trust comes in. You could appoint your older son and a member of this firm as your executors. Half your estate is given to your older son outright. The other half is held in discretionary trusts.

In brief this means the discretionary half('the Trust Fund') is used for the benefit of your younger son as well as other family members, for example grandchildren. Your trustees have complete discretion over which family members to benefit, how much and when.

The testator is invited to write a letter over what s/he wants to happen with the Trust Fund. For example a flat may be bought for the younger son's occupation although the purchase will be in the name of the Trustees. The Trustees can be invited to close the Fund and distribute as and when the younger son settles down and is no longer in a dependent state. We can help you with the letter of wishes.

A discretionary trust can also be used where there is a children's trust, i.e. the Trust Fund is distributed when the youngest child attains 21/25.

A letter of wishes can deal with the Testator's views over whether the children should be educated privately and if any school fees should come out of the individual child's share when the Trust closes.

14. Any general IHT saving tips?

We would wish to tailor any advice to the individual client's profile.

Estate Planning

When considering your Wills we look at ways of minimising your inheritance tax liability or other steps you should take in asset protection.

This may involve transferring property between husband and wife or transfers into the names of adult children (solely or jointly with the Transferors)

Our written advice may then form the subject of a family conference or (where appropriate) discussions with your accountant or financial adviser.