Probate and Estate Administration

At KaurMaxwell: independent law firm, our specialist private client law team is committed to providing individuals and their families with quality advice in a compassionate, timely and cost-effective manner.

The loss of a family member or close friend is a distressing experience. You may feel unprepared to deal with the various aspects of administering the Estate or you may be unclear about what you need to do next.

This can be a lengthy process that includes:

• Explaining the effect of the Will to next of kin
• Helping executors to renounce if they do not wish to act
• Helping prepare notifications of ‘power reserved’ to executors who wish to step aside 
• Notifying banks, building societies, insurance companies, pension providers and other financial institutions about the death
• Helping complete the Tell Us Once notification service 
• Registering a death
• Arranging to settle the deceased’s funeral invoice through their bank 
• Preparing a summary of assets and liabilities in the estate at death
• Preparing a statement of truth to submit to probate registry 
• Collecting in and realising assets
• Discharging debts
• Preparing detailed Estate accounts
• Appropriation of assets if required
• Identifying and locating beneficiaries
• Notifying beneficiaries of their inheritance
• Clearing and selling any property
• Distributing the Estate in accordance with the Will or - where no Will is attending to the Rules of Intestacy.
• Assisting with informal clearance for income tax
• Liaising with your accountant if this is a complex estate for income tax or capital gains tax purposes

Our team can assist you as a personal representative (an executor or administrator) of an Estate. We understand that this is often a very difficult time and therefore you will find our solicitors to be sympathetic, understanding, supportive and ready to assist you with the paperwork and bureaucracy associated with a loss.

We can also deal with the Estate administration to ensure you follow the correct process. No errors must be made as the Executor or Administrator can face personal liability for any losses that the estate incurs, even if there is a genuine error.

We work proactively to deal with an application for a Grant of Probate or Letters of Administration without delay and to finalise estate affairs as soon as possible.

We also have colleagues with adjacent areas of expertise who can assist with matters such as the sale of a property and/or shares, should this be necessary. We are happy to do as little or as much as you need in Estate administration, tailoring our services to meet your requirements.

Deed of Variation

As a beneficiary you may inherit from another persons estate when they die. This may trigger an inheritance tax issue for your personal estate. Within 2 years of inheriting you can enter into a Deed of Variation to re-route your inheritance to mitigate on inheritance tax for your own estate. This can be used as part of a wider estate planning tool.

 What is Estate Planning?

Understanding the Basics of Estate Planning

Estate planning is the process of arranging for the disposal of an estate to minimise the potential tax burdens and distribute assets to intended beneficiaries in the most effective manner. It encompasses the creation of wills and trusts, among other legal instruments, to ensure the smooth transfer of assets by the individual's wishes.

The Role of Estate Planning Solicitors

Our estate planning solicitors provide invaluable expertise in guiding individuals through the complexities of estate planning. They assist in drafting wills and establishing trusts to protect and preserve assets, ultimately safeguarding the interests of the client and their beneficiaries.

Solicitors are regulated and insured for their work. Wills are in an unregulated sector and Will writers may lack insurance and expertise to give comprehensive advice. 

Steps to Creating a Will and Trust

Creating a comprehensive will and establishing trusts are pivotal components of the estate planning process. A will outlines the distribution of assets, while trusts can be utilised to manage and protect assets for the benefit of designated beneficiaries.

Guardians

Wills allows you to choose guardians to look after minor children if both parents die before they are 18.

Funeral Wishes

You can set out your wishes regarding the type of funeral you wish to have, whether you are buried or cremated.

Executors

You choose who should carry out your wishes and deal with your estate. This ensures you have control. If you do not have a Will rigid intestacy rules apply. 

Importance of Hiring Estate Planning Lawyers

The importance of engaging estate planning lawyers cannot be overstated, as they offer crucial advice and legal expertise in structuring the estate to minimise tax implications and ensure a seamless transfer of assets to beneficiaries.

Common Probate Issues and Solutions

Probate issues can arise during the estate administration process, and estate planning solicitors are equipped to anticipate and resolve these matters efficiently, ensuring the timely distribution of assets.

Maximising Tax Efficiency through Estate Planning

Inheritance Tax Planning and Compliance

Estate planning lawyers advise on inheritance tax planning to minimise tax liabilities and ensure compliance with legal requirements, maximising the assets available for distribution to beneficiaries.

Gifting

You may be considering making gifts of cash or property to your children.

Private client solicitors can advise you on your annual allowances, gifts of surplus income gifts for marriage, gifts to maintain family, It is important to be aware of the gifts that are tax efficient for inheritance tax purpose and how to avoid falling foul of traps such as gifts with a reservation of benefit which do not qualify to inheritance tax reliefs. Lawyers can help flag other taxes that you may need to consider and liaise with your accountants or financial advisers as a holistic estate planning exercise. 

Capital Gains Tax Considerations in Estate Planning

Capital gains tax considerations are integral to estate planning, and solicitors can flag potential capital gains tax issues and work alongside your accountant or financial adviser to mitigate on the same. 

Utilising Trusts and Power of Attorney for Tax Efficiency

Trusts and powers of attorney are valuable tools employed in estate planning to optimise tax efficiency and facilitate the management of assets during the donor's lifetime and beyond.

Powers of Attorney allow individuals to choose who they trust to manage their property and financial affairs if they are incapable of doing so for themselves. 

Tax-Compliant Estate Planning Strategies

Estate planning solicitors develop tax-compliant strategies that align with the client's financial objectives, ensuring the preservation and efficient distribution of their estate.

Advising Beneficiaries on Tax Implications in Estate Administration

Beneficiaries based in England and Wales receive essential guidance on the inheritance tax implications of their inheritance, ensuring they understand their responsibilities and any potential tax liabilities associated with the assets they receive. Advisiing the beneficiary about deeds of variation so they can re-route their inheritance or disclaiming their interest if they do not want to inherit at all from an estate. 

Ensuring Smooth Estate Administration and Probate Process

Understanding the Role of Executors and Trustees

Estate planning solicitors provide clarity on the responsibilities of executors and trustees, ensuring they fulfil their roles effectively in estate administration and probate processes.

Succession Planning and Estate Administration

Effective succession planning is vital, and estate planning solicitors offer comprehensive support in organising and managing the transfer of assets to facilitate a seamless estate administration process.

Appropriations – where appropriate private client lawyers can assist with appropriating assets so the assets are sold utilising the beneficiaries personal allowances to mitigate on capital gains tax rather than selling in the capacity of executors with limited executors allowances to offset against gains. 

Deed of Variation – allowing an inheritance to be re-routed to another individual within 2 years of inheriting from another person’s estate. 

Legal Advice and Support for Personal Representatives

Personal representatives receive invaluable legal advice and support from estate planning solicitors, ensuring they navigate the estate administration process with confidence and expertise.

Contentious Probate and Resolving Disputes

In cases of contentious probate or disputes, estate planning solicitors employ their expertise to resolve conflicts effectively, preserving the integrity of the estate and minimising disruptions.

Providing Peace of Mind through Expert Estate Administration

Estate planning solicitors offer expert estate administration services, providing clients with peace of mind and ensuring their assets are effectively managed and distributed in accordance with their wishes.

Key Considerations in Estate Planning for Your Future

Protecting Your Estate and Assets through Estate Planning

Estate planning safeguards your estate and assets, ensuring they are protected and managed in a manner that aligns with your intentions and secures the financial well-being of your beneficiaries. It can also protect vulnerable beneficiaries andalso allow you to pass on family wealth/nest egg to the next generation in a tax-efficient manner. It can help drip feed funds to the vulnerable family members and itcan protect wealth from divorcing beneficiaries. 

Importance of Lasting Power of Attorney in Estate Planning

The lasting power of attorney is a critical aspect of estate planning, empowering individuals to designate trusted individuals to make important decisions regarding their finances and welfare if they become unable to do so themselves.

Residence Nil Rate Band and Nil Rate Band and Tax-Efficient Estate Planning

Estate planning solicitors advise on utilising nil rate bands to optimise tax efficiency, minimising inheritance tax liabilities and maximising the value of the estate for beneficiaries.

Court of Protection Matters in Estate Planning

Estate planning encompasses preparing for possible court of protection matters to ensure that individuals' affairs are appropriately managed if they become mentally incapacitated.

Value of Your Estate and its Implications in Planning

Estate planning solicitors assess the value of clients' estates and provide strategic planning proposals.

What are the benefits of hiring estate planning lawyers?

Expertise in Estate Administration

Estate planning lawyers offer expertise in estate administration, ensuring efficient management and distribution of assets.

Comprehensive Estate and Trust Planning

They provide comprehensive estate and trust planning, tailoring strategies to meet the individual needs and objectives of their clients.

Representation in Inheritance Disputes

Our specialist estate planning lawyers offer representation in inheritance disputes, advocating for fair and equitable distribution of assets.

Legal Support for Lasting Powers of Attorney

They provide legal support for lasting powers of attorney, ensuring that individuals have designated representatives to make decisions on their behalf if they become unable to do so.

Assistance with Trustee Appointments

Our team of estate planning lawyers assist in trustee appointments, ensuring that capable individuals are entrusted with the management of trusts for the benefit of the beneficiaries.

5 Reasons to Choose KaurMaxwell as Estate Planning Solicitors

When you choose KaurMaxwells solicitors, you gain access to a team of dedicated professionals with a proven track record of success. 

Recognition from Legal Directories like Legal 500 and Law Society

We are proud to be recognised by prestigious legal directories such as Legal 500 and the Law Society, a testament to our commitment to excellence.

Diverse & Comprehensive Expertise

The team at KaurMaxwell brings together diverse expertise in civil and commercial litigation, property law, employment, insolvency and restructuring law.

Proven Track Record

Team members have successfully led cases against major law firms. Their strategic thinking and ability to achieve desired results demonstrate a proven track record of success.

Multilingual Support

Our team is fluent in multiple languages (Spanish, Punjabi, Hindi, Tagalog, Gujarati, French, Twi, Kurdish and English) allowing us to serve a diverse client base with ease.

Accessibility

Based in London, our solicitors are easily accessible to clients across the UK. We're here to assist you, whether in person, over the phone, or through virtual calls.

Frequently Asked Questions:

What services do estate planning lawyers offer?

Estate planning lawyers offer a range of services including will drafting, setting up trusts, estate administration, and providing legal advice on probate and inheritance disputes.

Why is it important to hire a probate solicitor in London?

Hiring a probate solicitor in London is important to ensure that the legal process of probate and estate administration is handled efficiently and in compliance with the law. Additionally, solicitors based in London are knowledgeable about the local laws and regulations. Our specialist lawyers are able to assist in probate matters nationwide and can offer remote and virtual services. 

How can a probate lawyer help with the administration of an estate?

Our specialist probate lawyers can help with tasks such as gathering and valuing assets, handling creditor claims, filing inheritance tax returns with HMRC, preparing a statement of truth and submitting this to the probate registry, proving the Will, distributing assets to beneficiaries, and ensuring that the estate is administered in accordance with the law.

What is undue influence in the context of estate planning?

Undue influence refers to situations where a person exerts pressure or manipulates another individual to make changes to their ill or estate plan that do not reflect their true intentions. Our estate planning lawyers can help protect against undue influence and reduce the risk of a Will being challenged on the grounds of undue influence.

Our specialist team can also assess mental capacity to ensure that a testator possesses testamentary capacity to make a valid Will and reduce the risk of the Will being challenged on the grounds that the testator lacked capacity. 

Our specialist lawyers can support the freedom of a testator to choose who should benefit under their Will and reduce of the risk of a successful challenge or claim being brought against the estate.