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OTHER AREAS OF LAW

Trust set up
Trusts are difficult concept for the layman and not easily understood. If you are considering setting up a trust of any sort, please take legal advice first. We can provide the necessary documentation and explain how it works.

Trusts are also treated differently for Income, Capital Gains and Inheritance Tax. You should take legal advice BEFORE paying anything into a trust as this can affect your own taxation position as well.

Trust administration and wind-up
Trusts require a range of documentation to be completed each year and trustees have very specific legal obligations and responsibilities. This is a minefield for the uninitiated. If you are a trustee of a Trust or under a Will you should take legal advice without delay.

Variation of Wills and Trusts
It is usually possible to vary a Will to leave some or all of what you would have inherited to someone else. This is usually done to save future Inheritance Tax. Normally you must do this within 2 years of the date of death. Similar, but different, rules apply to varying or winding-up Trusts.

Court of Protection/Deputyship
This is where a relative has lost the capacity to deal with their own affairs through mental or physical illness or infirmity and has not already signed a Power of Attorney. A relative or other interested party can apply to the Court of Protection to be made a Deputy to admnister the person's affairs. It is a complex, lengthy and expensive process. Once an order has been made there are ongoing obligations to file annual accounts. Even when you know the procedure an order typically takes 9 - 12 months to obtain. Costs vary on the size of the "estate" but typically it will cost £1800 - 2500 in the first year.

To arrange a no obligation meeting with one of our solicitors to discuss, please call us on 01564 758055