Wills and Probate Services

At Mercian Accountants, we understand that estate planning is essential to financial planning. We are here to help ensure your assets are protected and distributed according to your wishes. Our team of experts provides comprehensive estate planning services to help you make informed decisions about your future.

Estate planning is the process of preparing for the transfer of a person’s assets and wealth after their death. It involves creating a plan to ensure that your assets are distributed according to your wishes while minimising taxes, avoiding disputes, and protecting your loved ones. Estate planning can include a variety of legal documents such as wills, trusts, and powers of attorney, as well as strategies for gifting, charitable donations, and life insurance. Proper estate planning can provide peace of mind and security for you and your family and help to ensure that your legacy is carried out in the way you intend.

Making a Will

A Will is a legal document that sets out your wishes regarding the distribution of your assets after your death. It is essential to have a Will in place to ensure that your assets are distributed according to your wishes and to minimise the possibility of disputes among your beneficiaries. Our team can assist you in drafting a Will that meets your specific needs and provides peace of mind. We specialise in tax-efficient asset protection Wills.

Making a Will is an essential aspect of estate planning that ensures your assets are distributed according to your wishes after death. A Will is a legally binding document that specifies how your assets will be divided amongst your beneficiaries, including family, friends, or charities. By creating a Will, you can ensure that your wishes are carried out and your loved ones are provided for.

One of the key benefits of having a Will is that it minimises the possibility of disputes amongst your beneficiaries. When someone dies without a Will, the laws of intestacy apply, and their assets are distributed according to a set formula. This can lead to conflicts and disagreements amongst family members and may not reflect the deceased person’s wishes. Having a Will in place, you can ensure that your assets are distributed exactly as you wish and avoid disputes among your loved ones.

At Mercian Accountants, our team of experts can assist you in drafting a Will that meets your specific needs and provides peace of mind. We specialise in tax-efficient asset protection Wills, which can help you minimise your tax liability and protect your assets for future generations. Our team will work with you to understand your circumstances and objectives and provide tailored advice to meet your needs.

When drafting a Will, there are several important factors to consider. Firstly, you must consider who will inherit your estate and at what age. If you have young children, you may want to appoint guardians to care for them if you and your partner pass away. Additionally, you must consider what will happen to your business if you pass away. It’s essential to have a plan in place to ensure that your business can continue to operate without disruption.

Another important consideration when drafting a Will is how to provide for your spouse/partner while protecting your children’s inheritance. This is particularly important if you have been married or have children from a previous relationship. Our team can advise on how to structure your Will to ensure everyone is provided for while minimising tax liability.

In conclusion, creating a Will is an essential aspect of estate planning that ensures your assets are distributed according to your wishes and minimises the possibility of disputes amongst your beneficiaries. At Mercian Accountants, our team of experts can assist you in drafting a Will that meets your specific needs and provides peace of mind. Contact us today to schedule a consultation and learn more about our services.

Lasting Power of Attorney (LPA)

A Lasting Power of Attorney (LPA) is a vital part of estate planning that enables you to appoint someone you trust to make crucial decisions on your behalf if you cannot do so. This can happen due to illness, injury, or old age. Having an LPA in place can give you peace of mind that your affairs will be taken care of if you can no longer manage them yourself.

There are two types of LPAs in the UK: one for property and financial affairs and another for health and welfare. The property and financial affairs LPA allows your chosen attorney to manage your finances, including paying bills, managing bank accounts, and selling or buying property on your behalf. The health and welfare LPA allows your attorney to decide about your medical care, such as what treatment you receive and where you are cared for.

Setting up an LPA can be a complex process, and ensuring that it meets your specific requirements is vital. Our team of experts at Mercian Accountants can assist you in setting up an LPA that reflects your wishes and meets your specific needs. We will work with you to understand your circumstances and provide tailored advice to ensure your LPA is structured to meet your requirements.

It’s important to note that an LPA must be set up while you still have mental capacity. Once you lose mental capacity, it is too late to set up an LPA. This is why it’s essential to plan and ensure that your LPA is in place before you need it.

In conclusion, a Lasting Power of Attorney is an essential part of estate planning that enables you to appoint someone you trust to make decisions on your behalf if you cannot do so. At Mercian Accountants, our team can assist you in setting up an LPA that meets your specific needs and gives you peace of mind that your affairs will be taken care of if you can no longer manage them yourself. Contact us today to schedule a consultation and learn more about our LPA services.

Trusts

A Will Trust is a legal arrangement enabling you to control your assets’ distribution after your death. Trusts can also be set up in life; they can be used for various purposes, including reducing Inheritance Tax liabilities, protecting assets for future generations, and supporting individuals with specific needs. Our team can advise you on the most appropriate type of Trust for your circumstances and assist you in setting it up.

A Trust is a separate legal entity that holds assets for the benefit of one or more beneficiaries. The Trust is managed by a trustee responsible for managing the assets and distributing them to the beneficiaries following the terms of the Trust. The terms of the Trust are set out in a legal document called a Trust Deed.

Various types of Trusts are available, including Discretionary Trusts, Life Interest Trusts, and Interest in Possession Trusts. Each type of Trust has its benefits and drawbacks, and choosing the right type of Trust for your specific circumstances is essential.

At Mercian Accountants, our team of experts can advise you on the most appropriate type of Trust for your needs and assist you in setting it up. We will work with you to understand your requirements and provide tailored advice to ensure your Trust is structured to meet your needs.

In addition to helping you set up a Trust, our team can provide ongoing support and advice to ensure that your Trust remains relevant and effective over time. We can help you manage your Trust assets, prepare Trust accounts and tax returns, and advise you on any law changes or circumstances that may affect your Trust.

In conclusion, Trusts are a powerful estate planning tool that protects your assets and provides for your loved ones after your death. At Mercian Accountants, our team can assist you in setting up a Trust that meets your specific needs and provides you with peace of mind. Contact us today to schedule a consultation and learn more about our Trust services.

Probate

Probate distributes a deceased person’s assets according to their Will or intestacy laws. Our team can assist you with the probate process, ensuring that the administration of the estate is carried out efficiently and with minimum stress. An Inheritance Tax return is required with HMRC tax clearance before probate can be granted for taxable estates.

Probate is the legal process of administering a deceased person’s estate. It involves identifying and valuing their assets, paying any debts and taxes, and distributing their assets according to their Will or the laws of intestacy if they did not have a valid Will.

The probate process can be complex and time-consuming, often involving various legal and financial issues. Our team of experts at Mercian Accountants can assist you with the probate process, ensuring that the administration of the estate is carried out efficiently and with minimum stress.

We can help you navigate the probate process, from applying for probate to distributing the assets to the beneficiaries. We can advise you on any tax implications and ensure all necessary tax returns are filed promptly. For taxable estates, an Inheritance Tax return is required with HMRC tax clearance before probate can be granted, and we can assist you with this process.

Our team has extensive experience in dealing with probate matters, and we can provide you with expert guidance and support at every stage of the process. We understand that dealing with losing a loved one can be difficult, and we aim to make the probate process as straightforward and stress-free as possible.

In addition to probate services, we can provide estate administration services, including managing and distributing the deceased’s assets. We can work with you to ensure that the estate is distributed following the deceased’s wishes and provide ongoing support and advice to the beneficiaries.

In conclusion, the probate process can be complex and time-consuming, but our team of experts at Mercian Accountants can assist you in navigating this process with minimum stress. We can help you with all aspects of probate, including applying for probate, dealing with tax matters, and distributing the assets to the beneficiaries. Contact us today to schedule a consultation and learn more about our probate services.

Inheritance Tax Planning

Inheritance Tax (IHT) is a tax levied on transferring assets from one generation to another. It is payable on the value of an individual’s estate when they pass away, and it can also be payable on gifts made during their lifetime. The current IHT threshold is £325,000, and any assets above this amount may be subject to IHT at a rate of 40%.

At Mercian Accountants, we understand that IHT planning is essential to estate planning. We can help minimise IHT liabilities and ensure your assets are distributed according to your wishes. Our team of experts can advise you on a range of IHT planning strategies, including using trusts, lifetime gifts, and charitable donations.

It is crucial to start IHT planning as early as possible, as many reliefs and exemptions require action to be taken at least seven years before death. Our team can work with you to identify the most appropriate strategies for your specific circumstances, considering your personal goals and objectives.

One of the most common IHT planning strategies is using trusts, which can help protect your assets and reduce your IHT liabilities. Our team can advise you on the most appropriate type of trust for your needs, and we can assist you in setting up and managing the trust.

Another effective IHT planning strategy is making lifetime gifts, which can reduce the value of your estate and, therefore, your IHT liability. Our team can advise you on the most tax-efficient way to make gifts, considering the various exemptions and reliefs that may be available.

In conclusion, IHT planning is an integral part of estate planning. Our team at Mercian Accountants can help you minimise your IHT liabilities and ensure that your assets are distributed according to your wishes. We can advise you on a range of strategies, including using trusts, lifetime gifts, and charitable donations. We can provide ongoing support and advice to ensure that your plans remain up-to-date and effective. Contact us today to schedule a consultation and learn more about our IHT planning services.

Estate planning strategies

Estate planning is managing and protecting your assets during your lifetime and ensuring that your assets are distributed according to your wishes after your death. There are various estate planning strategies that individuals can use to protect and distribute their assets, depending on their unique needs and circumstances. Here are a few common strategies:

1. Gifting: Gifting involves giving away assets, either outright or in trust, during your lifetime. This can effectively reduce the value of your estate for inheritance tax purposes and provide financial support to loved ones.
2. Life insurance: Life insurance can be used to provide financial support to loved ones after your death and can also be used to cover any inheritance tax liability that may arise.
3. Charitable donations: Charitable donations can be used to reduce the value of your estate for inheritance tax purposes and provide valuable support to your favourite causes.
4. Trusts: Trusts can be used to protect assets and provide for loved ones after your death. There are many different types of trusts, including living, testamentary, and charitable trusts.
5. Retirement planning: Proper retirement planning can help ensure that you have enough income to support yourself during your retirement years and that your assets are distributed according to your wishes after your death.

At Mercian Accountants, our team of experts can help you develop an estate planning strategy that meets your unique needs and circumstances. We will work closely with you to understand your goals and objectives and provide you with comprehensive advice and guidance every step of the way. Contact us today to schedule a consultation with one of our estate planning experts.

Executor services

Executor services ensure that a deceased person’s assets are managed and distributed according to their wishes. An executor is appointed in a person’s will and is responsible for managing the probate process, which involves proving the will’s validity, identifying and valuing the deceased person’s assets, and distributing them to the beneficiaries.

At Mercian Accountants, we understand that the probate process can be complex and overwhelming, particularly during grief. Our team of experts can provide professional and compassionate executor services to ensure that the process is carried out efficiently and with minimum stress. We can assist with all aspects of the probate process, including liaising with HM Revenue & Customs, dealing with creditors and beneficiaries, and distributing assets according to the deceased person’s wishes.

We can also assist in cases where there is no will, known as intestacy, and help identify the rightful beneficiaries and manage the distribution of assets according to intestacy laws. Our team can provide advice and guidance on an executor’s legal and financial responsibilities, as well as ensure that all legal requirements are met.

We understand that every estate is unique. We will work closely with the executor and the beneficiaries to ensure the process is tailored to their needs and requirements. We aim to provide a seamless and stress-free experience for all parties involved in the probate process. Contact us today to learn more about our executor services and how we can assist you during this challenging time.

Estate planning for business owners

Estate planning is a critical aspect of managing a business, especially for business owners who want to ensure the continuity of their company and protect their assets. Mercian Accountants offers a range of estate planning services that cater specifically to the needs of business owners.

Succession planning is an essential aspect of estate planning for business owners. It involves identifying a successor to take over the business in the event of the owner’s retirement, incapacitation, or death. Our team can assist in developing a comprehensive succession plan that outlines the company’s transition of ownership, management, and decision-making authority.

Another important aspect of estate planning for business owners is the creation of buy-sell agreements. These agreements outline how the ownership interest in the business will be transferred in the event of an owner’s death, disability, or retirement. Our team can guide on drafting these agreements to ensure they protect all parties’ interests.

Business valuation is also an essential aspect of estate planning for business owners. It involves determining the value of a business for estate planning, sale, or merger. Our team can help you determine the fair market value of your business, which is essential for creating an accurate estate plan.

Our estate planning services for business owners are tailored to meet the specific needs of each client. We take the time to understand your business and personal goals, and work with you to develop a customised estate plan that meets your unique needs. Contact us today to learn more about our estate planning services for business owners.

Family trusts for estate planning

Family trusts can be an effective estate planning tool for UK families with complex needs. These trusts can be used to protect assets, minimise taxes, and provide for future generations. A family trust is a legal arrangement in which assets are transferred into a trust for the benefit of family members. The trustees of the trust manage the assets and distribute them to the beneficiaries according to the terms of the trust.

There are several benefits to setting up a family trust. One of the main benefits is asset protection. Assets transferred into the trust are no longer owned by the individual and therefore cannot be seized by creditors or lost through divorce settlements. This can be particularly important for business owners who want to protect their business assets from personal creditors.

Another benefit of a family trust is tax planning. By transferring assets into the trust, individuals can reduce their estate for inheritance tax purposes. This can be especially useful for high net worth individuals who may have a large estate and want to minimise the amount of tax their beneficiaries will have to pay upon their death.

Family trusts can also provide for future generations. By setting up a trust, individuals can ensure that their assets are managed and distributed to their beneficiaries in accordance with their wishes. This can be particularly important for families with children or grandchildren who may not yet be capable of managing their inheritance.

At Mercian Accountants, we can assist in the setup and management of a family trust. We can advise on the most appropriate type of trust for your circumstances and assist in drafting the trust document. We can also act as trustees of the trust and manage the assets on behalf of the beneficiaries.

In summary, family trusts can provide valuable benefits to families with complex needs. They can protect assets, minimise taxes, and provide for future generations. Our team of experts can assist in the setup and management of a family trust to ensure that your estate is managed and distributed according to your wishes.

In conclusion

Estate planning is an essential part of financial planning for individuals and families. It ensures that your assets are distributed according to your wishes, minimises the possibility of disputes among your beneficiaries, and provides peace of mind. At Mercian Accountants, we understand the importance of estate planning and offer a comprehensive range of estate planning services to help you achieve your goals. Our team of experts is dedicated to understanding your unique circumstances and providing tailored solutions that meet your specific needs. Contact us today to schedule a consultation and start planning for your future.