Estate Planning Solicitors
Estate planning is essential to ensure your wealth is protected for you and your family.
By structuring your assets tax-efficiently, you can ensure everyone is provided for in the future.
Our solicitors can help with estate planning services like:
Why Consider Estate Planning?
Estate planning can help protect your cash and assets both during your lifetime and after death.
It can help you make the most of your hard-earned cash and reduce the inheritance tax [LINK] your estate may have to pay – ensuring your loved ones inherit as much of your estate as possible.
The specialist team at Monan Gozzett offers incisive and expert guidance on how best to plan and protect your money through robust estate planning and tax mitigation.
How Can Monan Gozzett’s Estate Planning Solicitors Help?
At Monan Gozzett, our solicitors take a holistic approach to estate planning, starting with a detailed discussion of your circumstances.
Our team listens to your wishes and feelings for yourself and your family.
We discuss your family as individuals, not just entries on a family tree, helping us to build a picture of family dynamics and likely future needs (for example, we can help you choose who to appoint as an Executor).
We consider with you if there are any grounds for concern, such as the stability of relationships, financial immaturity, and the future management of any family businesses.
And we analyse the constituent parts of your estate, as the opportunities available differ depending on the types of assets that you own.
Involving The Whole Family
Regrettably, the most exemplary estate planning can only be done if the younger generations understand it.
With your consent, we will happily meet with other family members to explain the solutions we have created for you and discuss any steps they may need to take now or in the future.
Our personal care does not end there. We will be happy to advise you and your family over the decades to come. We will always be on hand to assist you and your family, the trustees of a trust you have created, and your executors after you have passed away.
Where appropriate, Monan Gozzett Solicitors can act as trustees to manage any trust you create, whether alone or with family members.
Deed Of Variation
To provide a complete estate planning service, we will also discuss if there have been any recent bereavements.
One of the most effective inter-generational estate planning opportunities arises when someone dies. This is known as a Deed of Variation. It involves re-directing some or all of your inheritance to the next generation as if it was given to them in the deceased's Will.
We can guide you through the complex legal criteria to save a considerable amount in Inheritance Tax and care home fees for you and your family.
Our holistic approach means we do not just consider you and your estate in isolation. We will also suggest steps other family members can take to maximise the estate planning opportunities available to the family.
We will then consider your current Inheritance Tax liability and explore a range of tailored options available to mitigate your tax exposure and best achieve your wishes. Those options may include Wills, Trusts, lifetime gifts, insurance policies, pensions and other investments.
Should you decide to proceed with any of the available options, we will advise you on the legal requirements and broader issues, such as appropriate record-keeping to ensure your Executors can access the necessary information. Where suitable, we can introduce you to qualified financial professionals to set up or enhance insurance policies, pensions and investments.
Contact Our Estate Planning Solicitors
If you would like to explore estate planning opportunities available for you and your family, don't hesitate to contact us to arrange an appointment.
In addition, you might also find this blog about family estate planning quite useful.
Our Solicitors Answer Your Estate Planning FAQs
Who should consider estate planning?
Estate planning can be helpful to anyone, regardless of their worth. You can use Monan Gozzett’s estate planning services to:
- Minimise inheritance tax on your estate
- Prepare for future costs, such as care home fees
- Plan for what would happen if you lost mental capacity
- Set up dedicated trusts for things like school or university fees
- Make sure your loved ones are provided for after your death
Whether you’re worried about protecting your wealth, preparing for the future, or just making sure you leave your affairs in good order for your loved ones, we can help.
Can estate planning help minimise inheritance tax?
With the right legal advice, you could maximise the amount of your estate left to loved ones in your Will.
Our inheritance tax and estate planning solicitors can advise on how to structure your Will to ensure any tax will be as low as possible.
There are different ways you can reduce your inheritance tax bill, including:
- Leaving money to charity
- Setting up trusts
- Giving away parts of your estate while you are still alive
With effective estate planning, you can ensure your wealth is protected for the next generation.
If you have any other questions, please don’t hesitate to call our Estate Planning solicitors in the Private Client team.
We’ll be happy to help organise an initial chat to run through any queries you may have.