We are often consulted by parents or grandparents, who want to provide for the younger generations of their family in the most effective way.

Inheritance Tax is a concern for many clients, but estate planning can involve addressing other potential impacts, such as relationship breakdown, financial irresponsibility, and protection of the vulnerable. We can use our extensive knowledge to help you navigate the complex rules and create tax-saving solutions for you and your beneficiaries.

At Monan Gozzett Solicitors, we take a holistic approach, starting with a detailed discussion of your personal circumstances:

  • We take time to listen to your wishes and feelings, both for yourself and for 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.
  • 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.
  • We analyse the constituent parts of your estate, as the opportunities available differ depending on the types of assets that you own.

Deed Of Variation

To provide a complete 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 very large amount in Inheritance Tax and care home fees for you and your family.

Our holistic approach means that we do not just consider you and your estate in isolation. We will also suggest steps that other family members can take to maximise the estate planning opportunities available to the family as a whole.

We will then consider your current Inheritance Tax liability and explore with you a range of tailored options available to mitigate your tax exposure and best achieve your wishes. Those options may include Wills, Trusts, and lifetime gifts, as well as 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 wider issues, such as suitable 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.

Involving The Whole Family

Regrettably, the finest estate planning can be undone if the younger generations do not 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 it is appropriate, Monan Gozzett Solicitors can act as trustees to manage any trust you create, whether alone or with family members.

If you would like to explore the estate planning opportunities available for you and your family, please contact us to arrange an appointment.

You can also read more about the importance of family estate planning in our blog.

If you would like to speak to our expert legal team about this, or any related subject then please contact our team by phone on 0207 936 6329, Email or by completing our Quick Contact Form below.