Our private client team offers a confidential and personal service to clients, helping them review their affairs and advising on all aspects of personal wealth, giving them and their dependants peace of mind.
Our lawyers are on hand to offer you legal advice whatever your circumstances, whether they involve personal events, corporate transactions or making provision for company employees. It is important to seek specialist advice on the following areas:
Some 60% of people die without a Will. The rules of intestacy which apply can lead to unexpected results and unnecessary distress for the family. As well as ensuring that your estate passes to those whom you intend, which can be very important in cases of a subsequent marriage, we can help to save Inheritance Tax with some simple ideas which can be included in a Will.
We are experienced in dealing with all aspects of estate administration in a proactive and efficient manner in the sad event of a personal loss. This will include the application to HM Revenue & Customs, the Court to obtain probate and the preparation and submission of all necessary tax returns.
If through accident or illness someone becomes unable to manage their affairs and they have not made a Power of Attorney whilst they had the capacity to do so, it can be impossible for the family to manage their affairs without a long and costly application to the Court of Protection.
Making a Power of Attorney gives you the peace of mind that if the worst should happen, your family can immediately assist you by managing your finances, paying your bills and dealing with your property. We cannot over emphasise the importance of making a Power of Attorney whilst you are still able so that you and your family are prepared for whatever lies ahead.
Once you have made a tax efficient Will, any further mitigation will be as a result of actions taken during your lifetime. By lifetime planning, we can advise you on avoiding or reducing Capital Gains Tax and Inheritance Tax which may otherwise be payable on the transfer or disposal of your assets and on death. Such planning may be particularly relevant to the family home, business interests and agricultural land.
We have also seen a continuing growth in the number of clients coming to us so we may advise about the involved process where someone loses capacity without a Lasting Power of Attorney and a Deputy needs to be appointed, as well as other Court applications.
The use of trusts, whether in a lifetime settlement or in a Will, can have great benefits in making long term financial provision and to save tax. We advise on the most favourable use of trusts and deal with their preparation and, if required, their administration. Individual Clarkslegal partners are willing to be appointed as professional trustees if required.
As a result of an aging population, more people are requiring long term care in later life. Unfortunately, if the value of your assets (including your own home) amount to more than £23,250, you have to pay the cost of your care yourself. This can amount to more than £1,000 a week.
This often means that people not only use all their savings but often have to sell their homes simply to fund their care. We at Clarkslegal can help to protect assets by guiding you through the financial minefield surrounding long term care.