Smithson Law Firm can provide comprehensive advice on all aspects of wills, tax and trusts, all delivered with a wholly personal touch.

When it comes to financial planning, we take the time to listen to your wishes and advise you on any necessary steps to ensure you make the most of your capital assets. We are fully up to date on all the latest tax implications concerning estate planning and trusts and are therefore able to offer comprehensive advice to you in the following areas:

Making a Will

We can provide advice on all aspects of making a Will and can also review Wills for clients whose circumstances may have changed in order to make any necessary changes.

Inheritance Tax Planning

If your estate is worth over £300,000 then you may need Inheritance Tax advice. We can advise you on how best to mitigate any tax liability you may have in order to ensure that your estate passes to your chosen beneficiaries.

Capital Gains Tax Planning

The recent increase in house prices has left a lot of clients in need of Capital Gains Tax planning. Although Capital Gains is not charged on a clients main residence (subject to certain conditions) it is an issue for ‘buy to let’ investors. We offer advice both on how to reduce this tax on the sale of a property or shares and also how to minimise any future liability you may incur.

Estate Administration (Probate)

We are able to deal with the administration of a deceased persons estate no matter how large or small. Losing a loved one can be a stressful and emotional time and allowing a professional to considerately handle the affairs may save both time and energy.Lifetime Trusts

‘A trust’ is a relationship which is recognised and enforceable in the courts. Its details are contained in a ‘trust deed’ which is rather like a rule book. Lifetime trusts can be established for a number of reasons.

You may want to put money in trust for your grandchildren or transfer your property into trust as an alternative to making an outright gift. Trusts are complex legal documents but this should not deter you from establishing one as they can also be very effective if used correctly. Smithson law firm can advise you on the finer details of creating and administering trusts.

Pension Trusts

If you have a personal pension or a SIPP you may be able to create a trust over any ‘death benefits’ that are payable under the pension when you die. If the death benefits are paid to your estate or to a spouse this may give rise to an unnecessary Inheritance Tax charge either at the date of your death or at some point in the future. By creating a trust your beneficiaries can still have access to the trust fund but with more flexibility in terms of future tax planning.

Lasting Powers of Attorney

A Lasting Power of Attorney is a useful document that gives powers to people that you appoint to look after your property and financial affairs and/or your health and welfare. The person you appoint is called your ‘Attorney’ and there purpose is to make decisions for you in your best interests if you are unable to do so yourself. The attorney’s powers are determined by you and can be as wide or as restricted as you wish. Smithson Law Firm can advise on all aspects of creating and managing a Lasting Power of Attorney.