Estate Planning

Putting everything in order.

Estate planning prepares your finances to ensure that your assets are protected for your loved ones after you die.   It also helps with inheritance tax planning as it is possible to avoid or even reduce the amount of inheritance tax your estate has to pay.

Set on this road of later life financial planning with Robertsons Solicitors.   We’ve been offering estate planning advice and solutions to our clients for years. We can help you obtain a clear and comprehensive view of your assets and how you want them distributed to your loved ones after your death.  

When your executor applies for probate, they will know what your wishes were and can arrange your affairs accordingly.  Also, when considering estate planning solutions early, you can be sure your loved ones will be protected against unnecessary inheritance tax.

What can Robertsons Solicitors do for me?

  • The first step in our estate planning services is ensuring you have a Will.  We can also help you make provisions with the use of specialist trusts.
  • Secondly, we will comprehensively list all your assets and debts.  The list can include material assets, property, and any funds or savings you will leave behind.
  • We will help you plan cash gifts you plan to give to protect against inheritance tax.
  • Our estate planning solution can also involve making provisions for funeral arrangements and expenses so that your loved ones know what your wishes were.   

Estate Planning Solutions and Inheritance Tax Planning FAQs

There are numerous reasons why you should think about an estate plan. Here are a few:
·         Estate planning is a way of protecting your finances for your loved ones after you die.
·         You can reduce the inheritance tax you or your beneficiaries will pay.
·         We will help ensure your Will is protected from being challenged.
·         You can say exactly what will happen to your estate after you die.

Ideally, such a plan must be in place before you retire, but it is never too early to start planning what you want to happen to your estate after your death. Speak to us at Robertsons Solicitors if you are unsure. We can evaluate your situation and offer estate planning advice.

You can reduce the amount of tax you must pay by inheritance tax planning. Our professional estate planning specialists at Robertsons are ready to help and advise you.

Possible methods of reducing inheritance tax include:
·         Setting up trust funds.
·         Gift assets to family or friends while you are still living.
·         Reduce the percentage of tax by donating to charity.

Should you gift your home to your children, it will be theirs to sell, mortgage or live in.  You may think it will never happen, but circumstances can change in a messy divorce or if someone becomes bankrupt.  Your home will be one of the child’s assets, and you can ultimately become homeless.

Regarding tax planning, should you continue to live in the home, you are considered to be receiving a benefit unless you pay market rent. Your estate will be treated as if you still own your home. Our advice would be to look at other options of inheritance tax planning or let us give you advice about your options.

A discretionary trust is a flexible way of leaving assets to children and grandchildren. The trustees of such a trust will decide who receives what and will be guided by a wish letter you leave with your Will.  In this wish letter, for example, you may say that your daughter is not legible to receive anything before proving that she’s been sober for some years.  Your trustees (usually your Will’s executors) can assess the situation at the time, rather than you trying to predict what will happen in the future.

Robertsons Solicitors will be happy to help with full advice on the suitability of a discretionary trust in your situation. We can help you set it up and advise you about possible tax consequences.

Our Expert Team

Our expertise is how we maintain our strong reputation as a law firm.

Meet the Probate, Wills & Trusts Team