News and articles – Wills and Tax Planning
For most people, the act of setting up a trust is not something they can see themselves doing. It gives the impression of being the preserve of the rich and famous – something that film stars might do to ensure that their offspring, a gaggle of (possibly undeserving) "trust fund babes", don't come into the money at too young an age.
But for a private client solicitor, a trust is just a useful tool. It can solve some of our clients’ tricky problems and may also reduce their inheritance tax bill.
Due to our ageing population, it is common place to find clients of a certain age in the position where they can no longer manage in their own home. This can cause difficulties from both an emotional and financial perspective.
Although a meticulous lawyer, the Downton Abbey character, Matthew Crawley, died without leaving a formal will. As a result, Lady Mary was in danger of being left with almost nothing from her husband’s estate.