Our Estate Planning Solicitors Promise

Estate planning is a wider name given to the ongoing process of managing your finances and assets in preparation for when you pass away, or when you can no longer make decisions for yourself. It’s typically split into two areas: advice and implementation.

Our estate planning solicitors will meet with you to discuss your overall assets, how your wealth is currently distributed, and what your wishes are.

We will then create a plan tailored to your personal circumstances, and build a robust set of solutions to meet your requirements. Often, this can include working alongside your independent financial advisor, tax specialists, or our other departments to ensure each aspect of your estate is catered for.

Once thought of as the preserve of the wealthiest, estate planning is surprisingly common today as home values have surged. Some of the most common situations where families use estate planning are:

• If you would like to pass on wealth during and after your lifetime
• If your combined estate with your spouse will likely exceed the nil-rate-band
• Where gifts are designated directly for grandchildren, skipping over direct children
• In family-owned businesses where ongoing business continuity is important
• If you are unsure whether your wishes will be respected, or where you suspect your wishes may cause a disagreement

For many people below the age of 30 or who have just had children, writing a will is often the first step in estate planning.

Sometimes, estates are extremely straightforward and self-planning is sufficient. However, this is likely only the case if you do not own any large assets such as property. Many people are unaware of the financial risks they may unknowingly create for others when planning their own estate.

The most common example of this is parents gifting property to their children in the hope of avoiding Inheritance Tax or liquidation of the property to pay care home fees. This can result in an unanticipated inheritance tax liability, unexpected Capital Gains Tax implications for the children, or seizure of the property by local authorities in the most severe cases.

If you are looking to give away a sizeable gift or asset, you should always seek advice from an estate planning solicitor to understand any unforeseen risks.

The cost of estate planning varies depending on the type of assets you have, your estate’s potential tax liabilities, what you would like to achieve, and when you would like your wishes to take effect.

If you have a straightforward estate that only requires a will, our will writing services start from £500 excluding VAT.

Tailored written advice will require a consultation with a private client solicitor charged at £200 excluding VAT to discuss your precise needs.

For more information about our estate planning services, please contact our Client Care Team directly on 0203 007 5500.