At Price Ferguson, we realise the fact that an essential part of estate planning includes properly constructed Wills, as well as the use of a variety of trust arrangements. In the first instance, it is desirable to at least write a simple Will so that there is clarity concerning your estate when you die. Not having a Will can, in some instances, result in the wrong people enjoying your estate, and sometimes the consequences of this can be serious.
At the same time as dealing with your Will, we would also suggest organising a power of attorney to help deal with your financial and health situation if you become unable to look after your own affairs.
One of our clients, Andrew, had sold his farm for £1.7m. He needed help to not only sort out the investment management of the money but also with inheritance tax planning. We organised Wills for both him and his wife Judith, which were structured in an inheritance tax–efficient way and designed to protect, at least in part, the family wealth in the long run. We organised a power of attorney for each of them at the same time.
In addition, we established two trusts that were designed to reduce their tax liability by some £260,000, with more savings to be enjoyed over the years ahead.
We continue to work closely with the family and are confident in significantly reducing the inheritance tax that will be levied on this estate. Our best guess is that we might save some £400,000 in total.
In the first instance, we naturally need to understand our clients' situation in depth. Thereafter, with the help of both local solicitors and other professional service providers, we collaborate together to design a solution that mitigates inheritance tax and creates an appropriate Will, as well as provide longer-term security through the power of attorney arrangements.