Opening Hours: Monday to Friday 9:00 am to 5:30pm

Estate Planning

Taxes and Trusts

Estate Planning advice in Barnsley

Pre-recession house price inflation means many homeowners fall into the Inheritance Tax net and with more and more people buying second homes, in the UK or abroad, there is increased need to use specialist advice to protect estates.

Inheritance Tax planning

House price inflation in the UK means that Inheritance Tax is no longer “a tax on the rich”. The threshold for Inheritance Tax remains at £325,000 for the tax year 2019/2020. An additional allowance of £150,000 (due to increase to £175,000 for the tax year 2020/2021) may be available to some individuals in specific circumstances. Inheritance Tax is taxed at 40% on death and is payable on the value of the estate that exceeds the individual’s available allowance.

A wide range of tax planning measures can be taken to reduce the potential for paying Inheritance Tax. Our experts can advise you on the best options for your particular situation.

Probate and administration of estates on death

Our team of Probate specialists provide advice with understanding and sensitivity when winding up and administrating estates. They can establish whether it is necessary to obtain a Grant to allow assets to be collected and distributed and advise on the type of Grant required. They can also advise on the likelihood of any inheritance tax implications, the process of reporting to HMRC and the options available to the estate and personal representatives for paying the tax. Where appropriate, the service includes tax saving advice to ensure the estate is passed on to the beneficiaries in as efficient manner as possible.

For information on our probate fees click here.

Trusts

Trusts can be created during a person’s lifetime or in a Will upon death. They allow for the management and protection of assets to ensure that your estate passes to the intended beneficiary. Trusts also provide a mechanism for maintaining disabled, vulnerable or minor beneficiaries. Both property and/or cash assets can be transferred into Trust depending on the client’s wishes.

Although trusts can be very useful in many circumstances, they are not suitable for all clients. Our legal team will advise you of the advantages and disadvantages of transferring assets into trust, taking into account your particular circumstances and desired outcomes, in order to assist you in your estate planning. We will also advise on the trust formalities and provide information regarding the ongoing management of the trust, including tax and registration implications.

We are also able to offer advice and assistance in relation to lifetime and Will trusts already in existence.

For more information please contact the office to book an appointment.

For advice upon Wills, Probate and LPAs contact: Hannah Pedley, Associate Solicitor.

Our Private Client Team

Hannah Pedley is an Associate Solicitor who joined Newman & Bond in April 2018. Following qualification in 2017 Hannah handled a mixture of property and private client files before choosing to specialise in Wills, Probate and Lasting Powers of Attorney when she joined Newman & Bond.

Hannah is an Affiliate member of the Society of Trust and Estate Practitioners (STEP) and is undergoing further qualification in pursuit of attaining her full membership and becoming a recognised Trust and Estate Practitioner (TEP). She has handled a variety of different matters and the feedback received from clients has always been extremely positive.

Wanda Halliday joined Newman & Bond in 2002 and has worked as an assistant in the Private Client Department for over 10 years. Wanda helps with initial enquiries and any queries that arise during the matter. Wanda can take calls and messages when Miss Pedley is not available. 

Recent comments from surveys returned include:

A superb service, excellent communication at all times. Caring and professional attitude treating us as a family with a lovely caring attitude, showing sympathy and understanding at a very difficult time.
Lovely service, lovely people