Please note, we always advise that you speak to us directly on the specifics of your case so that we may help you determine whether probate is required. To speak to a solicitor now, call 0333 72 0409
In some cases probate is not needed if the value of an estate is below £15,000. Assets above this figure are also exempt from probate if they are held in a trust – in these cases, the assets are managed by the trustees and certain assets can pass directly to a beneficiary, or be disposed of without being included for the purposes of probate.
Forward planning and taking advice on how to protect assets from inheritance tax or capital gains tax are essential when writing a will, which is why we suggest speaking to Duncan Lewis’ specialist wills and probate solicitors for expert support and advice on these matters.
The process of probate involves drawing together all assets which belong to the deceased – such as property, money and possessions – which are then valued for the purposes of the estate and applying for probate.
Taking steps such as placing assets in trusts can reduce the value of an estate for probate purposes – and can be tax efficient, as well as making sure assets are passed to beneficiaries with as low a tax liability as possible.
Property can also be placed in a trust so that they are removed from the estate for the purposes of inheritance tax.
Whether an estate is a high-value estate with extensive assets and property or land – or a more modest estate – ensuring that your heirs and future generations benefit from your property and wealth is important.
Failing to remove valuable assets – or even the family home – from probate can be costly for your heirs and future generations, with sizeable inheritance tax or capital gains tax bills being a threat to the future financial security of families.
Whether you are planning to make a will and need advice on how best to reduce tax liability – or if you are dealing with an estate and are not sure about the probate process – taking legal advice from a specialist Duncan Lewis probate lawyer can help preserve wealth and property for your family’s future.
Duncan Lewis probate solicitors offer expert advice on whether probate is needed – and how to reduce tax liabilities in an estate.
There are Duncan Lewis offices nationwide – and Duncan Lewis probate solicitors offer competitively-priced fixed fees for probate matters, whenever possible, with hourly rates for contentious probate matters.
Duncan Lewis can also advise on international probate, contesting a will, intestacy and probate, and Islamic wills and the probate process
For expert legal advice on Probate and Inheritance Tax, call Duncan Lewis Probate Solicitors in confidence on 0333 772 0409.