Wills and Probate
DEATH and taxes may be the only certainties in the world, but David Cornelius reckons he can at least mitigate their effects.
He can draft wills, run trusts or bust them, administer estates and plot safe passage through the complexities of capital gains and inheritance taxes.
But David, who heads the private client team at lawyers Bond Pearce, is reluctant to identify general principles in planning wills.
"It's a personal and bespoke service," David says. "We don't use standardised wills but instead apply our expertise in taxes and legislation to draft the best possible settlement of a client's affairs.
"Each individual's circumstances are unique."
That flexible approach is increasingly in demand. Take the typical example of someone aged in their fifties who has sold a business for a large cash sum - a common occurrence in 21st century Britain.
"They want to take care of the family, including provision for the grandchildren," David says.
"They may make the mistake of going to the family solicitor. Unfortunately, the reality of contemporary tax and legislation is that this area of the law now needs specialists."
And trends in contemporary society also pose challenges to drafting of wills.
"There may have been a second marriage," David says. "The new spouse may be younger than the children of the first marriage. The rules for those who die without making a will may not cover them all adequately."
The Bond Pearce team can draft wills that cover all eventualities, defuse potential conflict, avoid unnecessary tax bills - and thwart spendthrifts.
"We ensure that a client's estate is as tax efficient as possible," David says. "This work can vary from including nil rate band discretionary trusts in wills to advising whether assets obtain tax reliefs.
"We also ensure a client's estate is as tax efficient as possible. That may mean incorporating a trust into the will. It could mean using tax reliefs or changing investments."
David can also turn an expert eye to provisions already made, perhaps helping a son to challenge aspects of a father's will, or questioning the structure of trusts - especially those set up in the 1960s and 1970s.
I reviewed a number of trusts established by AWD Plc (formerly Chase de Vere) and had to decide whether some assignments were valid," David says.
"Some were not. So I helped bring matters to a close and arrange the funds for the trust to be distributed to beneficiaries.
"We can also go on trust-busting exercises to get assets out of a trust where there are complications. And we can explore taxation issues for trusts, like entry and exit charges for inheritance tax."
Main Services
Will Drafting
The Team prepares wills for a wide range of clients, including:
- straightforward wills for married couples drafted after a meeting with an expert wills and probate solicitor to cater for individual needs;
- wills to accommodate more complex family circumstances, including provision from the estate for the children of a first or earlier marriage;
- wills that ensure a second spouse or other spouses can benefit from the estate during their lifetimes;
- protection of funds for future generations.
Estate Planning
Bond Pearce experts look to the future tax efficiency of an estate by considering:
- adding to wills nil-rate band discretionary trusts;
- reliefs like business property or agricultural property relief;
- lifetime planning through changing the nature of investments, utilising inheritance tax-saving products on the financial market and gifting away life interest;
- a gift of property from parents whose adult children live with them
Enduring Powers of Attorney
Bond Pearce specialists advise on preparing Enduring Powers of Attorney to allow nominated persons to sign on an individual's behalf if something was to happen to them and they became mentally incapable. Bond Pearce deals with:
- registration;
- receivership issues that occur when an individual does not create an Enduring Power of Attorney and someone wishes to be appointed to deal with their affairs;
- contested Enduring Power of Attorney when objection is lodged against the attorney being appointed.
Estate administration
The Bond Pearce team deals with:
- administration of a deceased's estate from the date of death until funds are distributed;
- establishment of any trusts and subsequent management of these trusts;
- varying characteristics of estates, some of which are and some which are not subject to inheritance tax;
- interpretation of clauses and wills within the specified two-year period.
Trust Reviews and Trust Issues
Bond Pearce solicitors are experienced in dealing with a range of issues arising from trusts law, including:
- information to be disclosed to beneficiaries;
- the validity of trust documents;
- reviews of the validity of trusts;
- remedies for invalid assignments;
- recovering assets from a trust through "trust-busting";
- taxation issues for trusts, like entry and exit charges for inheritance tax, the inheritance tax treatment of trust beneficiaries, trust income tax and capital gains tax.
Trust Administration
Bond Pearce's specialist team deals with the day-to-day trust administration of a number of large trust funds with Bond Pearce partners as trustees in some cases.
Personal Injury Trusts
Bond Pearce experts - include colleagues in the personal injury team - advise on the establishment of trusts for recipients of damages for personal injury.
For further information please contact:
David Cornelius
+44 (0)845 415 7823
