Wills-Professional Standards
Discussion
For some time now we have been putting off writing our Wills, but push came to shove and we managed to book an appointment with a local solicitor.
Explained in some detail our financial estate/wealth, and that to reduce IHT we wanted a trust created, the main benefits of the same being our three children.
Our initial meeting was with a solicitor, correspondence emails etc. being with a trainee solicitor, with our meeting to sign the Wills being with another trainee solicitor.
Now whilst I can read the words on the drafted Wills, I am not able to understand the legal jargon or if the Wills have been drafted in a way that will be tax efficient in so far as IHT is concerned.
So not meeting the original solicitor at the signing of the Wills makes me uncomfortable, lacking both in confidence with the solicitor, and the solicitor’s poor standards in treating a client.
Am I right in expecting the solicitor to be present at the signing of the Wills, and are solicitors the right profession to meet when drawing up Wills for Tax savings benefits?
Explained in some detail our financial estate/wealth, and that to reduce IHT we wanted a trust created, the main benefits of the same being our three children.
Our initial meeting was with a solicitor, correspondence emails etc. being with a trainee solicitor, with our meeting to sign the Wills being with another trainee solicitor.
Now whilst I can read the words on the drafted Wills, I am not able to understand the legal jargon or if the Wills have been drafted in a way that will be tax efficient in so far as IHT is concerned.
So not meeting the original solicitor at the signing of the Wills makes me uncomfortable, lacking both in confidence with the solicitor, and the solicitor’s poor standards in treating a client.
Am I right in expecting the solicitor to be present at the signing of the Wills, and are solicitors the right profession to meet when drawing up Wills for Tax savings benefits?
You are right to expect continuity in the people involved and a solicitor is the best place to start.
But these days there is very little that needs to be done/can be done to reduce IHT, a trust isn't necessary. The whole concept of a trust was to make use of the IHT allowance on the first death, you don't need to do that anymore. A simple will that leaves everything to your partner and if they pre-decease you then everything to the children does the job.
Some will argue that a trust still has some benefits, but it has disadvantages as well, personally I feel that a trust is a waste of time and makes things inflexible and it has no tax advantages.
But these days there is very little that needs to be done/can be done to reduce IHT, a trust isn't necessary. The whole concept of a trust was to make use of the IHT allowance on the first death, you don't need to do that anymore. A simple will that leaves everything to your partner and if they pre-decease you then everything to the children does the job.
Some will argue that a trust still has some benefits, but it has disadvantages as well, personally I feel that a trust is a waste of time and makes things inflexible and it has no tax advantages.
siscar said:
You are right to expect continuity in the people involved and a solicitor is the best place to start.
But these days there is very little that needs to be done/can be done to reduce IHT, a trust isn't necessary. The whole concept of a trust was to make use of the IHT allowance on the first death, you don't need to do that anymore. A simple will that leaves everything to your partner and if they pre-decease you then everything to the children does the job.
Some will argue that a trust still has some benefits, but it has disadvantages as well, personally I feel that a trust is a waste of time and makes things inflexible and it has no tax advantages.
Thank you for your reply, and indeed my initial thoughts also were to consult a tax consultant, but my thoughts were persuaded against doing the same, because I wanted the legality of the Wills to be above reproach. But these days there is very little that needs to be done/can be done to reduce IHT, a trust isn't necessary. The whole concept of a trust was to make use of the IHT allowance on the first death, you don't need to do that anymore. A simple will that leaves everything to your partner and if they pre-decease you then everything to the children does the job.
Some will argue that a trust still has some benefits, but it has disadvantages as well, personally I feel that a trust is a waste of time and makes things inflexible and it has no tax advantages.
As for the solicitor, well I came from a long ago era where the solicitor went through the legal document with his/her client/s word for word, and did not allow the client/s to sign the document, until the client/s were fully aware of the legal implications of signing the same.
Having paid the solicitor up front, together with the lack of continuity, has left me with no confidence in either the wording of the Wills or in the solicitor.
there is still plenty that can be done to help get round IHT, go see an accountant if you dont already have one they will be able to help you out.
Mind you in order for it to make any difference you need a combined pot of over 1million at my last working for it to truly be tax effective, any less and it just isnt worth it as the allowances and such on death and passing it between spouses etc mean your ok up to that amount.
Mind you in order for it to make any difference you need a combined pot of over 1million at my last working for it to truly be tax effective, any less and it just isnt worth it as the allowances and such on death and passing it between spouses etc mean your ok up to that amount.
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