Surrey solicitors in Guildford, Stockport
Why Everyone Needs a Will
Wills & Will Trusts
One Hour Will Service
Tax Planning & Trusts
 
For further information on drawing up a Will, including our One
Hour Will Service, contact on 01483 6656621
 
 
 
 
 
 
 
 
 
WILLS & TAX PLANNING - Wills & Will Trusts
Standard Will
You can use your Will to appoint executors of your choice, to appoint guardians if necessary, to leave legacies to friends and charity, and to ensure that the remainder of your estate goes to beneficiaries of your choosing.
Fee £100 pus VAT
Mirror Wills
Where a couple leave all of their assets to each other and then to children or other beneficiaries the Wills are known as mirror wills. There is no inheritance tax on the transfer of assets between spouses or civil partners when the first spouse dies, provided they haven’t used their nil rate band by making lifetime gifts, two nil rate bands can be claimed on the second death meaning £650,000 can pass tax free on current figures.
Fee £160 plus VAT
Nil Rate Band Discretionary Trust Wills
The NRB Trust is still useful to protect assets from being eaten up by nursing home fees. It is also useful to protect assets which qualify for business property relief. It is set up on the death of the first spouse and places up to the nil rate band and any business property relief assets into trust. As the assets are held in discretionary trust they do not belong to the surviving spouse so they do not get taken into account for nursing home fees or inheritance tax on death.
Fee £350 plus VAT including memorandum of wishes
Flexible Life Interest Trust Will
Under a FLIT the surviving spouse has a life interest but the trustees have power to appoint capital to specified beneficiaries. Often coupled with a NRB Trust this is often used in large estates where there are children from a previous marriage. The trustees can then balance the needs of the surviving spouse and the children. It is a tax efficient way to pass assets to the children as the appointment of capital from the FLIT is regarded as a lifetime gift by the surviving spouse.
Fee £475 plus VAT including memorandum of wishes
Discretionary Trust Will
Instead of specifying beneficiaries in your Will you can create a discretionary trust and list any number of potential beneficiaries. Your Trustees can then decide who benefits and you can leave a memorandum of wishes to guide them. It is useful where beneficiaries cannot inherit outright, for example they are bankrupt, or would lose state benefits, or are not good with money.
Fee £350 plus VAT including memorandum of wishes
Pilot Trusts
Discretionary trusts are subject to a tax charge every ten years. This is charged at six percent on the amount above the nil rate band. To avoid this it is possible to set up lifetime pilot trusts and then put an amount below the nil rate band into each trust by Will.
Fee £350 plus VAT and £125 plus VAT for each additional trust

For further information on drawing up a Will including our ‘One Hour Will Service’ contact on 01483 6656621

 
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