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Estate Planning law in Liverpool, and throughout the United Kingdom, involves the legal process of managing one's assets during their lifetime and administering these assets upon their death. This typically includes decisions on wills, trusts, benefits, and the legal power of attorney. The aim is to ensure the smooth transition of wealth and assets to the next generation, minimise tax liabilities and prevent disputes.
Engaging a lawyer in Estate Planning can be crucial to assure that all legal avenues are being explored to protect the assets in case of incapacity or death. This typically includes cases such as creating a will, setting up trusts, organising power of attorney, and tax planning. Furthermore, a lawyer can assist in navigating complex situations such as blended families or business succession planning and ensure all legal paperwork is correctly completed and filed.
The primary legal aspects in Liverpool relevant to estate planning include laws about wills, the establishment and management of trusts, inheritance tax, the power of attorney, and probate law which governs the administration of an individual's estate after their death. Furthermore, Liverpool follows the UK-based law that wills must be written, signed, and witnessed appropriately to be considered legally valid. If these criteria are not met, the estate may be subject to the rulings of the intestacy laws.
Having a Will ensures that your assets are distributed as per your wishes after your death. Without a Will, the law will decide how your estate is distributed, and this may not align with your wishes.
A Trust is a legal arrangement where a person (the Trustee) holds assets on behalf of beneficiaries. Establishing Trusts can be a good way to minimise inheritance tax liabilities.
The Power of Attorney gives an individual of your choice the legal authority to handle your affairs during your lifetime in case of your incapacity.
Probate is the legal process of dealing with the estate of someone who has died, including distributing the assets as per their Will or the law, if there is no Will.
Inheritance tax is the tax on the estate of someone who’s died, though there are certain exemptions and allowances which can reduce or eliminate this tax liability.
Her Majesty’s Revenue and Customs (HMRC) and Citizens Advice Bureau provide invaluable resources for understanding estate planning laws and taxation. Furthermore, The Law Society can help find accredited solicitors specializing in wills and probate law.
If you believe that you require legal assistance in Estate Planning, it's recommended to consult with a lawyer specialized in this field. You can involve Law Societies, legal advice services or law centres to find a suitable attorney.
