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Estate Planning law in London, United Kingdom establishes legal processes for managing an individual's assets in the event of their incapacitation or death. This field of law helps to ensure the smooth transition of assets to the chosen heirs, minimise inheritance tax liabilities, and handle responsibilities such as drafting wills, setting up trusts, and power of attorney requests. London's complex tax and property laws make it particularly important to carry out detailed and meticulous estate planning.
A lawyer is almost always needed during estate planning due to the complexities of tax laws and property rights. They can assist you in creating a comprehensive will, setting up trusts to protect your assets, and offering advice on inheritance tax planning. A lawyer can also aid in ensuring that your decisions are legally implemented, thereby mitigating disputes that might arise after your death.
The key local laws in London, United Kingdom that are relevant to estate planning mainly revolve around inheritance tax, capital gains tax, and certain statutes found in the Wills Act 1837. These laws can influence how your assets are distributed and taxed after your death. For instance, inheritance tax typically applies to estates valued over £325,000, and is levied at 40%. Unmarried partners and non-direct descendants are also treated differently under UK inheritance laws, which favor spouses and direct descendants.
Yes, you can write your own will, but it's recommended to get it checked by a lawyer to ensure it's legally sound and aligns with your final wishes.
If you die without a valid will (called dying intestate), UK law determines how your assets will be distributed, which may not accord with your wishes. Hence, it's crucial to make a will.
A power of attorney is a legal document that allows someone to make decisions on your behalf if you're unable to do so.
A trust is a legal arrangement where you give control of your assets to a trustee for the benefit of a third party, usually your heirs or beneficiaries.
Not all assets are taxable. Assets left to a spouse or civil partner, or certain registered UK charities, are not subject to inheritance tax. However, a lawyer can best advise you on your particular estate.
Additional resources for understanding estate planning include the Citizens Advice Bureau, which offers free legal advice, and the Money Advice Service, an independent UK service set up by the government to provide free financial advice. Additionally, the UK Government's official website also provides comprehensive information about inheritance tax, trusts, and wills.
If you need legal assistance in estate planning, the first step is to find a reputable estate planning lawyer in London who can guide you through the process. You should ideally prepare a list of your assets and debts, identify your potential beneficiaries, and think about who you'd like to act as your executor or trustee.
