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Estate planning law in Manchester, United Kingdom involves the administration and distribution of an individual's property after their death. This branch of law encompasses wills, trusts, intestate succession (when one dies without a will), probate, and other legal matters associated with managing a deceased person's property. Estate planning can also encompass Power of Attorney for financial matters, health matters, and assigning guardianships. Seeking professional help for estate planning is often crucial to properly administer property and minimize the estate's liability to taxes and other fees.
You may need a lawyer for estate planning in Manchester, UK for various reasons. Firstly, estate planning laws are complex and continually changing. A knowledgeable attorney can navigate these laws and provide tailored advice for your specific situation. Secondly, a lawyer can help you optimise your estate to minimise the liability to taxes and other fees. Thirdly, if you have a large estate, have family who depend on you financially, or if you wish to leave a specific bequest, legal advice can ensure your wishes are respected. Lastly, lawyers can help you draft a legally binding will, administer trusts, and provide guidance on succession planning.
Estate planning in Manchester, UK is governed like the rest of England and Wales by the Administration of Estates Act 1925, the Wills Act 1837, and the Trustee Act 2000 among others. These acts provide guidance on the drafting of a valid will, administering of an estate, and principles for choosing a trustee. In specific relation to tax, Inheritance Tax is usually due on an estate when somebody dies and is chargeable at 40% above the tax-free threshold. The threshold and various tax exemptions can change from year to year, so it's critical to seek updated legal advice.
A will is a legal document that sets out your wishes for your estate upon your death. Without one, your assets may not be distributed according to your preferences.
A trust is a relationship created by you during your lifetime or upon your death for the financial benefit of a chosen individual, charity or other entity.
Intestate means dying without a valid will. In this scenario, the Administration of Estates Act determines the division of your estate, which may not align with your wishes.
Probate is the court-supervised process of authenticating a last will and testament, locating and determining the value of the deceased's assets, paying their final bills and taxes, and distributing the remainder of the estate to their rightful beneficiaries.
There are several legal strategies such as charitable amounts, spouse or civil partner exemptions, and the use of trusts to minimise or even avoid estate taxes. It's essential to seek advice from a professional in this matter.
The Citizens Advice Bureau can provide guidance on simple estate planning matters. Also, the UK government's website has various leaflets and an online calculator to assist with estate tax planning. Moreover, local law libraries and universities can provide further research resources.
If you require legal assistance in estate planning, seek a consultation with a lawyer who specialises in this field. They can provide advice tailored to your circumstances, help you understand your options and responsibilities, guide you through the process and aid in preparing necessary documents such as wills and trusts.
