WILLS AND ESTATE aDMINISTRATION

What is a Will and power of attorney?

A will makes clear how you want your estate to be handled and helps to protect your beneficiaries’ interests after you’ve died, but a Lasting Power of Attorney protects your own interests while you’re still alive – up to the point where you die. The moment you die, the power of attorney ceases and your will becomes relevant instead.

Peace Of Mind

Ensuring your affairs are in order is one of the most important aspects of financial planning. By putting in place some simple arrangements you can make clear your wishes, which can alleviate and offer reassurance to loved ones faced with making difficult decisions on your behalf.

Making a Will is vital in Inheritance Tax (IHT) planning and it is important to ensure it is well written and planned correctly. A carefully drafted Will can help your heirs plan for IHT appropriately by making the most of the tax reliefs available and ensuring your assets go where you want them.

Remember, a Will drawn up many years ago may not still hold good today, so it’s important to take a regular review of its provisions, and relevance to your changing circumstances.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.

The writing of a Will involves the referral to a service that is separate and distinct from those offered by St. James’s Place. Wills  are not regulated by the Financial Conduct Authority.

Lasting power of attorney

For some of us, there will come a time when we are not physically or mentally able to make decisions for ourselves. It’s important to plan in advance so someone you know and trust can manage your affairs for you, if the need arises.

We have access to a number of legal service providers which can arrange Powers of Attorney on your behalf as part of the service and advice we provide when it comes to protecting you and your estate.

Powers of Attorney involves the referral to a service that is separate and distinct from those offered by St. James’s Place. Powers of Attorney are not regulated by the Financial Conduct Authority.

estate administration

Estate administration or Estate Pay is the process of dealing with a person’s legal, financial and personal tax affairs after they have died.

It involves obtaining a grant of probate (confirmation in Scotland). But this is just one element of the process.

All of the deceased’s assets need to be dealt with. These could be property, investments, personal possessions, and liabilities, such as outstanding debts and estate expenses.

Other aspects of estate administration can include:

  • notifying beneficiaries and dealing with their questions
  • redirecting post and cancelling or transferring utilitiesd
  • dealing with any Income Tax liabilities
  • advising on the distribution of assets to avoid or mitigate tax liabilities
  • calculating and paying Inheritance Tax where relevant
  • dealing with specialist legal work.

You may wish to administer an estate by yourself, but please be aware this could take a significant amount of time and effort. It also leaves you personally liable for any mistakes made during the process.

Whether simple or complex, the issues faced with dealing with the death of a loved one are rarely straightforward. That’s because they involve procedures most of us are not used to dealing with, and financial matters are often the last thing on our minds in this situation.

We have access to Kings Court Trust as they are the preferred provider of estate administration for St. James’s Place. Kings Court Trust is one of the leading specialist estate administration service providers in the UK and, like us, they place their clients at the heart of everything they do.

Testimonials

I have known her as our family Financial Adviser for about 10 years. She has always put my interests first and given sound advice. I found her to be pleasant and trustworthy. Her service and support has always been exceptional. I get great pleasure in recommending her to anyone.
Thurairatnam Kathirgamakarthigeyan
Retired Eye Surgeon
Andrea has been wonderful, and I feel confident in discussing my financial matters with her as I know she will treat my affairs confidentially. She has always been there whenever I needed - literally with a click of a button and the support, she provides is extraordinary. She has gone out of the way to help me on a few occasions. I will not hesitate to recommend her to anyone.
Sandy Shiralkar
Consultant Vascular Surgeon
Andrea has provided us with exceptional service and advice. We feel that Andrea has listened to what we want and need and has helped us to build a robust retirement plan. We would recommend Andrea to our friends and family.
Claire Richards
Manager

Get in touch To Find Out More

The Partner together with St. James’s Place Wealth Management plc are the data controllers of any personal data you provide to us. For further information on our uses of your personal data, please see the Partner’s Privacy Policy.