Succession & Estate Planning

Succession & Estate Planning

Succession and estate planning are important processes that involve preparing for the transfer of assets, wealth, and responsibilities from one generation to the next. These processes help ensure a smooth transition while minimising tax liabilities and addressing various financial and legal considerations.

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At P.A Duffy & Co Solicitors, we help individuals and families on various aspects of estate and succession planning in cases across Northern Ireland. Our team are experienced, understanding and accommodating and will work tirelessly on your behalf to create a comprehensive plan tailored to your specific needs and ensure your wishes are legally protected.

Here are some of the key roles and services provided by our succession and estate planning solicitors:

  • Drafting Wills: our solicitors assist in creating legally sound Wills that outline how assets should be distributed upon a person's death, allowing for personalised planning based on individual circumstances and goals.

  • Tax Planning: they help clients navigate tax implications, including estate and gift taxes, and devise strategies to minimise tax liabilities through options like trusts, gifts, and exemptions.

  • Asset Protection: our solicitors develop strategies to protect assets from potential creditors, legal liabilities, and other threats while ensuring they are still available to provide for beneficiaries.

  • Probate and Estate Administration: they guide clients through the probate process, ensuring assets are distributed according to the deceased's wishes and all legal requirements are met.

  • Powers of Attorney and Healthcare Directives: they create legal documents like Enduring Powers of Attorney to designate individuals who can make financial on your behalf if you become incapacitated.

  • Business Succession Planning: our solicitors assist business owners in developing succession plans to ensure a smooth transition of leadership and ownership, whether it involves family members, partners, or sale to a third party.

  • Family Governance and Conflict Resolution: they help high-net-worth families establish family governance structures and resolve conflicts that may arise within the family related to inheritance and wealth.

  • Retirement and Wealth Distribution Planning: they develop strategies to ensure financial security during retirement and effective wealth distribution to heirs.

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FAQs

What is estate planning?

Estate planning is the process of arranging your financial and personal affairs to ensure the efficient transfer of your assets and wealth to your heirs or beneficiaries after your death. It may also involve planning for potential incapacity.

What is succession planning?

Succession planning typically refers to planning for the transfer of leadership and ownership in a business or organisation. It involves identifying and grooming successors to take over key roles.

What documents are typically included in an estate plan?

A comprehensive estate plan may include a Will, trusts, Enduring Powers of Attorney and beneficiary designations for various assets.

Who should have an Estate plan?

Anyone with assets and beneficiaries, regardless of the amount, should consider having an Estate plan. It's especially important if you want to have control over asset distribution or if you have specific wishes.

How can I finance succession and Estate planning?

Financing the services of an Estate and succession planning solicitor is an important part of ensuring that your financial and legal affairs are well-structured and aligned with your goals. We know that funding might be a worry, so we offer a range of options. These include:

• Legal expenses cover

• After the Event insurance (ATE insurance)

• Private payment

Book in for a consultation and we will be happy to discuss funding with you to find the best option for your circumstances.

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Our team of expert solicitors will be happy to assist you with your enquiry without any obligation to use our services. Contact us using your preferred method and we will gratefully assist.
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028 8772 2102Mon-Fri 9am-5pm
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01 533 7860Mon-Fri 9am-5pm

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Our Succession & Estate Planning Solicitors

Kieran QuinnKieran QuinnDirector
Emma McCaulEmma McCaulSolicitor
Ellen BatesEllen BatesTrainee Solicitor
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