At P.A. Duffy and Company we provide specialist services to make sure your wishes are given effect after you have passed away.
It is not something we like to think about, but it is common sense to make a will in the interests of clarity after your death. Whether you wish to make provision for family, loved ones, friends or charities you will need to seek advice on estate planning and tax issues. This can all seem a bit overwhelming at first, however, our solicitors will explain everything to you and make the process as straightforward as possible.
Our legal team are approachable and professional in dealing with the sensitive issues involved in will making. Our solicitors will engage with you and identify your intentions and use their extensive knowledge and experience to give effect to your wishes.
For example, we may advise that it is appropriate for you to set up trusts to be incorporated within your will, this may allow greater flexibility especially if you intend to pass part of your estate to a child or minor.
At P.A. Duffy and Company we offer a range of services in this area including:
- Estate planning
- Inheritance tax
Many assume that drawing up a Will is an extensive process or that they will ‘get to it later’. However, in reality it is never too early to put a Will in place and, to avoid any possible legal issues, it is best to have a solicitor draw up your Will rather than take the task upon yourself or to not do it at all. There may also be circumstances when you may be incapacitated from, for example an illness or through a loss of mental capacity. In these circumstances, you have options through the ‘lasting power of attorney’ this arrangement would be made in conjunction with your Will and it is a step towards ensuring your loved ones can make informed decisions for you.
A Trust is a legal instrument to appoint Trustees and for the transfer of assets to a Trust either during your lifetime or on your death through your Will. In Northern Ireland, trusts are overlooked by different pieces of legislation such as the Trustee Act 2001. Therefore, special advice is needed if you are deciding to create a Trust in your will or a Lifetime Trust in order to make you fully aware of the possible implications of a Trust.
Whether there is a will or not, P.A. Duffy & Co. can advise you about rights of possible beneficiaries and how to best deal with issues such as Inheritance Tax, Income Tax and Capital Gains Tax. For example, where Inheritance Tax is payable, the experts at P.A. Duffy & Co. can advise you on completing a deed of variation to lessen the amount of Tax due.
At P.A. Duffy & Co. we provide succession planning for individuals, families and owner managed businesses and companies. Our team concentrates on establishing simple yet effective solutions to alleviate potential liabilities to capital taxes.
You will be obliged to pay Inheritance Tax if the value of your estate is above £325,000. The standard Inheritance Tax rate is 40%, although it is only charged on the portion of your estate which is above the threshold. Inheritance Tax (IHT) is a tax that may be payable on an individual’s estate upon death and is dependent on a number of factors, such as: size of the estate and the types of transfers to be made. IHT may also be payable upon gifts made during a person’s lifetime and will be payable on any ‘chargeable transfers’ made either during your lifetime or upon death. Inheritance Tax is a complex area. However, at P.A. Duffy & Co. our experienced solicitors can help with careful drafting of a Will which may make it possible to reduce the amount of tax which may be liable from your estate on your death.
This can happen when you die without making a will and your estate is administered according to the rules set out by legislation. In order to avoid that, you can make an enquiry with P.A. Duffy & Co. and our team will do their best to assist you.
Our experienced solicitors also provide advice on making changes to existing wills and are happy to address aby queries or concerns you may have.