We take great pleasure in providing practical advice to people who have worked hard all their life and wish to preserve their wealth, whether to enjoy in their later years or to pass down to future generations.
Helping every sector of society plan for their future
At Nalders Solicitors, we have a team of solicitors who have spent many years advising clients on how to ensure their wealth and assets are protected. This type of law can be complex; however, we have a strong reputation for providing practical advice and communicating in a relaxed manner, free from legal jargon.
We can provide guidance on:
- Setting up and/or managing a trust
- Inheritance tax planning
- Lasting Power of Attorney
Our clients come from all sectors of the community and include farming families, large landowners and property investors, business owners and those who simply want to make sure what they have worked for is passed down to their children.
Our expert team can also talk to you about managing your affairs to limit the amount you or your family may have to pay in care home fees.
Nalders Solicitors has been advising clients in the West Country for generations. Because we have provided legal advice in the area for so long, we have formed strategic partnerships with accountants, financial advisors and wealth managers. By working with them, we can help protect you and your family’s best interests for the long-term.
We look forward to working with you to devise a strategy that will protect your wealth and the future interests of your decedents.
To find out more about how we can advise you on lifetime planning, please fill in our contact form, or visit our Contact Page to find the Nalders office which is most convenient to you.
Do you have a will? If not, you are in the majority. More than 57% of people in the United Kingdom do not have a will, and this figure rises to 65% for those who do not have children over 18 years of age.
The main reason cited for not having a will in place is apathy. Drafting a will is not high on the list of exciting things one can do in a day. However, you may be surprised that the consequences of dying intestate can be rather dire.
What Happens When You Die Without A Will?
If you pass away without having a will (known as dying intestate), the property you leave behind (your estate) will be shared out according to the rules of intestacy. These rules are intricate and complicated, and there are a few nasty surprises in store for those who are unaware of the consequences of not having a will, including:
- If you are not married or in a civil partnership, your partner may not inherit anything from your estate
- If you are separated from your spouse but not yet divorced, they will inherit your estate
- Children will inherit only if the estate is valued at a specific amount (currently £250,000), as the first portion of the estate will pass to the surviving spouse
- If there are no surviving relatives, the estate will pass to the Crown
- Friends, relations by marriage, and carers cannot inherit under the rules of intestacy
Making The Process Of Drafting A Will Easy
At Nalders Solicitors, we take the hard work out of creating a will by making the process quick, efficient and effortless on your part. Our experience means that we will ask the right questions to ensure your property is divided up exactly how you desire. We can also provide sound, solid advice on how to structure your affairs in order to pay minimum inheritance tax on your estate.
To find out more about our private client team and how they can advise you on drafting a robust Will, please fill in our contact form, or visit our Contact Page to find the Nalders office which is most convenient to you.
Inheritance Tax Planning
Once considered solely a matter for families with large, drafty country estates, inheritance tax now affects many people of differing wealth levels. The main driver for this has been the huge rise in property values, resulting in individuals leaving estates worth far more than ever anticipated.
To protect those inheriting from your will needing to pay death duties, early planning is vital. With a 225-year history in the West Country, Nalders Solicitors has advised thousands of people from all walks of life on how to plan for inheritance tax.
Inheritance tax – the basics
Inheritance tax is payable at a rate of 40% on the value of your estate over and above the nil- band which is currently set at £325,000 per person. The nil-band can be passed onto a surviving inheriting spouse, meaning the beneficiaries of a married couple’s will are unlikely to pay inheritance tax on the first £650,000.
How you can reduce your inheritance tax
There are a number of ways we can assist you with reducing the inheritance tax payable on your estate including:
- Setting up a family trust
- Gifting your property and assets over a period of time
Changes to the inheritance tax rules from April 2017
From April 2017, a new nil band will apply to the family home, starting at £100,000 and increasing each year until it reaches £175,000 by 2020. Similar to the £325,000 nil band rate which currently exists, the family home rate will be transferrable between spouses and civil partners.
What this means in principle is that a married couple can leave £1 million in assets without paying any inheritance tax but only if the family home is left to direct decedents (children, stepchildren, adopted or fostered children or grandchildren).
Let us assist you in protecting your wealth
Our expert private client team will advise you on the best way to manage your inheritance tax planning and offer solutions tailored to your circumstances.
To find out more about how we can advise you on all matters relating to inheritance tax planning, please fill in our contact form, or visit our Contact Page to find the Nalders office which is most convenient to you.
Lasting Power of Attorney
The last thing anyone wants to think about is the possibility of being mentally incapable of managing their life. However, the fact is that although we now enjoy greater life expectancy than ever before, the flip side is there is an increased chance of developing an illness that can rob us of our capacity as we age. A Lasting Power of Attorney (LPA) can provide you with the comfort and confidence of knowing that you have personally selected an individual to manage your affairs if you become unable to do so. In addition, you will be able to set out in as much detail as you want, the extent of the power your elected Attorney has. Let our compassionate, friendly team of solicitors assist you with drafting an LPA that resonates with your wishes. Types of Power of Attorney There are two types of LPA. These are:
- Property and Financial LPA. This will give your Attorney the power to deal with your property and financial affairs; for example, they will be able to pay your bills and sell your home if you require funds for medical care.
- Health and Welfare LPA. Under this type of LPA, your Attorney has the authority to make decisions surrounding your health and welfare if you become unable to do so. For example, they can decide which medical treatment you will accept and administer medication. They can also be given the power to decide whether to discontinue treatment that can prolong your life.
The importance of an LPA?
If you do not have an LPA and you become mentally incapacitated, then someone close to you can apply to the Court of Protection to become your Deputy and manage your affairs. They may not, however, be the person you would have chosen yourself, and you will not have had a say on the extent of their powers or how you wish to have them exercised. By having an LPA, you retain some amount of control over your future finances and health, and this provides comfort for many people. Our specialists have many years’ experience drafting LPAs for people in Cornwall and beyond. By taking the time to listen to your requirements, you can be assured that we will prepare your document in a way that clearly expresses your wishes.
To find out more about our private client team and how they can advise you on drafting a Lasting Power of Attorney, please fill in our contact form, or visit our Contact Page to find the Nalders office which is most convenient to you.
Setting up a trust can protect your property and assets, reduce your tax obligations and provide security that your wealth is being protected. However, they are sometimes complex to create, and it is imperative to select an experienced solicitor who understands how trusts operate and will take the time to analyse what you are trying to achieve by setting up a trust.
Our private client team is a partner-led, highly experienced and practical. We have been advising Cornish families on trusts for 225 years, and although the law has changed greatly over this period, the quality and consistency of our legal advice has not. That is why we are known as one of the West Country’s foremost experts in trust law.
The definition of a trust
A trust is an arrangement whereby a person or company (known as the settlor), puts property and assets into a trust to benefit particular people (known as beneficiaries). The property is managed by trustees who are governed by the trust deed which sets out how the trust should be run.
The advantages of a trust
If set up correctly and early enough, trusts can provide numerous benefits, including;
- Protecting property and assets from creditors
- Facilitating a vehicle for money to be used to fund a particular cause such as a charity or to educate future generations
- Avoid care home fees (although local bodies have considerable powers to ‘claw-back’ care home fees that have been placed into a trust specifically for this purpose)
- Help plan for inheritance tax
- Allow for money and property to be inherited when beneficiaries reach a certain age
How we can help
At Nalders Solicitors, we can provide you with sensible, pragmatic advice when it comes to setting up a trust and create a vehicle that suits your particular purposes. Our private client team is encouraged to be creative when finding solutions and will devise a strategy to ensure your key goals are met. We can also advise trustees on the administration of trusts and represent you if you are a beneficiary involved in a dispute with trustees.
To find out more about how we can advise you on all matters relating to trusts, please fill in our contact form, or visit our Contact Page to find the Nalders office which is most convenient to you.
Our private client team can assist you with applying to the Court of Protection for a Deputyship Order, if a person close to you becomes mentally incapacitated, through illness, old-age or a brain trauma, so you can make decisions on their behalf.
At Nalders Solicitors, we understand the sensitive nature of applying for a Deputyship Order and will work with you to ensure the mentally incapacitated person’s best interests are considered first and foremost throughout the process.
How does a Deputyship Order work?
If you are granted a Deputyship Order by the Court of Protection, you will be allowed to manage the incapacitated person’s property and their financial affairs. You can also apply for a separate order to make decisions on their health and wellbeing.
The person appointed to be a Deputy is usually a relative or close friend. The Court of Protection will require full details of the person’s personal circumstances and finances when considering an appointment. The Court will also need proof, in the form of a medical certificate, confirming that the person you are applying to act as Deputy for is mentally incapable. Once appointed, a Deputy is supervised by the Court and is required to produce annual accounts and maintain the appropriate insurance.
We can assist you to make a formal application to the Court of Protection and then advise you on administering the duty that comes with being a Deputy, once you have been appointed.
To find out more about our private client team and how they can advise you on applying for and administering a Deputyship, please fill in our contact form, or visit our Contact Page to find the Nalders office which is most convenient to you.
Appointing an attorney can be an easy task if you have close family or friends in whom you have complete trust and confidence. However, as the press readily tell us, investigations into the actions of attorneys and deputies appointed under the lasting power of...read more
A recent High Court decision starkly illustrates the pitfalls when parents lend money for house purchases and rely on family ties rather than legal contracts ... David & Glenda Joy from Bude in Cornwall lent their daughter Lucy £90,000 which they said was a...read more
Creating a Financial and Business Lasting Power of Attorney Individuals with business interests have most likely invested blood, sweat and tears into the running of their business to ensure their success. Key Person Insurance may well be at the forefront of...read more