How can I ensure that my affairs are in order?

August 31, 2021 6:24 pm - Categorised in: , , , ,

There is more to think about when sorting out your affairs than simply writing a Will.

Our experienced team of solicitors can help you understand important legal procedures, advise you on how to set up a trust and regularly review your nominated trustees.

Director Grace Steele has over 30 years’ experience in Private Client work and is head of the Wills and Probate Team at our Belper Office.

Grace Steele, Director and Solicitor at Ellis-Fermor & Negus shares with us some of the lesser-known considerations and how they can benefit your family’s future.

What are the major legal factors to consider alongside writing a Will?

There are two key areas that are important to highlight, which are life policies and trusts. Life policies provide insurance to family and loved ones who will receive them in the event of a person’s death. Quite often, the money is used to help them pay the inheritance tax before the grant of probate is issued. Life policies drafted for this purpose are often ‘written in trust’. It’s necessary to periodically review your trust documentation. We usually recommend that trust documents are examined every three years, in conjunction with a Will review. We can help clients ensure documents are kept up to date, and change trustees if necessary.

What are the benefits of establishing a life policy?

Life policy payments do not usually form part of the estate of a person who has died. This means that it does not come into the calculation for inheritance tax. The policy payment can provide a source of funds for children from a previous relationship in the event there is insufficient money from your estate for them. This safeguards the future and standard of living for your family and current partner.

How can reviewing your trust documents regularly help to reduce future difficulties?

It is crucial that your life policy and trust documents are correct and in order. For example, it is important to ensure the details of your nominated trustees and beneficiaries are up to date to prevent any delays to the payment being made.

Why should someone seek legal advice when sorting out their paperwork?

Life policies and trust documents are very specialised with legal implications. Having your documents reviewed by a solicitor, particularly your trust documents, will ensure that all legal parameters are met, giving peace of mind going forward.

Grace Steele is a member of the Society of Trust and Estate Practitioners (STEP) and is also one of very few Solicitors in the Derbyshire area to be chartered by the Institute of Taxation. Grace specialises in Inheritance Tax matters providing expert, bespoke advice.

For further information get in touch with our Wills and Probate team who will be happy to assist you.

Contact Our Wills & Probate Team

Back to News

About Grace Steele

Grace is a Director and solicitor with over 30 years’ experience in Private Client work in the East Midlands area. Graduating in Law from Sheffield University she trained with a large law firm in Derby.  Grace specialises in Inheritance tax planning,  Wills,  complex and high-value Probate Administration.  Grace has a particular interest in Estate Planning…

View Full Profile