Edinburgh Office

0131 554 8649

0131 554 8648

Email : click here

WILLS, EXECUTRIES + POWERS OF ATTORNEY

At ELP Solicitors we can provide specialist legal advice, tailored to your individual circumstances, on a number of issues which may affect your and your family’s future financial security and your own personal welfare.

Preparation of Wills
Making a Will is one of the most important things you can do to protect your loved ones and to ensure that your property will be passed to your chosen beneficiaries. In the absence of a Will your estate will be distributed in accordance with the Scottish law of intestacy and this could have unexpected consequences. For example, often a surviving spouse will not inherit the whole estate and in some circumstances part of the estate will pass to parents and siblings in preference to the spouse. Making a Will ensures that your wishes are carried out and can also allow you set up a trust if you wish to provide protection for young or vulnerable beneficiaries or to make bequests to a favourite charity or to valued friends. In some cases a carefully drawn Will can also reduce the Inheritance Tax payable on your estate. Making a Will also makes the practicalities of dealing with your estate much quicker and easier for your family as well as keeping costs down. We can assist you in the preparation of a Will and would be happy to arrange an appointment to discuss your wishes.

Continuing or Welfare Power of Attorney
A Continuing or Welfare Power of Attorney appoints one or more trusted individuals to act on your behalf in relation to financial matters or issues affecting your welfare and, importantly, will remain valid even if you can no longer manage your own affairs. Ideally, you should grant a Power of Attorney when you are in good health and before there is any question of incapacity. This is known as a “protective” Power of Attorney and, once registered, the Power of Attorney can simply be retained indefinitely unless or until it is required. In a time when people are living longer, a Power of Attorney can be invaluable when help becomes required – perhaps as a result of an accident, a stroke, or the onset of dementia. While family members will often try to assist, most banks, pension companies and other agencies will insist on formal authority. If no Power of Attorney is in place then the only option may be to apply to the court for a guardianship order which is very costly, time consuming and can be stressful for all concerned. While none of us likes to consider these things, we would strongly recommend drawing up a “protective” Power of Attorney, and we would be happy to explain matters further and to discuss whether a Power of Attorney would meet your needs.

Inheritance Tax Planning
If you are concerned that your estate is likely to be subject to Inheritance Tax (which is currently payable at 40% on any part of an estate which exceeds £325,000) we would be happy to discuss ways in which you might be able to reduce your potential Inheritance Tax liability.

Administration of Executry Estates
When someone passes away we can help you with the formalities of administering the estate in an efficient and cost-effective way. We can explain the procedures involved, the likely timescales and give you an indication of the costs involved. Our aim is to make what is undoubtedly a very difficult and stressful time as straightforward as possible and to complete the administration without delay, keeping you regularly informed of progress.

For advice on any of these matters or to make an appointment please contact Barbara Watson on 0131 554 8469 or at barbara@elpsolicitors.com.