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The importance of making a will cannot be overstressed. Each will is tailor-made
for the client, taking into consideration his or her personal financial
circumstances, family and commitments and the possible incidence of taxation and
in particular inheritance tax.
After a death it is important to those who are left behind that the estate is
administered with sympathy as well as with efficiency. It involves obtaining
valuations of all the assets of the estate, agreeing the tax liability, applying
for the Grant of Probate (or Letters of Administration in the event that there
is no will) and then with the benefit of that Grant gathering in the assets of
the estate and administering them according to the will or according to law as
the case may be.
In some cases a trust may arise
under the provisions of a will or an intestacy and that trust could last for
many years. It will normally require the advice and assistance of a solicitor
and in many cases a skilled financial adviser.
In dealing with the personal affairs of clients it is appropriate to mention
powers of attorney and Court of Protection Orders. These are normally granted to
enable relatives, friends or professional advisers to administer the affairs of
elderly or infirm persons who, for whatever reason, are unwilling or unable to
manage their own affairs. |
