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Private Client Department
Wills, Trusts, Executries and Powers of Attorney
The Private Client department primarily deals with matters arising from Wills, Trusts, Executries and Powers of Attorney. Please contact us by telephone or email and we will be pleased to discuss any of these matters with you.
Wills
A will is a legal document which directs what you wish to happen with any property owned by you at the date of your death. Usually this involves naming the people (beneficiaries) you wish to inherit your property - known as your "estate". It is very important that a will is drawn up in proper legal form and correctly signed, otherwise it could be declared invalid and your property and assets may not go to the people you intended.
Getting the correct will drawn up can ensure that your family and dependents are properly looked after when you die. Below are a few examples of the pitfalls that can arise when writing a will to illustrate why you need to obtain proper legal advice:-
- Legal Rights - claims can be made on your property by children or any surviving spouse
- Intestate Succession - if you leave no will the law decides what is to happen to your estate.
- Non-Married Couples - your partner may get nothing from your estate without a will, no matter how long you have been living together
- Inheritance Tax - The value of a modest house can see your estate being liable to pay inheritance tax. A will can be used to minimise the amount of tax paid.
- Home-made wills - such documents, if unclear, can have disastrous consequences. It is seldom wise to try and draw up a will yourself
A properly drawn up will can provide peace of mind and avoid unnecessary legal expense.
Click here to Contact Us about writing a will
Executries
Executry is the legal term used to describe the process of dealing with a dead person's affairs. The Executor is the person or persons legally empowered to administer and deal with the assets belonging to the deceased. Usually the executor is responsible for getting all the information necessary about items owned by a deceased person.
The information is used to prepare an inventory of estate which usually has to be approved by the court. Forms have to be completed to deal with any tax due and, if everything is approved by the court, granted confirmation in favour of the executor. This is the passport to deal with the winding up of the estate. In England the equivalent procedure is known as probate.
How the executry estate is wound up will depend on whether or not there is a Will (Testate Executry) or no will (Intestate Executry). Executors can be personally liable to a beneficiary if an estate is not wound up properly so it is vitally important to obtain proper legal advice.
Click here to Contact Us about Executries
Trusts
A trust is an arrangement that allows assets to be held by one group of people (the trustees) who are appointed to hold the assets in favour of another group (the beneficiaries).
Usually, a formal written document known as a trust deed is prepared. This will detail fully what the purpose of the trust is, what is to be done with the trust assets, and when the beneficiaries are to receive the trust assets.
It is very commonly used when the beneficiaries are children so that money or property can be managed for them until they become adults.
Click here to Contact Us about Trusts
Powers of Attorney
A Power of Attorney is a written document through which someone of your choice can make decisions about your finances or welfare on your behalf.
It can be used to cover perids when you may be abroad for an extended period or in later life when, either through physical illness or conditions such as dementia, it can become increasingly difficult to manage your affairs.
A Power of Attorney can be used to avoid stressfull situations developing and, once in place, can give peace of mind to you and your family.
Click here to Contact Us about Powers of Attorney
The Private Client Department is based at our Dunbar office and is headed by Alan Borrowman.
Please contact Alan:
39 High Street,
Dunbar
EH42 1EW
Tel: 01368 862376
Fax: 01368 864748
DX: 541197 Dunbar
Email Alan Borrowman
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