probate
succession&
inheritance planning
If someone dies and leaves aWill then a
grant of probatemay be required to deal
with his or her assets but if noWill has been
made then a grant of letters of administration
will be required. At this difficult time we
can assist you in obtaining such a grant
by gathering in details of all the assets
and liabilities, reporting to HMRevenue
&Customs (HMRC) and settling any
inheritance tax liability.
If you own agricultural land or farming or a
farming business, you should have an effective
succession plan in place, whether this is through
aWill, trusts or both. Traditionally, farms are
passed down through successive generations
but it is crucially important that your property and
business assets are divided up properly according
to your wishes so that you can preserve them for
the next generation.
The issues involved are complex, and costly and
lengthy disputes can easily be avoidedwhen expert
legal advice is taken. We can advise you on capital
gains tax, inheritance tax and the appropriate reliefs
that may apply. The value of agricultural land has been
steadily rising for many years and inheritance tax is
highly likely to affect your estatewhen you die. Whilst
agricultural property relief may be available you need
expert advice to understand how it applies in practice.
It is extremely important that the assets in the
estate are accurately reported andwe can assist
you in ensuring that all details are correctly
reported to HMRC, thus reducing any possibility
of penalties being incurred.
At mfg Solicitors we believe that all estates should
be dealt with as speedily and as efficiently as
possible and have a team of fee earners who
deal specifically with probate work.
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mfgsolicitors.com
0845 55 55 321
