by Saqib Khan | Jul 11, 2024 | People, Powers of Attorney, Wills
In the journey of life, planning for the future is not just prudent; it’s a responsibility. As we accumulate assets, build businesses, and raise families, ensuring that our hard-earned wealth is protected and distributed according to our wishes becomes paramount. At KhanMather, we understand the importance of safeguarding your legacy, which is why we advocate for the strategic use of wills with trusts attached.
Understanding the Basics: Wills and Trusts
Before delving into the intricacies of setting up a will with a trust attached, let’s first clarify what each document entails:
Wills:
A will is a legal document that outlines your wishes regarding the distribution of your assets and the care of any dependents after your passing. It appoints an executor to carry out these instructions and ensures that your estate goes through the probate process.
Trusts:
A trust, on the other hand, is a legal arrangement that allows a trustee to hold assets on behalf of beneficiaries. Trusts offer several benefits, including avoiding probate, providing privacy, and allowing for greater control over how assets are distributed.
The Power of Combining a Will with a Trust
While both wills and trusts serve essential functions in estate planning, combining the two can offer comprehensive protection and flexibility. Here’s how setting up a will with a trust attached can benefit you and your loved ones:
- Avoiding Probate:
Probate can be a time-consuming and costly process that exposes your estate to public scrutiny. By placing assets in a trust, you can bypass probate altogether, ensuring a smoother transition of wealth to your beneficiaries.
- Protecting Vulnerable Beneficiaries:
If you have beneficiaries who are minors, have disabilities, or lack financial acumen, a trust can provide ongoing management of assets on their behalf. This protects their inheritance from mismanagement or exploitation.
- Preserving Privacy:
Unlike wills, which become public record during probate, trusts offer privacy by keeping asset distribution out of the public eye. This confidentiality can be particularly beneficial for individuals who prefer to keep their financial affairs private.
- Mitigating Estate Taxes:
Depending on the size of your estate, proper trust planning can help minimize estate taxes, allowing you to pass on more of your wealth to your chosen beneficiaries.
- Ensuring Flexibility:
A will with a trust attached allows for flexibility in adapting to changing circumstances. Trust provisions can be tailored to accommodate future events such as marriage, divorce, or the birth of additional children.
Setting Up Your Will with a Trust: The KhanMather Approach
At KhanMather, we recognize that every individual and family has unique needs and goals. Our experienced team of legal professionals works closely with clients to develop personalized estate plans that reflect their wishes and protect their legacies.
When setting up a will with a trust attached, our process typically involves:
- Initial Consultation: We begin by discussing your estate planning objectives, family dynamics, and financial situation during an initial consultation.
- Customized Planning: Based on your preferences and circumstances, we develop a customized estate plan that may include a will, various types of trusts, and additional legal instruments as needed.
- Documentation and Execution: Our team prepares the necessary legal documents, ensuring that your wishes are clearly articulated and legally binding. We guide you through the execution process to ensure that your estate plan is properly implemented.
- Ongoing Review and Updates: Estate planning is not a one-time event; it requires periodic review and updates to account for changes in laws, personal circumstances, and financial goals. We provide ongoing support to ensure that your estate plan remains relevant and effective over time.
Secure Your Legacy with KhanMather
Planning for the future is an essential aspect of responsible stewardship. By setting up a will with a trust attached, you can protect your assets, provide for your loved ones, and leave a lasting legacy that reflects your values and priorities.
At KhanMather, we are committed to guiding you through the estate planning process with compassion, expertise, and attention to detail. Contact us today to schedule a consultation and take the first step toward securing your legacy for generations to come.
by Saqib Khan | May 21, 2024 | People, Powers of Attorney, Wills
As a trusted law firm dedicated to serving our clients’ legal needs, we understand the importance of staying informed about regulatory changes that may impact our clients’ lives. One recent development that warrants attention is the significant updates made by His Majesty’s Revenue and Customs (HMRC) to the probate application process in the UK. These changes have implications for individuals navigating the complexities of estate administration and probate. In this blog post, we aim to provide clarity on the recent amendments and offer guidance on how to navigate them effectively.
Understanding the HMRC Updates: The HMRC has recently implemented changes to the probate application process, primarily concerning the submission of inheritance tax forms. Historically, individuals applying for probate were required to complete and submit both the probate application forms and the relevant inheritance tax forms simultaneously. However, the updated procedure now requires applicants to submit the inheritance tax forms separately to HMRC before applying for probate.
Implications for Probate Applicants: These changes introduce a shift in the probate application timeline and procedural requirements. Probate applicants must now ensure that they initiate the inheritance tax assessment process with HMRC before proceeding with their probate application. Failure to adhere to this new protocol may result in delays and complications in the probate process, potentially affecting the timely distribution of assets to beneficiaries.
Navigating the New Process: For individuals navigating the probate application process, it is essential to familiarize themselves with the revised requirements set forth by HMRC. Here are some key steps to navigate the new process effectively:
- Early Engagement with HMRC: Initiate communication with HMRC at the earliest opportunity to begin the inheritance tax assessment process. This proactive approach will help streamline the overall probate application timeline.
- Obtain Professional Guidance: Given the intricacies of estate administration and tax matters, seeking guidance from one of our legal professionals experienced in probate matters is highly advisable. A knowledgeable solicitor can provide invaluable assistance in navigating the HMRC updates and ensuring compliance with all regulatory requirements.
- Organize Documentation: Compile all relevant financial documentation and information pertaining to the deceased’s estate to facilitate the inheritance tax assessment process. Thorough documentation will expedite the submission process and minimize delays.
- Timely Submission: Adhere to HMRC’s deadlines for submitting inheritance tax forms to avoid any potential penalties or complications. Prompt submission will contribute to a smoother probate application process.
- Stay Informed: Stay abreast of any further updates or revisions to the probate application process issued by HMRC or other regulatory bodies. Remaining informed ensures that you are well-equipped to navigate any changes effectively.
Conclusion: The recent changes implemented by HMRC to the probate application process underscore the importance of staying informed and proactive in estate administration matters. By understanding the revised requirements and following the recommended steps outlined in this post, individuals can navigate the probate process with confidence and efficiency. At Khan Mather, we are committed to supporting our clients through every stage of the probate journey, providing expert guidance and personalized assistance to achieve optimal outcomes. If you require assistance with probate or estate administration matters, please do not hesitate to contact us for comprehensive legal support.
by Saqib Khan | Apr 25, 2024 | Litigation, Powers of Attorney, Wills
The case of Dunlop v Romanoff stands as a testament to the vital importance of safeguarding old deeds and legal documents. Rooted in the realm of property law, this case serves as a poignant reminder of the repercussions that can arise when historical legal records are not preserved adequately.
The Case Overview:
In 1930, Dunlop claimed ownership of a property based on an old deed dating back to 1844. The deed was purportedly in his possession and was considered critical evidence in his favor. However, the authenticity and validity of the deed came under scrutiny during the legal proceedings.
Romanoff, the opposing party, argued that the deed Dunlop presented was a forgery and thus contested its legitimacy. The case hinged on the credibility and preservation of this historical legal document.
Importance of Safeguarding Old Deeds:
The outcome of Dunlop v Romanoff underscores the significance of preserving old deeds and legal records for several reasons:
- Legal Evidence: Old deeds often serve as crucial legal evidence in property disputes and other legal matters. They establish historical ownership, property boundaries, and other vital details that are pivotal in resolving disputes.
- Historical Context: These documents offer valuable insights into historical land ownership, societal structures, and legal practices of bygone eras. They contribute to our understanding of the evolution of property rights and legal systems.
- Preserving Property Rights: The preservation of old deeds is instrumental in safeguarding property rights. They serve as a link to the past and help maintain the continuity and integrity of property ownership over generations.
- Preventing Fraud: Properly preserved deeds help prevent fraudulent claims and forgeries. The authentication of historical documents can prevent wrongful claims of ownership and uphold the rule of law.
Lessons Learned:
Dunlop v Romanoff underscores the need for proper care and preservation of old deeds and legal documents. Institutions, individuals, and governing bodies must take proactive measures to ensure the longevity and accessibility of these historical records.
- Digitization and Archives: Embracing technology by digitizing old deeds can ensure their preservation for future generations. Establishing well-maintained archives or repositories also secures access to these documents.
- Legal Safeguards: Implementing legal measures to authenticate and protect historical documents is crucial. This includes stringent verification processes and legal frameworks that deter tampering or forgery.
- Awareness and Education: Educating the public about the importance of preserving historical legal documents fosters a sense of responsibility. Increased awareness encourages proactive measures in safeguarding these records.
Conclusion:
Dunlop v Romanoff serves as a cautionary tale, highlighting the significance of safeguarding old deeds and legal heritage. Beyond their immediate legal implications, these documents hold invaluable historical and societal significance. Preserving them isn’t just about upholding property rights; it’s about preserving our collective legal and historical legacy for generations to come.
by Saqib Khan | Mar 5, 2024 | Litigation, Powers of Attorney, Wills
In the wake of a loved one’s passing, emotions can run high, especially when it comes to the distribution of their estate. Unfortunately, disputes over wills are not uncommon, and they can lead to strained relationships and prolonged legal battles. If you find yourself in such a situation, you may be wondering whether it’s best to pursue litigation or mediation to resolve the dispute.
At Khan Mather, we understand the complexities and sensitivities involved in contested wills. Our goal is to provide clarity and guidance to our clients, helping them navigate the legal process with confidence and peace of mind. In this blog, we’ll explore the pros and cons of both litigation and mediation, helping you make an informed decision based on your unique circumstances.
Litigation:
Litigation involves taking the dispute to court, where a judge will ultimately make a decision on the matter. Here are some key points to consider:
- Formal Process: Litigation follows a formal legal process, with each party presenting their case before a judge. This can be time-consuming and costly, as it often involves extensive preparation, court fees, and legal representation.
- Adversarial Nature: Litigation is inherently adversarial, with each party working to prove their case and undermine the other’s arguments. This can lead to heightened tensions and further strain relationships between family members.
- Binding Decision: Ultimately, the judge’s decision is binding, meaning both parties must abide by the court’s ruling. While this provides a sense of finality, it also means relinquishing control over the outcome to a third party.
Mediation:
Mediation, on the other hand, involves engaging a neutral third party to help facilitate discussions and reach a mutually acceptable resolution. Here’s what you need to know about this alternative approach:
- Informal Process: Mediation offers a more informal and collaborative environment for resolving disputes. It allows both parties to express their concerns and interests openly, with the mediator guiding the conversation towards a resolution.
- Preservation of Relationships: Unlike litigation, which can further strain relationships, mediation focuses on finding common ground and fostering understanding between parties. This can be particularly beneficial for preserving family relationships and minimizing conflict.
- Control and Flexibility: In mediation, parties have more control over the outcome and can explore creative solutions that may not be available through litigation. This flexibility can lead to more tailored and satisfying resolutions for all involved.
Choosing the Right Path:
Ultimately, the decision to litigate or mediate will depend on your specific circumstances and priorities. While litigation may be necessary in cases of serious misconduct or irreconcilable differences, mediation offers a more collaborative and cost-effective alternative for many families.
At Khan Mather, we’re committed to helping our clients navigate contested wills with compassion and expertise. Whether you choose litigation or mediation, our experienced team is here to provide guidance every step of the way.
If you’re facing a disputed will and unsure of the best course of action, don’t hesitate to reach out to us for a confidential consultation. Together, we can explore your options and develop a strategy that aligns with your goals and values.
Remember, resolving a disputed will can be challenging, but with the right support and guidance, you can achieve a satisfactory outcome and move forward with peace of mind.
by Saqib Khan | Jan 30, 2024 | General, Powers of Attorney, Wills
Khan Mather & Cancer Research UK – our partnership & membership of the CRUK Free Will Service
Khan Mather are proud partners of Cancer Research UK and have been a member of their Free Will Service since 2018. Since then, Khan Mather have helped more than 300 people write their Will for free and the pledged gifts in these Wills for Cancer Research UK are predicted to be worth over £1,000,000.
Cancer Research UK has been at the heart of the progress that has already seen cancer survival in the UK double in the last 50 years. Gifts in Wills fund a third of the charity’s research and have helped make this possible. Whether people pledge a gift in their Will in dedication to someone who has survived or in tribute to loved one’s they’ve lost to cancer, their gift will help Cancer Research UK to fund new discoveries and find new ways to outsmart the disease.
Cancer Research UK wants to accelerate progress and see 3 in 4 people surviving their cancer by 2034 and gifts in Wills are critical to that progress.
We offer the Cancer Research UK Free Will Service to anyone aged 18+ to easily write or update a simple Will for free. The service is available all year round. Most people who use the service leave a gift in their will to Cancer Research UK, although there is no obligation to do so.
Khan Mather are ready to help you put your Will in place through the Free Will Service and guide you in your consideration of leaving a gift in your Will to Cancer Research UK, after your loved ones have been taken care of.
The work that Cancer Research UK does and the progress that is being made means that more people will survive their cancer diagnosis in the future, more people will celebrate more occasions with their loved ones and more people will receive kinder, more effective treatments.
For more information about the Cancer Research UK Free Will Service, please contact Khan Mather on 0161 850 9911 and ask to speak to Georgina Hardman or gh@khanmather.co.uk or visit cruk.org/freewillservice
by Saqib Khan | Jan 23, 2024 | Conveyancing, Data Protection, Debt recovery, General, Landlord and Tenant Law, Personal injury, Wills
As a leading UK law firm committed to transparency and clarity in our client relationships, we often find that legal terminology can seem like a maze. One such term that frequently arises in discussions about legal fees is “disbursements.” Let’s delve into this concept to shed light on what they are and why they matter in legal proceedings.
Defining Disbursements:
In legal parlance, disbursements refer to the expenses incurred by a law firm during the course of handling a case on behalf of a client. These costs are separate from the fees charged for the legal services provided. Disbursements can encompass a wide range of expenses, including but not limited to court fees, expert witness fees, travel expenses, postage, filing fees, and the costs of obtaining documents or reports necessary for the case.
Why Disbursements Matter:
Understanding disbursements is crucial for anyone seeking legal representation, as these expenses can significantly impact the overall cost of legal proceedings. While legal fees cover the professional services rendered by solicitors or lawyers, disbursements are the out-of-pocket expenses that the law firm pays on behalf of the client. These costs are then passed on to the client as part of the total expenses incurred during the case.
Types of Disbursements:
Disbursements can vary widely based on the nature of the legal matter. For instance, in litigation, they may include court fees, fees for obtaining expert opinions, or costs related to obtaining evidence or documents crucial to the case. In conveyancing matters, disbursements may involve land registry fees, search fees, or fees for obtaining property-related documents.
Transparency and Communication:
At our firm, transparency is at the core of our ethos. We believe in keeping our clients fully informed about the potential disbursements they might incur throughout their legal journey. Before commencing any work, we provide our clients with a clear breakdown of anticipated disbursements, ensuring they have a comprehensive understanding of the potential costs involved beyond our service fees.
Managing Disbursements:
Effectively managing disbursements is an integral part of our practice. We strive to optimize these costs by leveraging our network of resources and ensuring that expenses are reasonable and necessary for the successful handling of our clients’ cases. Additionally, we regularly update our clients on any changes in disbursement estimates to maintain transparency and avoid unexpected financial surprises.
Conclusion:
In the intricate landscape of legal proceedings, disbursements play a pivotal role in determining the overall cost of legal representation. Understanding these costs is essential for clients seeking legal services, as it allows for better financial planning and prevents any unforeseen expenses.
As a law firm, our commitment to transparency means that we prioritize clear communication regarding disbursements, ensuring that our clients have a comprehensive understanding of the expenses associated with their case. By managing disbursements efficiently, we aim to provide cost-effective legal solutions without compromising on the quality of service.
Navigating the legal terrain can be daunting, but with a clear understanding of disbursements and a reliable legal partner, clients can approach their legal matters with confidence, knowing they have a firm grasp on both the legal fees and associated expenses.
Should you have any further questions regarding disbursements or any other legal matters, don’t hesitate to reach out. Our team is dedicated to providing comprehensive guidance and support every step of the way.
