Wills:

Will Glossary

Business Succession - This is really a type of  “Estate Planning” but geared to all the members of a business, rather than an individual client.

Capital Gains Tax - CGT is payable when someone who is resident or ordinarily resident in the UK disposes by gift or sale of an asset which has grown in value during his ownership of the asset. The local tax districts deal with the assessment and collection of Capital Gains Tax.

Court of Protection - When some one becomes incapable of managing their property and affairs, (“the Patient”), they fall under the jurisdiction of The Court Of Protection and a relative or friend is nominally appointed as their representative in the Court, called “a Deputy”.

All the assets, including their home, are usually liquidated and the proceeds paid into Court.The Court then invests the money and releases it as necessary to fund the Patient’s care.

Everything the Deputy does has to follow the prescribed Court process, making this a very slow and costly exercise. Under the Mental Health Act, the affairs of anyone who loses mental capacity MUST fall under the control of the Court UNLESS they have made a valid Power of Attorney prior to the loss of capacity.

As well as handling the whole range of issues in the Court process, we also manage and administer their financial affairs and property under the Deputyship Order.

Estate Accounts - Executors, Trustees and Court Of Protection Deputies have a legal duty to prepare formal accounts of their financial management of the state or trust, and in the case of Trustees and Court of Protection Deputies, they are done on annual basis. The accounts detail capital, income and expenditure as well as any related tax information.

Estate Disputes - Although we specialise in non-contentious work, we also set up dispute cases arising from problems with wills and trusts before they are passed over to the Litigation Department.

Estate Planning - We are able to advise on the best way for people to set up the ownership of their assets to avoid the perils of Taxation, Nursing Home fees, claims from relatives and to make sure that the correct people are in charge of their money and property if they cease to be able to do so.

This covers a wide range of potential clients, including the wealthy, the elderly and business proprietors.

Executor - When someone dies leaving a Will, the people they want to have control of making their funeral arrangements and disposing of their assets are known as “Executors” .The Executors have to prove that they are legally authorised to do all that, which they establish by validating the Will. The Probate Court rubber stamp the will by issuing what is known as a Grant of Probate.

If someone dies without leaving a Will, the Law makes one for them under the Intestacy rules, whereby their nearest living blood relatives are authorised to fulfil the role of Executor and Trustee, as well as becoming entitled to actually inherit the estate.

The next of kin who act as Executors are known as “Administrators” instead of “Executors” and instead of a Grant of Probate, they are given an equivalent court order known as “Letters of Administration”.

The collective name given to both Executors and Administrators is “Legal Personal Representatives”.

Inheritance Tax - IHT is assessable in the event of the death of a person domiciled in the UK at the time of his death and is charged on the net value of his world-wide assets based on their full market value on that date.

The threshold at which the tax applies is £325K in this tax year, so people who die leaving less than that amount for tax purposes fall outside the tax charge.

A special branch of HM Revenue & Customs, called “The Capital Taxes Office” deals with the assessment and collection of IHT.

Inheritance Tax Accounts - Part of the process of obtaining a grant of Probate when someone dies involves the Executors making a full disclosure of the value of the Deceased’s assets and liabilities, which is set out in a complex Inland Revenue & Customs form which is known as an Inheritance Tax Account.

Powers of Attorney - The delegation of control of a person’s financial affairs and legal functions is the main purpose of a Power of Attorney.

We make them as a precaution, we activate them by registration at the Office of the Public Guardian and we manage and administer peoples’ financial affairs through Powers of Attorney when they become incapable of looking after their own affairs.

Probate - Management and administration of the estates of the dead including all applications to the Probate Court, the valuation and disposal of assets, the investment of legacies and the settlement of tax and state benefit claims.

Tax - We specialise in all aspects of Income Tax, Inheritance Tax and Capital Gains Tax issues for individuals, Executors and Trustees

Trusts - We set up new trusts for a variety of uses, we administer existing trusts (i.e. book-keeping, accounts tax compliance etc) as well as preparing all related documents and registering them with the Tax Authorities, Land Registry and any financial institutions involved. Bringing trusts to an end also involves certain tax , accounting and legal formalities, which we also deal with.

Examples of situations where we might use a trust are as follows;

To protect assets, including a person’s home, from the impact of taxation, claims from third parties and nursing home fees.

To define and protect the beneficial owners of interests in land held in the names of more than one person.

To protect family inheritance from the impact of second marriage or for unmarried couples.

To preserve a person’s entitlement to means tested state benefits.

To protect the inheritance or property of vulnerable people (i.e. children under the age of 18 years and adults with a disability)

Trustee - Where a trust is created other than in a Will, the Trustees are the people entrusted to look after the trust assets on behalf of the people who will benefit from the trust and are authorised to act as such as soon as the trust has been created.

Trustees of Wills don’t assume their role until the Executorship has come to an end. The Executors deal with the estate up to the point when they know that all the debts and liabilities of the estate are settled, at which point their role ends and the Trustees take over and are then on trust to settle the gifts made in the Will.

Will Writing - The preparation of new wills, the revision of existing wills, and advice on the interpretation of wills.

Your Questions Answered, - click on "Frequent Questions" to find answers to question such as when you should change your will, what happens to the children, and who is going to make sure your wishes are carried out.

Fidler & Pepper - with our experience, we help people like you with their estate planning every year. We have offices in Sutton-in-Ashfield, Mansfield and Kirkby-in-Ashfield. If you would like an initial, no obligation chat to talk through your concerns or would like to make an appointment, please contact us on 01623 45 11 11 or email us at the We also offer home appointments.