Probate is a ‘grant of representation’ and gives you the legal right to deal with someone’s property, money and possessions (their ‘estate’) after they die. We can arrange for collection of an estate’s assets, pay any debts including Inheritance Tax, and distribute any property, money or possessions to beneficiaries.
A trust is a way of managing assets (money, investments, land or buildings) for people. There are different types of trusts and they are taxed differently. They are set up for a number of reasons, including to control and protect family assets; when someone’s too young to handle their affairs; when someone can’t handle their affairs because they’re incapacitated; to pass on assets while you’re still alive; to pass on assets when you die (a ‘will trust’); and under the rules of inheritance if someone dies without a will (in England and Wales). We can advise upon both probate and trusts.
