Understanding the importance of estate planning and the complexities involved in wills, trusts, and probate can be challenging.
At Walker Foster, our dedicated team of wills and trusts solicitors provide expert legal advice and compassionate service to individuals and families to make these processes as clear and straightforward as possible.
Our solicitors specialising in wills and trusts offer comprehensive services to help you manage your wealth, protect your assets, and ensure your wishes are respected. From drafting wills that reflect your desires to handling complex estates and providing practical advice on Inheritance Tax, our team is equipped to advise your personal representatives and support your estate planning needs.
At Walker Foster, we understand the importance of detailed planning across all matters relating to wills, trusts, probate and more, whether this involves business succession planning, capital gains tax implications, or setting up trusts that serve your family’s best interests. Let our expert team of wills, trusts and probate solicitors guide you through the legal process with clarity and expertise.
Discover how our specialist advice can help secure your legacy and provide for your loved ones by getting in contact with the wills and trusts solicitors at Walker Foster today.
At Walker Foster, our wills and trusts solicitors provide a comprehensive range of services designed to meet all your estate planning needs. Here’s how we can assist you:
Our dedicated team of solicitors specialising in wills, trusts and probate is committed to providing expert advice, practical solutions and compassionate support. Whether you are planning for the future, managing a loved one's affairs, or navigating the probate process, Walker Foster is here to help every step of the way.
Creating a will is a fundamental aspect of estate planning and financial planning, allowing you to express your final wishes clearly and legally. Having a will in place provides certainty for both you and your loved ones and ensures that your decisions regarding your family assets are respected and implemented after your death. Here is why making a will is essential:
By making a will, you take control of these essential decisions, alleviating potential disputes among family members and ensuring that your finances, possessions and family business assets are handled according to your preferences. Our wills solicitors will provide expert legal advice and support to guide you through the will-making process to ensure your wishes are clearly expressed. They will also advise you of any potential claims that could be made against your estate and advise how best to reduce the risk of any claim succeeding.
Regularly reviewing your will ensures that it accurately reflects your current wishes and circumstances, and the circumstances of your executors and beneficiaries. Life changes, and so might your intentions for your estate and your beneficiaries.
Here are some of the most common circumstances in which you should consider reviewing your will:
Our wills, trusts and probate solicitors can provide expert advice on when and how to review and update your will. We understand the importance of having an up-to-date will that accurately reflects your wishes and circumstances, ensuring your legacy and your family’s future are protected as intended.
An executor is an individual appointed in your will who is responsible for carrying out your wishes and administering your estate after your death. Executors ensure that your assets are distributed according to your will, debts and taxes are paid, and all legal and financial responsibilities are met during the estate administration process.
Executors have numerous duties, including:
Our wills and trusts solicitors can provide expert advice on choosing the right executor for your estate, and can also serve as professional executors if required. We offer guidance and support to executors unfamiliar with the legal process, helping to alleviate the burden during what can be a challenging time.
Probate is a term often used to describe the legal and financial processes involved in dealing with the property, money and assets of a person who has died. At its core, it involves validating the deceased’s will (if one exists) and administering their estate according to their wishes or the law.
Probate is generally required if the deceased owned assets worth more than £5,000, not counting any debts and funeral expenses, or if they owned assets that were held solely in their name. Additionally, some financial institutions may require probate before releasing the deceased's funds, even if the value is less than £5,000. However, if the deceased’s assets were jointly owned, they may pass directly to the surviving owner without the need for probate.
Obtaining probate typically involves the following steps:
The probate process can be complex and time-consuming, especially during bereavement. At Walker Foster, our solicitors provide expert guidance and bereavement support to families navigating any and all probate matters. Whether you require assistance with obtaining a grant of probate, administering an estate, or understanding your duties as an executor or administrator, our probate team is here to help.
Inheritance Tax (IHT) is a tax payable on death. The standard IHT rate is 40%, but this rate only applies to the portion of your estate that exceeds your nil-rate band. There are various factors that will affect the value of your nil-rate band, but as a rule, this will be set at £325,000 per person.
If your taxable estate's total value is below this threshold, no IHT is due. Moreover, any portion of your estate that you leave to your spouse, civil partner, a charity, or a community amateur sports club is exempt from IHT, potentially reducing the taxable value of your estate.
The threshold can increase to £500,000 under the residence nil rate band (RNRB) if you pass your home to your children or grandchildren. This additional allowance is aimed at making it easier to pass on the family home without incurring IHT charges.
IHT must typically be paid within six months of the person’s death. If the tax is not paid within this period, interest may accrue on the amount owed. It is possible to pay the tax in instalments if the tax is mainly attributable to property, such as a home or business premises, which might take longer to sell.
If you have questions about whether you owe IHT, or are looking for ways to reduce the amount of IHT your estate may have to pay, get in touch with Walker Foster.
A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint one or more trusted individuals, known as 'attorneys', to make decisions on your behalf should you lose the mental capacity to do so yourself. It is an essential tool for anyone who wants to ensure their health, welfare and financial affairs can be effectively managed according to their wishes, even if they are no longer able to communicate or make decisions.
There are two main LPA types:
When setting up an LPA, you can specify conditions and restrictions to tailor the powers granted to your attorneys, ensuring they act within your preferred boundaries.
Having an LPA in place is a form of future-proofing your wellbeing and financial security. Our dedicated team of solicitors specialising in LPAs can provide expert advice and assistance in getting these set up.
We’re proud to share that our private client solicitor, Katie Hindmarsh, recently featured on Dementia Forward’s podcast to discuss the importance of future planning, particularly when it comes to making a will and putting a lasting power of attorney in place.
Katie’s insight highlights why these steps are essential in protecting your wishes, easing the burden on loved ones, and offering peace of mind for the future.
Having an LPA or a will in place is a form of future-proofing your wellbeing and financial security. Our dedicated team of solicitors specialising in LPAs and wills can provide expert advice and assistance in getting these set up.
Watch Katie's podcast here:
At Walker Foster, our approach to wills, trusts and probate services is grounded in understanding, respect and dedication to meeting your individual needs. We recognise the importance of clear, considered and compassionate legal advice in these deeply personal areas.
Our team takes the time to understand your specific situation and tailors our advice to suit your individual needs and objectives. We provide expert legal advice to help you understand the complexities of estate planning, ensuring your assets are protected and your wishes are honoured.
Whether administering an estate, setting up a trust, or drafting a will, we work efficiently and meticulously to ensure every detail is correct and every possibility is considered. We often work alongside accountants, financial planners and tax advisers to ensure that your estate planning is integrated with your broader financial and wealth management strategies.
Whether you are drafting a new will, setting up a trust, or navigating the probate process, our experienced wills, trusts and probate solicitors aim to provide a service that ensures your estate is managed exactly as you wish.
Choosing the right legal partner is essential when planning for the future of your estate. Walker Foster stands out with our deep-seated commitment to personal and empathetic legal services, making us the premier choice for your wills, trusts and probate needs.
With a heritage that stretches back to 1919, our firm has long been intertwined with the fabric of the local communities we serve. Operating from offices in Skipton, Barnoldswick, Silsden, Settle, Ilkley, Northallerton and Harrogate, we bring a nuanced understanding of both the local and broader legal landscapes to every case.
Our team of wills, trusts and probate solicitors are fully regulated by the Solicitors Regulation Authority (SRA) and combines comprehensive legal expertise with a compassionate, client-focused approach. We go beyond the standard offerings of traditional law firms, building enduring relationships to provide ongoing support through all of life's transitions.
At Walker Foster, we are dedicated to guiding you through the complexities of estate planning with clarity and care, always operating with our clients' interests as our first priority. Our mission is to ensure your peace of mind, knowing that your legacy and your loved ones are protected for future generations for years to come.
If you would like to find out more about processes and laws surrounding probate, wills and trusts, take a look at Walker Foster's downloadable guide on what needs to happen after the death of a loved one.
The following links may also be useful:
Walker Foster offered legal advice and personal support to a client who was responsible for administering and executing an estate, helping him to claim an Inheritance Tax (IHT) refund that left the beneficiaries of the will almost £50,000 better off.
Walker Foster’s contentious probate specialists have successfully settled a challenge to a will at mediation, saving our client £325,000. The settlement allowed our client to avoid court proceedings and enabled his father’s estate to finally be administered.
Walker Foster assisted a farmer in estate planning to avoid a significant Inheritance Tax (IHT) bill. By taking advantage of the available tax relief and exemptions, we guaranteed no IHT liability upon the client's death, securing his family's financial future.
If you are ready to secure your future and protect your family’s legacy, reach out to Walker Foster today. Our dedicated team of specialist wills and trusts solicitors is here to offer you expert legal advice, personalised solutions, and compassionate support every step of the way.
Contact our legal experts today to discuss your estate planning needs and start building a secure future for you and your loved ones.
27 Riddings Road, Ilkley, LS29 9LX
1 High Street, Settle, BD24 9EX
63 Kirkgate, Silsden, Keighley, BD20 0PB
3 High Street, Skipton, BD23 1AA
First Floor, 7 Victoria Avenue, Harrogate, HG1 1EQ
Century House, Northallerton, DL6 2XQ
