SERVICE

Planning for the Future

Key contact

Sue Hunter
Sue Hunter
Partner
Sue is a partner and head of our Private Client sector.  She is also the head of our Wealth Management team.
0131 516 2928

Are you somebody who plans for everything? Or maybe someone who believes that what will be will be? When it comes to protecting you and your family, we think we can help you deal with all issues - those that are planned and those that happen without warning.

How we can help you

A Will and a Power of Attorney are two fairly straightforward documents. They’re simple to set up and inexpensive. And if you own anything, have family and dependants, you should have them in place. They’ll ease your mind about what happens when you’re no longer here or no longer able to manage your own affairs.

The steps to planning for your future could include:

  • Planning your affairs to deal with the expected and the unexpected
  • Advising on and drafting Wills
  • Explaining and putting in place Power of Attorney
  • Setting up Trusts to protect your assets or save on IHT
  • Administering Trusts, including charitable Trusts
  • Managing and growing wealth 

Why should I have a Will and Power of Attorney?

At Morton Fraser, our friendly and approachable team is here to help you get these two important documents in place. We’ll clarify any complex family issues and make sure your Will is clearly written in plain English so that it’s easy for everyone to understand.

Our approach is to familiarise ourselves with our clients’ circumstances and objectives and always provide clear, thorough advice. As important as your Will, is how you get to that point, and what you need to think about to get your affairs in order is all about planning. If you don't and you don't have a Will, the State will tell you what has to happen to your assets. If you have a large estate, Inheritance Tax (and other taxes) can be saved if you structure your affairs correctly. You also need to appoint Executors to sort out your estate when you die. And we can help you decide who would be best suited for this. No matter what your age or circumstances, you should have a Power of Attorney. This document gives a trusted person or people authority to make decisions on your behalf if you’re not capable of doing so yourself. This can cover financial affairs, health and welfare. We'll discuss all the options available in relation to your particular circumstances, to include your family situation and your assets, to make sure that this is appropriate for you.

How can I reduce the amount of IHT I pay?

Inheritance tax (IHT) is tax which might be due at the time of your death, but may also be due on some transactions during your lifetime. We think that IHT planning achieves the best outcomes when it involves expertise from lawyers, financial advisors and tax specialists.  

What is a Trust?

In terms of protecting your assets and for saving tax, properly set-up Trusts are invaluable. They can ensure your assets are secured for your beneficiaries and save significant amounts of money in relation to Inheritance Tax and Capital Gains Tax. For a Trust to work efficiently, you need excellent legal, tax and investment advice, as well as good administration, all of which our team can provide.

You might want to set up a Trust to pass assets to a beneficiary who can't look after them. This might be because they are too young, but equally they might be a vulnerable person who can't look after the money themselves.

  • You might be about to receive a sum of money following a personal injury. This money can be protected for you, and can help you to retain access to state benefits
  • You might know that you want to pass assets on, but are not yet clear as to who the beneficiaries will be
  • You might want to pass assets to a person, but want to protect the asset in case they divorce
  • You might have children from a previous relationship, and need to balance the needs of your children with your current spouse
  • This list is not exhaustive, but are all examples of situations where a Trust can help you make sure the Trust beneficiaries really benefit from your assets

How to plan for the future when abroad?

Estate planning can take place during lifetime, or at the time of death. In today's global society, many individuals have an international aspect to their affairs on account of where they or their families choose to live and/or where their assets are situated. If you can relate to any of these scenarios it's important that you seek advice from an experienced international estate planning lawyer to ensure that you understand how you will be affected by tax and to consider your succession planning.

Our fees

We want to provide our clients with fixed fees. That can be quite difficult to do unless we properly understand your individual circumstances, and what we need to do for you. We don't want to compromise the work we do for you or the service we deliver, by offering a headline grabbing fee quote, which we don't then deliver on. Our approach to feeing is therefore to meet with you, and to establish your objectives. The cost of this meeting, which will include a review of your assets, succession planning and your tax situation, will be £270 + VAT. The cost of this meeting will be deducted from any fee for work which follows. At this meeting, we will provide you with an estimated fee for carrying out the work, and we will not go ahead with that work unless you have approved that fee quote.