What we do
Our Services
You have worked hard for what you have. Now, let us help you keep it. As members of several professional organizations, all Apex Estate Planners staff members adhere to proficient standards of technical knowledge and clarity. They are committed to undergoing regular continuous professional development to maintain the quality of service.
Last Wills and Testament
A Will is not just about distributing your assets, it’s about ensuring your loved ones are cared for, your wishes are respected, and your legacy is protected. It’s a crucial tool in estate planning, allowing you to appoint guardians for your children, protect your estate from other claims, and even make gifts to friends, colleagues, and charities. While DIY Wills may seem appealing, they can lead to uncertainty and potential disputes.
Our professional services offer a more tailored solution, providing advice on estate planning and trusts to ensure a smooth transition of wealth. It’s a natural human reaction to put off having a Will, leaving many people’s estates in disarray upon their death. By being prepared, you can make the most of your life and minimise problems and distress for your families. Explore more to secure your peace of mind and make the most of your life.
Probate & Estate Administration
Dealing with a loved one’s estate after their passing can be a daunting task. Probate, a legal process initiated upon an individual’s death, involves various legal, tax, and financial aspects. While not always required, it is crucial when there’s a valid Will and significant assets involved. Estate administration, on the other hand, involves handling all legal and tax affairs post-death.
At Apex Estate Planners, we guide you through these complex processes, ensuring your loved one’s wishes are honored with utmost respect and legal precision. We provide transparent, fixed-rate probate fees based on your needs and the complexity of your estate. Additionally, we offer guidance on what to do when someone dies, from reporting the death to registering it with the appropriate authorities. Explore more to understand how we can help you navigate this journey.
Lasting Power of Attorney (LPA)
Life is unpredictable, and there may come a time when you’re unable to make decisions independently. An LPA allows you to appoint trusted individuals to act on your behalf, ensuring your interests are represented. There are two types of LPAs: Property and Financial Affairs, and Health and Welfare. Creating an LPA is a crucial part of future planning and remains effective even if mental capacity diminishes. Without an LPA, your family may face arduous and costly court proceedings. You have the flexibility to cancel an LPA at any point before or after its registration, provided you possess the mental capacity to make this decision.
While both types of LPAs are recognised in England and Wales, their acceptance in other countries varies. As emphasised by Charity Age UK, there is no predetermined age at which one should consider creating a Power of Attorney. Explore more to safeguard your future and maintain control over your life decisions.
Inheritance Tax Planning
Inheritance tax, affecting not just the wealthy, is a tax on the estate of someone who’s passed away and can sometimes be payable on certain lifetime transfers. With the right advice and planning, you can minimise tax liabilities and ensure efficient distribution of your assets. Most estates don’t have to pay inheritance tax because the first £325,000 is exempt from IHT. You can also make gifts that avoid inheritance tax, known as potentially exempt transfers. Ignoring the issue of inheritance tax could inflict headaches upon loved ones during a very stressful time.
There are a host of simple planning measures that can save you a fortune in inheritance tax such as getting your Will in order, moving your ISAs to inheritance tax-free options or just giving away your excess assets while you’ve still got at least seven more years on the clock. Explore more to understand how you can preserve your wealth for future generations.
Trust and Asset Protection
Trusts are a powerful tool for managing assets and protecting your wealth from potential threats like creditors, family disputes, and taxation. They offer flexibility, asset protection, and privacy. Asset Protection Trusts, established during your lifetime, safeguard your assets from unforeseen debts, care fees, and creditor claims. Discretionary Trusts allow you to determine who benefits from your assets and when. Death Benefit Trusts can be instrumental for pension scheme members, minimising inheritance tax implications. Declaration of Trusts prove useful in scenarios such as transferring rental income from a taxpaying spouse to another with lower or no income, resulting in income tax savings. Charitable Trusts allow more control over regular donations or specific causes, with gifts to such trusts being exempt from capital gains tax and inheritance tax. Explore more to understand how establishing a Trust can be a solution to challenges in passing your hard-earned wealth to your loved ones.
Trust & Estate Tax Returns and Accounts
Trusts are a powerful tool for managing assets and protecting your wealth. They are required to submit a self-assessment tax return to HM Revenue & Customs (HMRC) after each tax year. There are different types of trusts, each with its own tax implications. The death of an individual does not absolve tax obligations, and tax liabilities can be categorised into two parts: tax affairs up to the date of death and tax affairs during the period of administration. Inheritance Tax Return (IHT 400 and relevant schedule) is the responsibility of the executor or personal representative to assess the estate, complete the appropriate IHT forms and pay any IHT due. Explore more to understand how you can provide transparency and clarity during estate administration and ensure accurate distribution among beneficiaries and other interested parties.
Trust Registration
The UK Trust Registration Service (TRS), managed by HMRC, requires certain trusts to register and report information about the trust and its beneficiaries, originally established under anti-money laundering laws in 2017. Since October 2020, both taxable and non-taxable express trusts must generally register unless specifically excluded, with deadlines depending on the trust’s creation date and tax status. Taxable trusts created after April 2021 must register within 90 days of a tax liability, while those created earlier must register by January or October following the tax year with liabilities.
Updates to trust records on TRS must occur within set timelines for any changes in details. Taxable trusts must confirm accuracy annually by January 31, while non-taxable trusts must update records within 90 days of changes. Certain trusts, such as UK pension schemes, charitable trusts, and trusts for vulnerable beneficiaries, are exempt from TRS registration.
Deed of Variation (DOV)
A Deed of Variation (DOV) allows beneficiaries to alter a Will after someone’s death to potentially reduce inheritance tax and redirect assets. If an estate faces a 40% inheritance tax, poor estate planning can reduce the intended inheritance for loved ones. With a DOV, beneficiaries may adjust the distribution to improve tax efficiency, include overlooked individuals, or manage situations where no Will exists. Changes must be made within two years of the deceased’s passing, with specific requirements for effectiveness.
A DOV can save taxes by “rewriting” parts of the Will as if the deceased made the changes, including skipping generations to minimise future taxes. To be valid, the deed must be written, signed by affected beneficiaries, identify the varied estate parts, and, if involving minors, include a court order. Beneficiaries may also disclaim their inheritance rights if they prefer no benefit from the estate.
General Power of Attorney
A General Power of Attorney (POA) allows individuals to designate someone to manage personal or financial affairs during times of incapacity or unavailability. The scope can be tailored to specific tasks and remains valid as long as the individual retains mental capacity, though it can be revoked if desired. If mental capacity is lost without a lasting POA, a deputy may need to be appointed by the Court of Protection to make decisions in the person’s best interests, requiring annual reporting to the Public Guardian.
Proper will storage is essential to prevent distress and loss. Options include secure home storage, bank storage, or lodging with a probate registry. Services like National Will Safe Ltd provide secure storage with executor access and insurance coverage, while Certainty’s National Will Register offers an optional registry to help locate wills, ensuring executors and loved ones can find and execute the will effectively.
Advance Decisions (Living Wills)
Advance Decisions (Living Wills) and Advance Statements help express healthcare preferences for those who may lose decision-making ability due to illness or injury. An Advance Decision is a legally binding document allowing someone to refuse specific treatments, like CPR or artificial feeding, and must be written, signed, and made with mental capacity. It cannot be used to refuse basic comfort care or demand specific treatments.
An Advance Statement is not legally binding but lets someone express general care preferences, including lifestyle wishes such as preferred living arrangements and diet. While it doesn’t have legal force, it guides healthcare professionals in respecting the person’s values. Consulting with a healthcare professional ensures clarity and alignment with medical care options.
Shari`a compliant Islamic Wills & Trust
Under Shari’a law, Muslims are encouraged to write a Will to ensure their estate is distributed according to Islamic principles, which differ from UK intestacy laws. Shari’a allows up to one-third of an estate to be allocated freely, including to charities or non-Muslim relatives, while the remaining two-thirds must be divided among family members in fixed shares. A surviving wife receives an eighth, a husband a quarter, and parents a sixth each, with the remainder allocated to children, with sons receiving twice the amount of daughters.
Shari’a-compliant Wills can appoint executors, guardians for minors, specify charitable donations, and outline funeral wishes. Although lifetime gifts are unrestricted, terminal illness limits apply. Due to inheritance tax implications in the UK, Shari’a Wills may not be tax-efficient, but tools like a Deed of Variation or tax-efficient planning by professionals can help address this.
