What is a Private Client Solicitor?

Posted by Janice on March 27th, 2019

Unlike private banking that is for high-net-worth individuals who have large incomes or sizable assets, the services of a private client solicitor are for everybody.

A private client solicitor provides legal services that can help you prepare legally for anything that life may throw at you. Their services help you and your family become legally safe.  Typically, they plan, manage and protect your wealth no matter how small or large your assets may be.

Legal services a private client solicitor may offer include:

  • Writing Wills
  • Creating and administering trusts
  • Acting as the executor of a Will and carrying out the administration of an estate
  • Providing inheritance and capital gains tax advice
  • Setting up a Power of Attorney

Many people still believe that these services are for the elderly, however, this is not the case.

Write a Will

If a person dies without a Will, any assets they own (money, property etc) will be passed on to their next of kin following the laws of Intestacy.  In many cases, this may result in a satisfactory outcome.  However, if any of the following situations apply to you, then writing a Will is necessary:

  • Live with someone  - Without a will, they may not inherit anything and could become homeless.
  • Fallen out with close members of your family - If you don't want them to inherit you must state who should inherit your assets in a will.
  • Have step children - Unless you have legally adopted your step-children they will not necessarily inherit anything without it being stipulated in a will.
  • Wish to give to a non-relative or charity - This must be stated in a will.

A simple Will prepared and checked by a Solicitor can cost as little as £250 but will save your loved ones a lot of money and stress.

Create a Family Trust

Trusts are often set up by grandparents and other family members to protect assets and save tax. For example, if you wish to give your nephew a lump sum for a specific reason you can put it in a Trust.  The appointed Trustees will manage the funds so that they are spent as you wish. You may also benefit from a tax saving by using a Trust.

Grant a Power of Attorney

People often link the term Power of Attorney with taking care of an elderly and infirm relation such as a grandparent. This is true but it is best to have granted a Power of Attorney when you are still fit and healthy and able to make your own decisions.

It is wise to grant a Power of Attorney at the same time as writing a Will.  It is another safeguard against unforeseen events. 

If you have a Power of Attorney in place and circumstances arise whereby you are unable to act on your own behalf, your affairs can be dealt with in a simple manner with the minimum of formality, interruption and expense, by someone you trust.  If you have not granted a Power of Attorney, but one is required, the only alternative is a time consuming and costly application to the courts for a guardianship or intervention order. 

Are you legally prepared for your future?  If you are not sure or think you may need some of these services, then it is wise to get in touch with a private client solicitor who will be able to provide you with the best advice for your personal circumstances.


Janice

About the Author

Janice
Joined: December 19th, 2018
Articles Posted: 3

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