True value of a Private Client Solicitor

Prevention is better than cure – the motto used by most Fire Brigades.

Calling the fire brigade whilst your house is burning down is like….speaking to a Private Client Solicitor after a major incident…

Time and time again, clients contact us when it is too late to do anything.

This week, I received a distressed call from a client whose mother sadly passed away a few days ago. She had been meaning to finalise her Will for sometime and when we had a meeting about six months ago, she said she was “too busy” and didn’t have the time to prioritise it. She passed of a heart attack in her sleep.

Unfortunately, under the intestacy rules some of her grandchildren are entitled to a chunk of her wealth (as one of her children had predeceased her) and their circumstances are as follows:

• one grandchild, aged 16 is irresponsible with money and hanging out with the wrong crowds
• one grandchild, aged 17 has fallen pregnant and her boyfriend is addicted to drugs

My client asked if there is any way of withholding the inheritance from them and I am afraid there isn’t. Upon attaining the age of 18, the grandchildren are absolutely entitled.

Furthermore, there is a big inheritance tax liability to pay (in excess of £400,000).

Had my client’s mother prioritised her Will during her lifetime – we would never have been in this situation. She could have created a ‘Discretionary Trust’ within her Will which could have allowed my client (in his capacity as an Executor and Trustee) to drip feed the funds to the grandchild to see how they coped with responsibility.

She could have also done extensive inheritance tax planning and avoided the £400,000 tax bill altogether.

As a Private Client Solicitors, these cases are extremely frustrating to see particularly  because a little bit of specialist advice could have gone a long way.

At Private Client Solicitors, we believe that prevention is better than cure. Speak to us about your personal affairs early so we can avoid all of the potential mishaps. Email us at enquiries@privateclientsolicitors.co.uk or call us on 07854 272 414 to have an initial no obligation chat.