Wills, Probate, Trusts & LPA’s

At Peter Lynn and Partners, we are firm believers in planning ahead and ensuring your personal and business affairs are in order should something happen to you or a loved one.

Passing on or becoming seriously ill without having your affairs in order can have a severe and potentially detrimental effect on your family, your business or both regardless of your age or financial status.

At Peter Lynn and Partners, our team of experts offer a comprehensive range of services to assist you in planning for your future or dealing with the legal consequences of losing a loved one.

Wills & Young Families

When you have a young family, thinking of a time when you may not be around is the last thing on your mind; however, planning is vital.

Our team will talk you through a variety of considerations including:

Who do you appoint as Guardian to your children?

What age would you like your children to receive any inheritance money?

If you place money or assets into a Trust, who will manage that Trust until it matures?

Can the Trust be accessed before maturity, if so under what circumstances?

Wills & Business

A Will is an essential document especially if you own a business. Upon death, your Executors can initiate your wishes in relation to your business and/or shares.

If, however, you do not have a Will then your estate will become very complicated.

Your business shares and responsibilities may be put on hold until your estate has been administered which, depending on your estate, could take months if not longer.

Business partners may not be able to make decisions on your behalf or pay bills and salaries. With all of your assets potentially frozen and without inheritance tax planning, your estate may be subject to a large tax bill.

If a new person has inherited a majority stake in the business, then that person is, for all intents and purposes, the new boss – do you know who that will be? Are they the right fit for the company?

In addition to Wills planning, we can help with Partnership or Shareholders Agreements.

 

Additional Wills, Probate & Trust Services Include:

  • Will Writing & Review
  • Tax Efficient Inheritance Planning
  • Probate & Administration of Estates
  • Court of Protection & Planning for Mental Incapacity
  • Contesting a Will or Inheritance
  • Long-Term Care Planning & Protection of Assets
  • Wills Upon Second or Subsequent Marriages

 

LPA’s

Planning a will is vitally important, but appointing people to make decisions on your behalf before you die is just as important.

Through old-age or diseases such as dementia, there may be a time in your life when you are unable to make decisions involving your finances, health or welfare, so planning ahead and making your wishes known is vital.

The most effective way of planning for your future in this way is to prepare a Lasting Power of Attorney (‘LPA’) Document.

There are two types of LPA:

  • One to assist in the management of your finances
  • One to assist in making decisions about your health and welfare

Without advanced planning and correct legal documentation, people of importance to you will be unable to make decisions on your behalf relating to finances, health, welfare or the running of your business.

Our advice is simple – plan ahead and plan wisely. Make sure you decide who will make decisions on your behalf if you are unable to do so and we strongly advise seeking professional advice when considering powerful legal documents of this nature.

 

A useful guide on Asset Protection Trusts:

https://ukcareguide.co.uk/asset-protection-trust/