Category: Uncategorized

Inheritance Tax Planning

Posted on by Jenna Dunstall

How can I mitigate my potential Inheritance Tax bill on my death?

This is a question that many people ask and inheritance tax planning is very important. Knowing your options could make a massive difference to any potential Inheritance Tax bill on your death.

The most common way to mitigate Inheritance Tax is to gift your assets to your beneficiaries whilst you are still alive, thus reducing your estate for Inheritance Tax purposes. However, if you gift a large sum of money or high-value asset, then you must survive seven years from the date of the gift in order for the value of the gift to no longer form part of your estate for Inheritance Tax. It is important to remember that whatever gift you give away, that it is a genuine gift and that you do not retain any kind of benefit from the assets given away, otherwise no matter how long you survive after the gift it may still form part of your estate for Inheritance Tax. An example of this would be a parent transferring their property into the names of their children, but continue to live there free of charge. This is a gift with reservation of benefit and the value of the property would still form part of the estate of the parent even after seven years. One way around this in this scenario would be for the parent to pay the market rent to the children to live there and then the gift is genuine, as they are not living there for free as though it is still their asset.

There are other gifts that can be given that do not require the donor to survive seven years. You may use your annual gift allowance, which is a total of £3,000 per financial year. You may also go back and use the previous year’s allowance if you did not use it, for example, if you did not give any gifts in the last financial year (2015/2016) then in this current financial year you could gift up to £6,000 as an individual, or £12,000 as a couple. You may, however, only go back one year to use any unused gift allowance.

If you receive an income which exceeds your outgoings to maintain your standard of living, then you may also give regular gifts out of income. In this case, you must have the intention of giving away income regularly and retain enough income to meet your own needs without reducing your standard of living or having to resort to spending capital in order to maintain your standard of living. It is important that you keep good records of income and outgoings and gifts given, as your Executors will have to provide evidence of this on your death. This does not really reduce the value of your estate, but it helps at least to minimise the increase.

It is also possible to gift £250 to any one person in a tax year (as long as you haven’t used another exemption on the same person) and in addition to that, you can give gifts in consideration of marriage, for example, a parent can gift £5,000, a grandparent can gift £2,500 and gifts of up to £1,000 can be given from others.

These options are legitimate ways to reduce your estate or at least minimise the increase.

It is important to remember that when you give a gift, it then belongs to the person receiving it and if they later divorce or become bankrupt for example, then those assets that you gave them would form part of their estate during those proceedings. You cannot control the assets once given away.

Have any questions? Leave a comment below…

My Work Experience by Anjali Mehra

Posted on by Andrew Sargood

Although my work experience at Aston Bond consisted of only a short period, within such a small time scale, I was provided with an excellent insight into the working life of a solicitor, and gained a solid understanding in regards the jobs they are involved in on a day to day basis, and challenges they face.

Throughout my work experience at Aston Bond, I had the privilege of attending meetings with clients,  witnessed the signing of clients wills and deeds,  and read several large cases based on employment law and litigation that involved a great deal of in – depth documentation, evidence and critical  analysis of each case from the start until finish. I rather enjoy collating evidence and conducting analysis to conduct a case and examining these cases further fuelled my interest. I was also able to directly witness the influence of current affairs and recent advances in politics and government changes such as Brexit, and was able to see the strong impact it has on the Home Office and an immigration lawyer’s job which was particularly intriguing, and one of the highlights of my experience, as I was able to distinctly apply a real life application of law.

The staff at Aston Bond were friendly and approachable and provided me with support and useful advice in regards to achieving a successful future career in law; I was particularly impressed with how the solicitors conducted themselves with such high levels of professionalism and integrity whilst maintaining a down to earth approach when communicating with clients, and learnt how to adapt and communicate with a variety of different clients.

Overall, I would like to thank everyone at Aston Bond for an exceedingly insightful and hugely beneficial experience that has motivated and driven me to work hard in my law degree when I start in September this year. I would thoroughly recommend work experience at Aston Bond to any student who is eager to pursue a career in law, and is interested to gain a broad insight into the profession.

BLegal and Aston Bond

Posted on by Jenna Dunstall

Unfortunately, BLegal ceased trading earlier this year. They had various offices and when these closed, most of the documents that they held for clients, such as wills, powers of attorney and deeds, in storage came over to us to look after on an ongoing basis. BLegal were also holding documents held by Fendom Dawson, Coopers and Baily Gibson and these documents will now also be with us. We will continue to store these documents safely here at Aston Bond in Slough.

If you were a client of any of these firms and wish to discuss any legal matter, then please do not hesitate to contact us and we shall be pleased to assist.

If your Will was stored by any of these firms, and you have appointed them as your Executors, then it is very important that you review the terms of your Will, as this appointment will fail and could have unintended consequences.

If you wish to appoint this firm in place of these firms that no longer exist, then we will be happy to prepare a free Codicil for you to appoint this firm in their place.  Should you wish to take advantage of this: then please do not hesitate to contact ;

01753 486777

Have any questions? Leave a comment below…

My Work Experience By Abbie Armstrong

Posted on by Susan Clements

They always say that work experience is essential for most professions, and Law is no exception. However, I don’t think I fully appreciated its utility until undertaking a week’s work experience at Aston Bond.

Upon arrival, I was given a tour of the office, introduced to each member of staff and provided with my very own desk! Throughout the rest of my week, owing to the friendliness of the staff and their willingness to enhance my experience, I was able to shadow solicitors, attend client meetings and court hearings. To a 17 year old, with little legal knowledge and experience, this was greatly appreciated due to the exciting developments that often matched the (apparently incorrect) portrayal of the career in the media and TV. In addition, between these events, I was given tasks that tested my legal understanding and enriched my knowledge of a solicitor’s role. As a result, I was able to learn the daily routine of lawyers, the types of work undertaken, and importantly, the significance of CEO Stephen Puri’s birthday to the staff calendar.

This time was vital in determining if I enjoyed and am suited to a career in law- as well as deciding whether to take a law degree in the short term. Moreover, it should prove useful in showing dedication to the field  in the future. I would thoroughly recommend this experience to those interested in becoming a lawyer or learning more about the career, and I would like to thank the team at Aston Bond for making my experience so useful and enjoyable.   

Thank you again for the experience, it is very appreciated and has been so useful!

My Work Experience by Jasprit Babraha

Posted on by Andrew Sargood

When embarking on my first ever work experience, the term ‘a little fish in a big pond’ had never been so significant. My knowledge and experience was minuscule, and I couldn’t help but recount horror-filled anecdotes regarding work experience that I’d been acquainted with in the past during the days prior to my work experience beginning. Sunday night consisted of a bout of tossing and turning as nerves got the better of me, but what adolescent wouldn’t feel the same way when change comes along?

However, when the fateful morning of Monday 11th July 2016 came along, I was amazingly surprised. My butterflies were diminished instantly as I entered the law firm, the warm smiles of my colleagues for the week melting all of my worries away. My first impressions of Aston Bond were highly positive, as I was formally introduced to every worker in the firm and guided through the building. I was then informed of what my work experience would consist of; meetings, documents and cases, and set my first task.

I faced challenges while at work that put me outside of my comfort zone, but due to the experience and support of my colleagues I was able to use my common sense and will to complete these tasks to the best of my ability. Everyone working at Aston Bond was warm and approachable during my time there, and had no problem with the questions I’d ask and support I’d sometimes request for. At first I believed my age would act as a hindrance during work experience as I’m only going into Year 11 this September, but I was completely proven wrong. I was treated and respected by my colleagues at Aston Bond, and I couldn’t have chosen a better place to carry out work experience at.

My outlook on the world of law and knowledge on what being a solicitor consists of has considerably increased due to this enriching and intriguing work experience. I have now been enlightened and attracted to the world of work in corporate law thanks to this opportunity. I wholly recommend completing work experience at Aston Bond, as they’re a welcoming, open and cordial place.

Law Degree- Is it what you think it is?

Posted on by Susan Clements

It’s no surprise that students are shying away from going to university.  They are fully aware that they will be in debt, sometimes to the tune of six-figures for  a large part of their lives afterwards. Having a law degree on your CV may sound prestigious and professional, but what do these law students have to go through to get their degree? And are they guaranteed a job after university? Students have heard of aspiring  lawyers’ being jobless and in debt which has stopped students from applying. Even after completion of the degree, there is still a requirement to attend a higher education college in order to undertake a full year of further, vocational training to become either a solicitor or a barrister.

Students that study Law at A-Level may find the topic interesting but may sometimes not quite appreciate the commitment and change from A-Levels to a University degree. First year university students may often think that they are going to be partying most of the time and the independency of living without parents sounds very tempting but that is a far cry from the reality of how much work is actually required.  Furthermore, the top law firms in the UK do look at which university the student has graduated from. Below is a list of ‘The Top 10 Universities 2017’ in the country to study law along with what A-Level grades you need to be accepted:

10. University of Nottingham- A*AA + LNA

9. University of Bristol- AAA/A*B + LNAT

8. University of Edinburgh- AAA/AAB

7. Durham University- A*AA + LNAT

6. University of Glasgow- AAA/BBB

5. King’s College London- A*AA

4. London Scholl of Economics and Political Science- A*AA

3. University College London-A*AA + LNAT

2. University of Oxford- AAA

1. University of Cambridge- A*AA

 

How does a Law Degree work?

Students across the country are currently trying their hardest to get the best grades at A-Level.  Their next steps will be decide which law degree to study.  The standard law degree takes three years to complete. Within those three years, you’ll have to do one year of core subjects which are mandatory, then your last two years of the different types of law you choose to study from a number of electives. Want to go abroad? Well you can. You can study foreign law which will take place in your last year at university in the country of your choice, but then you will have to come back for the fourth year and finish your studies in the UK.

After a law degree, to become a solicitor, students will have to undertake the Legal Practice Course and land a training contract (which in itself is no mean feat).  Student’s then face the problem of finding a training contract – in a time where law firms have been reducing the number of training contracts (or pupillages in barrister’s chambers) with some law firms even cancelling their next trainee intake altogether.  A training contract lasts for two years and is effectively “on-the-job” training at firms authorised to undertake such training.  The trainees will have to rotate within the firm and learn about the differing areas of law before they qualify as a fully fledged solicitor.

Students’ opinions:

Law students have been using an anonymous messaging service called ‘Whisper’ to discuss what it is like to be a law student. Here are some of the quotes:

‘Giving to law school is the worse decision I have ever made. I’m miserable, have soul crushing debt and no job aspects.’

‘I thought law school would get me a good job, not put me so deep in debt, I couldn’t afford to eat.’

‘People think I’m selfish for not wanting children, but considering the loans I’ll need to take to get through law school and how bleak the future looks, it makes sense not to have kids.’

Useful tips before starting your law degree:

It is important for students to prepare themselves before starting their law degree, you need to be aware of the amount of commitment and time you will be dedicating to the degree. Here is what to expect when studying and some useful tips:

  • There is a lot of reading
  • Commit to lectures + 26 hours of studying
  • Need to be well organised, work smart and work hard- the more organised you are, the easier it will be to study.
  • Everyone will try to pawn for legal advice from you
  • Intense: you will end up competing with your law friends and other students for the best grade & for the training contracts available!
  • Books will cost you – try and save as much money as you can
  • Students often aren’t fully prepared for the big difference between A-Levels and University – ask yourself are you fully committed to the degree and if not do something that you have and will have the passion and commitment for.

Even though it may seem tough, don’t be put off. Having a law degree and becoming a lawyer can be rewarding and satisfying. You also have job security once qualified. Determination and passion is also key for success. Like any other degree if you work hard, you’ll get what you want in life. Just make sure you prepare yourself.

What is Probate? And how long can I expect it to take?

Posted on by Jenna Dunstall

When someone dies and they have substantial assets, a Grant of Probate is required to be obtained.  A Grant of Probate (also referred to as Grant of Representation) is merely a court stamped document which names the personal representatives of the estate.  Financial institutions will not release the deceased’s funds for distribution until they have had sight of a Grant and can rest assured that they are paying the monies to the correct person/people.  A Grant is not always required, for example, if the deceased owned all their assets jointly with another person or they did not own any property, had no stocks or shares, but had various bank accounts with different banks, although each account held less than about £15,000, then the banks would usually just require a form to be completed and signed in front of a solicitor for the funds to be released.  Every bank has its own rules about what amount it will release without the Grant and they will let you know what their requirements are once they are informed of the death. Continue reading “What is Probate? And how long can I expect it to take?”