Protect Your Legacy with Edwards & Power Estate Planning
We understand that planning for the future can be overwhelming, but our team is here to help. Our comprehensive estate planning services include wills, trusts, powers of attorney, and more. We work closely with our clients to ensure their wishes are carried out and their loved ones are taken care of. Our experienced paralegals are dedicated to protecting your legacy, and we are committed to providing personalised and compassionate service.
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Case Study 1
Avoiding Probate Delays That Locked Rental Income
The Challenge
Mark, a 65-year-old landlord, owned five rental properties worth £1.8 million. He had a simple will leaving everything to his children but didn’t plan for how probate would impact his portfolio. When he unexpectedly passed away, his heirs found themselves in a difficult situation:
- The properties were frozen during probate, a process that took 16 months.
- Rental income from tenants could not be accessed.
- Mortgage repayments had to be covered by the family, causing financial strain.
- Tenants were confused and uncertain about their rental agreements.
The Solution
Mark’s family sought legal advice, and they learned that had he set up a Property Trust, the properties would have passed outside of probate. This would have:
✔ Allowed the properties to transfer immediately to the beneficiaries.
✔ Ensured rental income remained accessible.
✔ Avoided delays and potential mortgage defaults.
The Outcome
After a costly and stressful probate process, Mark’s children implemented a trust structure for future properties they inherited, preventing the same issue from happening again. Had Mark done this earlier, the family could have saved thousands in legal fees and months of uncertainty.
Case Study 2
Reducing Inheritance Tax on a Property Portfolio
The Challenge
Sarah, a 70-year-old retired landlord, owned a £2.5 million buy-to-let portfolio. She assumed that her children would inherit the properties easily, but when she consulted an estate planner, she discovered an Inheritance Tax (IHT) problem:
- Her estate would be taxed at 40% above the nil-rate band.
- The tax bill for her children would be £600,000.
- Her heirs might be forced to sell properties just to pay the tax.
The Solution
To mitigate the tax burden, Sarah’s estate planner recommended:
✔ Placing the properties into a Family Trust to remove them from her estate over time.
✔ Utilising Business Relief by restructuring some of her portfolio under a company, making some properties exempt from IHT after two years.
✔ Gifting properties to children gradually, using tax-free annual allowances.
The Outcome
By taking action well in advance, Sarah legally reduced the IHT liability from £600,000 to £150,000, ensuring that her children could keep all of her properties without financial stress.
