A Brief Introduction to Southern Legal Services
Southern Legal Services is a select team of estate and succession planning experts specialising in Wills, trusts, tax and probate.
Together with associates we create bespoke solutions for wealth & asset preservation.
The main driving force behind the partnership has been to improve the service offered to clients by combining the disciplines of the Will Writing and Estate Planning professions.
In Detail
As an established legal services company whose range of products and services are second to none, many of the services offered herewith are completely unique to both us and our associates and our strategies are tailor made to suit the needs of you the client, which ensures that you benefit from a holistic approach to all your estate planning needs.
Together with our partners, and for their peace of mind, our clients are protected by Professional Indemnity Insurance up to the value of two million pounds per claim.
The team that has been assembled are fully conversant with the administration and taxation of Trusts, some of whom are qualified to STEP diploma level in these subjects and have been accepted as a Trust and Estate Practitioner (TEP) by the Society of Trust and Estate Practitioners (STEP). STEP is the premier Society for professionals working in the area of Wills, Trusts and Taxation both nationally and internationally.
Our partners and associates have invested heavily in the training and professional qualifications of staff, employing both qualified and trainee Solicitors and assisting staff at all levels, through the various levels of qualifications, provided by S.T.E.P. with their Key members working towards diploma level.
Specialising in Wealth Protection strategies, our partners provide support and advice to a vast number of Independent Financial Advisors, Mortgage Brokers, Solicitors and Accountants across the UK, as well as other professionals not having the specialist knowledge in Trusts for Inheritance Tax and long term care mitigation, protection against divorce, creditors and taxation and investment strategy of those Trusts.
Our Trust Strategies are designed to meet the appropriate needs of the beneficiaries, both immediate and future and considers the appropriate risk strategy from a wide range of investment vehicles, many not considered by or even available to the majority of Independent Financial Advisers.
Southern Legal Services can also provide a team who are experts in the Administration of Estates and the management of the Probate process until distributed in accordance with the Will and where the Will is deemed inefficient through Deed of Variation to establish appropriate Trusts.
Our service is brought to you with fixed fees agreed in advance, providing you with quick, efficient and affordable peace of mind, for a highly professional and personal service.
All strategies carry appropriate and current opinion of Chartered Tax Advisors and Queens Counsel where required.
At SOUTHERN LEGAL SERVICES our depth of experience is underpinned by our attention to the principles of The Society of Trust of Estate Practitioners (STEP) ethos of “responsible stewardship of assets today and across the generations” – ensuring that life’s events do not conspire to disinherit your true intended beneficiaries.
Probate
Southern Legal Services offers a dedicated probate team which guides and assists with the clients’ probate needs, as much as required. Offering a very competitive price (fixed Fee) in comparison to High Street solicitors and Banks.
Deed of Variation
Deeds of Variation are still a much valued tool in estate planning. The advantages gained in reducing multi-generational IHT, protecting assets from care and protecting the deceased’s assets from being attacked by the divorce or bankruptcy of any of the beneficiaries, should not be overlooked when giving advice, where the deceased’s will did not originally provide this protection.
Deed of Severance
Used to establish property as Tenants in Common from being held as Jointly Owned. This includes the registration at the appropriate Land Registry.
Conveyancing
Used to change ownership of a property on the title deeds. For instance, where only the husband is on the deeds as sole owner, if wife is to be added to become Tenants in Common then this requires a Conveyance rather than a Deed of Severance.
Professional Trustees
Our preferred Tax & Trust Corporation can be nominated as Professional Trustees to assist with the tax efficient management of Trust Funds. No annual fees are levied and Planning can be coordinated with the existing IFA.
Lasting Power of Attorney (LPA)
This replaces the Enduring Power of Attorney (EPA) whereby an attorney is empowered to deal with the clients Personal Welfare and/ or Property and affairs.
General Power of Attorney
An attorney can be given power to work on behalf of the donor whilst of sound mind. Could then be utilised if donor is physically incapable of looking after themselves but mentally sound.
Office of The Public Guardian
Application to Register of LPAs & EPAs
Estate Planning Reports
On request we can produce tailor made Estate Planning Reports considering onshore and where appropriate, Offshore planning strategies.
Wills
Basic Will from which pilot trusts can be populated or more complex trusts can be inserted into the Will from the list of products provided.
Property Trust
Written within the Will - this caters for protecting the main residence from being assessed for long term care fees. However, provides no IHT or bloodline planning protection as the asset vests into the children’s estate on the second death.
Children’s Trust
Written within the Will - specifying benefits to be held in Trust for minors up to a maximum age of 25. This type of trust will still vest absolutely into the child’s estate at the age specified and thus is attackable by divorce or bankruptcy of the child.
Single Life Interest
Provides a Life Interest, or right to reside to a specifically named individual, in part of the deceased estate.
Business Clauses
Indemnifies the Executor against prosecution whilst running the business, during the probate process.
Family Trusts
The Family Trust is a Discretionary Trust established outside of the Will. Having the Family Trust outside of the will allows for multiple discretionary trusts to be settled by the Will but dated on different dates to take advantage of Rysaffe conditions.
Interest in Possession
The interest in possession trust is used to receive the excess or residue of the will. Generally only used for married couples. Our Interest In Possession (IIP) trust is able to act as an actual IIP trust as it settled by a will and thus falls in to the IPDI in IHT Act 1984.
The assets placed into the IIP trust are still in the survivors estate for the calculation of IHT on the death of the surviving spouse, but not attackable by care costs for the survivor or remarriage of the survivor.
Multiple Trusts
Tailor made planning can be administered by the use of multiple trusts. Fundamentally, to plan against and avoid future Periodic Charges. (Rysaffe). To achieve the tax reductions possible, one cannot use conventional trusts in the will, but must use pilot trusts established on different dates.
Absolute Trusts
Used to assist CGT mitigation with property notably in parents/ children ownership but not lived in by owner so cannot use Principle Private Residence relief.
Gift Trusts/ Reciprocal Gifting
Trusts can be used to protect gifts for the bloodline. Also consider reciprocal gifts so that potentially 2 x Nil Rate Bands can be gifted by husband and wife. Husband and wife are beneficiaries of their spouse’s gift.
Discounted Gift Trust
Southern Legal Services own DGT can accommodate not just Investment Bonds but any other potential assets such as property portfolios. Investments can be re brokered when necessary.
Life Assurance Trust
Discretionary Trust to ensure policies do not impact on the potential beneficiaries estates for IHT, nor be attackable from care/ divorce/ creditor claims. Should be used for mortgage and family protection cover and ideally be for single life policies. Life Assurance policy values should always be below the current NRB value and use multiple policies and multiple trusts if the value is above the NRB.
Pension Death in Service Trust
Nominate Pension Death in Service Benefits to be directed to such a discretionary trust to again avoid it adding to the beneficiary’s estates.
Trust Deed
Allocates ownership, or part ownership of a parcel of land or building - usually relating to a property, to a specific individual.
Cross Option Agreement
Cross Option agreements can be drafted which will ensure that future IHT is minimised for both the surviving family and the surviving director. Advice will also ensure CGT or future sales are not increased. This offers options for income tax planning for surviving director’s estates.
Offshore Planning
Structured tailor made Offshore advice and planning for large estates when considering mitigation of significant UK taxes.
Stamp Duty Land Tax
Planning available for the reduction in potential Stamp Duty Land tax for property transactions of over £250,000.
Parental Responsibility
Ensures the Parental Responsibility can be passed to the father were a child born out of wedlock.
Special Needs Trusts
A trust designed to protect the inheritance of a Special Needs beneficiary. Without careful provision, entitlement to state benefits may otherwise be lost.