Private wealth lawyers support individuals and families with a broad range of personal, tax and succession matters. Much of our work involves advising on inheritance tax (“IHT”) and wider estate planning – whether that is through lifetime gifts, the creation or management of trusts, or ensuring that assets pass efficiently and appropriately on death through a well‑drafted Will.
While reducing tax is often a key motivation for clients seeking advice, it is only one part of the picture. Our role is to set out the options clearly, explain the advantages and disadvantages of each approach, and help clients make informed, confident decisions. We also prepare the legal documents needed to implement those decisions properly and protect our clients’ interests.
Where do we meet clients?
We meet clients in a variety of settings – most commonly in the office, but also in their homes or in care homes where this is more practical. We do occasionally take instructions in hospital, though it is preferable to take advice at an earlier stage, as this promotes more considered decisions. Typically very limited scope to undertake meaningful tax planning shortly before death, though it may still be possible to reduce the estate sufficiently enough to allow the executors to claim valuable reliefs, such as the residence nil rate band.
Our work also includes advising on Lasting Powers of Attorney, which allow an individual (the donor) to appoint trusted attorneys to make decisions on their behalf. These can be general or specific, temporary or lasting, and play a crucial role in safeguarding a person’s affairs during their lifetime.
What does our day‑to‑day work look like?
Approximately half of a private wealth lawyer’s time is spent on tax planning. The remainder is typically focused on helping clients administer estates and trusts. In estate and trust administration, our role is to protect clients in their fiduciary positions and ensure they fulfil all legal duties properly.
For example, personal representatives or an estate have a duty to preserve the value of the estate for the ultimate beneficiaries. This might involve:
- reviewing buildings insurance to ensure it reflects current rebuild costs;
- selling wasting assets such as vehicles promptly (often before the grant); and
- considering capital gains tax where estate assets will be sold for more than their probate value.
These practical steps form an important part of responsible estate administration.
International jurisdictions
Matters can become more complex where there is a foreign element – such as overseas property, non‑UK assets, or cross‑border tax considerations – or where a claim is brought against the estate. In these situations, we often work alongside other specialist teams and jurisdictions.
Within our Private Wealth team we have extensive experience, and we work closely with our contentious trusts and estates colleagues. We also have established relationships with trusted lawyers in other jurisdictions, enabling us to coordinate multi‑jurisdictional matters smoothly.
How Moore Barlow can help
Please do not hesitate to contact the private wealth team if you have any queries.
