Frequently asked questions

The best first step is to get in touch via our contact form or by calling our office. We'll arrange an initial conversation at no obligation to understand your circumstances and discuss whether we're the right fit.

Yes, a significant proportion of our clients are internationally mobile or based overseas. We have deep experience advising on cross-border succession, non-domicile planning and international trust structures.

A Will is a legal document that sets out how a person's money, property and possessions should be distributed after their death. It allows you to name beneficiaries, appoint executors, and specify guardians for minor children. A valid Will ensures your wishes are respected and can significantly reduce conflict during probate.

The intestacy rules are statutory rules that determine how an estate is distributed when someone dies without a valid Will. In the UK, they prioritise close family members in a fixed order, typically favouring a surviving spouse and children, which may not reflect the deceased's actual wishes or family circumstances.

An executor is an individual appointed in a Will to administer and manage the estate of the deceased. They are responsible for gathering and valuing assets, paying debts and taxes, and distributing the estate to beneficiaries in accordance with the Will.

The testator (male) or testatrix (female) is the person who creates and signs a Will. To make a valid Will, they must understand the document's implications and be acting freely when naming beneficiaries, appointing executors, and setting out how their estate should be distributed.

A legacy is a gift of money or property left to a person or organisation under the terms of a Will. Legacies can be specific (a named item or sum) or residuary, meaning a share of whatever remains after other gifts and debts have been settled.

A Letter of Wishes is a non-binding document that typically accompanies a Will or Trust. It guides executors or trustees on how to manage aspects of the estate where discretion exists, for example how to divide personal possessions or support a particular beneficiary. Unlike a Will, it is not legally enforceable, but it provides valuable guidance and context.

A Lasting Power of Attorney (LPA) is a legal document that allows an individual to appoint one or more people, known as attorneys, to make decisions on their behalf if they lose the mental capacity to do so themselves. There are two types: one covering health and welfare decisions, and one covering property and financial affairs. Making an LPA while you have capacity is one of the most important steps in long-term planning.

In the context of an LPA, an attorney is a person appointed to make decisions on behalf of someone who is no longer able to do so themselves. Attorneys must comply with the Mental Capacity Act 2005 and are legally required to act in the donor's best interests at all times.

A deputyship is a court-appointed role where an individual is appointed by the Court of Protection to make decisions on behalf of someone who lacks the mental capacity to manage their own affairs, typically where no LPA was made beforehand. The process is more time-consuming and costly than establishing an LPA in advance, which is why early planning is so important.

A Trust is a legal arrangement in which assets are transferred by a person (the settlor) to one or more individuals or entities (the trustees), to hold and manage for the benefit of others (the beneficiaries). The trustee holds legal title to the assets, while the beneficiaries hold the beneficial interest. Trusts are used for a wide range of purposes including asset protection, tax planning, and structuring succession across generations.

We work across the full range of trust structures, including discretionary trusts, interest in possession trusts, bare trusts and charitable trusts, advising on the structure most appropriate for your objectives. We also administer family investment companies and family limited partnerships for clients requiring a more institutional approach to family wealth.

A settlor is the individual who creates a trust by transferring assets into it. The settlor determines the trustees, identifies the beneficiaries, and sets out how the assets should be managed and distributed, typically through the trust deed and a Letter of Wishes.

A trustee is a person or corporate entity responsible for managing the assets held in a trust in accordance with its terms. Trustees have fiduciary duties to act in the best interests of beneficiaries. Their powers, granted by the trust deed and by law, typically include managing investments, distributing income or capital to beneficiaries, buying and selling trust assets, and appointing replacement trustees.

A beneficiary is an individual or entity who may derive a benefit from an estate, trust, or Will. In a trust context, a beneficiary's entitlement depends on the nature of the trust. In a discretionary trust, for example, being named as a beneficiary does not create an automatic right to receive distributions; that remains at the trustees' discretion.

A protector is an individual or entity appointed to oversee the administration of a trust by the trustees. They may have powers to approve or veto trustee decisions, or to appoint and remove trustees, providing an additional layer of oversight without acting as a trustee themselves. Protectors are commonly appointed in international trust structures.

A trust corporation is a company authorised to act as a trustee or in other fiduciary capacities. Unlike an individual trustee, a trust corporation offers professional administration, continuity of oversight, and neutrality, particularly valuable for complex or long-running trusts where the involvement of a single individual may be impractical. New Quadrant Trust Corporation Limited provides this service to our clients.

A nominee arrangement is an agreement where one party (the nominee) holds assets on behalf of another person or entity, but does not have beneficial ownership of those assets. The beneficial owner retains all rights to income and capital; the nominee simply holds legal title. Such arrangements are often used for administrative efficiency or confidentiality.

The HMRC Trust Register is a central record maintained by HM Revenue & Customs recording information about trusts, including details of settlors, trustees and beneficiaries. Most taxable trusts are required to register, and since 2022 the obligation has extended to many non-taxable trusts as well. Failure to register or keep details up to date can result in penalties.

We provide comprehensive inheritance tax planning, including trust structures, lifetime gifting strategies, Business Property Relief, Agricultural Property Relief, and the most tax-efficient structuring of your assets. Our advice is always tailored to your specific circumstances; there is no one-size-fits-all solution in this area.

The Inheritance Tax Nil Rate Band is the threshold up to which an estate can be passed on without incurring Inheritance Tax. It is currently £325,000 per individual. Amounts exceeding this threshold may face a 40% tax charge, subject to available reliefs and exemptions.

The Residential Nil Rate Band (RNRB) is an additional allowance of up to £175,000, available where a person leaves their home to direct descendants such as children or grandchildren. It supplements the standard Nil Rate Band, potentially allowing couples to pass on up to £1 million free of inheritance tax.

The transferable nil rate band allows any unused portion of the inheritance tax nil rate band from a deceased spouse or civil partner to be transferred to the survivor. This means a surviving spouse or civil partner may be able to use up to £650,000 of nil rate band, potentially doubled further where the RNRB is also available.

A Potentially Exempt Transfer enables an individual to make gifts of unlimited value which become fully exempt from Inheritance Tax if the donor survives for seven years from the date of the gift. If the donor dies within seven years, taper relief may reduce the tax charge depending on how long ago the gift was made. PETs are one of the most widely used tools in estate planning.

Capital Gains Tax (CGT) is a tax on the profit, or gain, made when selling or disposing of an asset that has increased in value. It applies to individuals, trustees and personal representatives. The tax is calculated on the gain rather than the total sale proceeds. Rates and reliefs vary depending on the type of asset and the taxpayer's circumstances, and careful planning can significantly reduce the CGT exposure on complex estates.

A Donor Advised Fund (DAF) allows you to make an irrevocable charitable contribution and receive an immediate tax benefit, while retaining the ability to advise on grants to specific charities over time. It is a flexible, cost-effective alternative to establishing a private foundation, particularly suited to donors who want to give strategically without the administrative overhead of running a charity themselves.

ATED is an annual tax payable by companies, partnerships with corporate members, and certain collective investment schemes that own UK residential property valued above a certain threshold. It was introduced to discourage the use of corporate envelopes to hold residential property for tax avoidance purposes. Various reliefs are available depending on how the property is used.