Wills & Modern Relationships

Everyone should have a well written. A will ensures that your wishes are carried out. No will at all means that you die intestate. In these cases laws that govern the way in which your estate should be distributed come into effect. These laws do not take into consideration modern family relationships.

A solution to the problems posed by modern families can be overcome with good advice from experienced solicitors.

Andrew Way of Latimer Hinks Solicitors explains why you should choose a solicitor rather than a will writer to draft your will.

Growth in Contested Wills Could Mean Heartache for Families

This week the BBC2 documentary "Can't Take It With You" aired. A very interesting programme dealing with the problems of modern family relationships and distribution of assets.

Anne Elliott of Latimer Hinks comments on the programme in her blog "Can't Take It With You"

Further information
STEP - Society of Estate and Trust Practitioners -
STEP members (TEPs) provide expert advice on how to comply with the often complex law and tax rules surrounding trusts, estates and inheritance.


Anne Elliott and Andrew Way are full professional members

SFE - Solicitors for the Elderly -
Solicitors for the Elderly (SFE) is an independent, national organisation of lawyers, such as solicitors, barristers, and legal executives who are committed to providing the highest quality of legal advice for older and vulnerable people, their families and carers.

Many of our Private Client Team are members of SFE. Andrew is also Executive Director and Secretary of SFE

Latimer Hinks Recommended by Legal 500 & Chambers UK!

Latimer Hinks' partners have been recognised as experts in their particular fields by the Legal 500 and Chambers UK - I think we need to give ourselves a pat on the back!

Legal 500 - Published for over twenty years, the Legal 500 Series provides the most comprehensive worldwide coverage currently available on legal services providers, in over 100 countries. Used by commercial and private clients, corporate counsel, CEOs, FDs and professional advisers - as well as by other referrers of work both nationally and internationally - the series is widely regarded as offering the definitive judgement of law firm capabilities.

Corporate & Commercial (Nick Poole)
Latimer Hinks advised on the sale of a number of architectural practices based in the region and also the South East.

Commercial Litigation (Mark Gardner)
Latimer Hinks has a debt recovery and bankruptcy specialist in Mark Gardner

Agriculture & Estates (Anne Elliott)
Latimer Hinks' "evident commitment to the farming community" has significantly enhanced it's reputation for agricultural work. Clients particularly highlight Anne Elliott, who "combines a clear grasp of the issues, passionate commitment and an ability to communicate in clear, everyday language."

Agriculture & Estates
Tim Haggie is also recommended for agricultural property development (Tim Haggie)

Personal Tax, Trusts & Probate (Anne Elliott)
Anne Elliott at Latimer Hinks recently assisted on the administration of an estate worth £3.9m involving complex family matters and farming, business and IHT issues

Real Estate (Mark Clayton)
Mark Calyton's team at Latimer Hinks advised a local business on the £1m acquisition of new industrial and office premises at Newton Aycliffe

Chambers UK - The UK Guide lists both solicitors and barristers in over 70 specialist areas of law. Since 1989, Chambers have been researching the UK legal profession, identifying the leading lawyers and law firms through interviews with thousands of lawyers and their clients. Their reputation is based on the independence and objectivity of research.

This Darlington team advises on a range of agricultural matters, including sales and purchases, agricultural holdings, and succession planning. More recently it has advised on an increasing number of wind farm developments. The team has a loyal client base who praise the firm for having “a fantastic appreciation of the common concerns held by farmers and landowners.”

Client Service “The team provides a very personal service; it is always accessible and very approachable.”

KEY INDIVIDUALS Anne Elliott is “extremely thorough and very knowledgeable,” according to sources. She is commended for her advice on succession planning.

Real Estate
Nicola Neilson heads up Latimer Hinks' residential property practice. One source said: "She is very efficient – she knows what we want and delivers."

Family Business Week - planning for succession - top tips

Anne Elliott, Partner at Latimer Hinks Solicitors

Nov 1st - Nov 6th is the inaugural Family Business Week and Anne Elliott of Latimer Hinks is recommending family businesses to plan for succession.

One of the most demanding and difficult tasks undertaken by any business is planning the succession of management and the passing of assets on to the next generation. The process can be especially complicated because of the close relationships and emotions involved.

Most people are not comfortable discussing topics such as ageing, death, and their financial affairs.

Many families have spent their working lives building up their businesses. Naturally they want the business to thrive after they have retired or died especially if the business is to remain in the family for future generations.

Succession planning helps you protect your assets and helps you take control of how you pass on the business when the time comes - planning today can make the world of difference to how the business operates in the months and years to come.

Anne's action points are:

• Set the targets and objectives you want to achieve from the succession process.
•  Divide the process up into stages and identify a timescale for each phase from pinpointing who will take over the running of the business to the final handover of control of the company (it might be a five year plan).
• Establish if the people you would like to take over the business have the right skill sets and abilities.
• Find out if the potential successors are willing to assume the role you have identified for them.
• Ask yourself, would it be better for the business for a member of the family to take over or to bring in someone from outside?
• Alternatively would the best course of action be to sell the business?
• Enlist expert advisers to make sure that any plans are legally watertight, are tax efficient and minimise the potential for challenge by or conflict among family members.

Seek good advice and seek it early. To ensure a smooth succession it is vital to start planning several years before your retirement date or death (a date no-one can anticipate!) Delay planning and your family and your business may all suffer as a result. If you and your family are prepared to put aside time now to prepare for the future the rewards can be very significant and you can make sure that the transition happens the way that you want it to.

Further details can be found on the fact sheet Succeeding at Succession

Latimer Hinks Top Ranked In Chambers UK

Marketing Partner, Anne Elliott of Latimer Hinks Solicitors has been Top Ranked in the Chambers UK directory.

For the full story head over to Anne's Tax Planning Blog

Legal 500 - the bible of the legal business recommends Latimer Hinks

The Legal 500 is the most widely used legal directory in the UK and is considered to be "the bible of the legal business". The Legal 500 ranks law firms in terms of their expertise and performance.

Latimer Hinks has once again achieved recommendation - and this time more of our Partners are recognised! Good work!

Agriculture & Estates
Clients praise Latimer Hinks’ ‘vast knowledge of agricultural law and understanding of matters influencing the market‘. Anne Elliott is a ‘noted expert in the field of landlord and tenant‘, and Tim Haggie is recommended for estate management, strategy and planning. Instructions include advising farmers in negotiation with Broadview Energy over a wind farm development (which also involved Neil Stevenson) in North Yorkshire.

Personal Tax, Trusts & Probate
Anne Elliott at Latimer Hinks is noted for her expertise in inheritance tax and capital gains tax planning.

Real Estate
Mark Clayton leads a ‘very proficient‘ team at Latimer Hinks that had a busy year advising on numerous retail properties.

Corporate & Commercial
Nick Poole heads the Latimer Hinks team, which acted on a multimillion-pound refinancing of a group of hotels. Clients acknowledge the practice as ‘one of the best in the local market‘.

Commercial Litigation
Latimer Hinks is noted for its insolvency, debt recovery and bankruptcy practice. Mark Gardner is recommended.

Legal 500 Recommendations 2007

Legal 500 Recommendations 2008

Without a Will There Can be Disappointed Relatives

According to new research from Which? Legal Service:

• 56% of people surveyed do not have a will


• 33% of those over 45 have yet to make a will


• 35% aged over 65 feel that they don't need a will
  

Latimer Hinks is concerned that many people do not have a will, wrongly assuming that everything they own will automatically go to their spouse/partner or children. The distribution of estates where someone dies intestate (without a will) has recently changed the level of the statutory legacy – the amount a spouse or civil partner will receive.

For a widow(er)/civil partner where the deceased has children the statutory legacy has risen from £125,000 to £250,000. So, for most estates with a value of less than £250,000 the whole of the estate will pass to the surviving spouse or civil partner.

BUT if a couple are living together but have not made the union legal (by way of marriage or a civil partnership) and have not made wills then their estate will not pass onto the survivor.

The Which survey found that:

66% of couples did not know that their children would inherit if the coulple was not not married/had not entered into a civil partnership.

Today it is far more common for people to have been married more than once. A will can be vital in ensuring that any assets someone leaves go to the people they want to benefit, particularly if there are children from previous relationships.

77% did not realise that if both parents were to die, failure to appoint guardians for their children could result in the courts having a say in their future - and they could be raised by someone the parents wouldn't have chosen.

Michael Jackson's recent premature death highlighted the issues of what can happen to dependent children. Jackson Child Custody Case Highlights Problems with Parental Rights

The Which study also revealed:

43% were unaware that if a couple were separated but not divorced, that the estranged partner could inherit the bulk of the estate rather than the current partner or children.

For the full press release visit Without a Will there Can be Disappointed Relatives

For more information on who can inherit visit AdviceGuide

Please, take the advice of a professional legal adviser and ensure that if you have a will that it is up to date!

Alan Milburn's Mobility Study - Findings Don't Apply to Latimer Hinks

Former minister Alan Milburn has chaired a social mobility study for the prime minister on widening access to high-status jobs. Among its conclusions, it says those entering careers such as the law and medicine are increasingly likely to be from affluent families, despite efforts made to open up the professions.

Not according to Latimer Hinks Solicitors who have for quite some years been breaking down recruitment barriers highlighted in the report.

Partner Anne Elliott said: “At Latimer Hinks, where we have a rolling programme, which involves taking on several trainees a year, we have always believed that opportunity should be open to all.

“Here, we appoint on merit and are interested in the personalities and strengths of the candidates and what they know and not where they come from. Since the turn of the century we have employed a mix of people all from different backgrounds most of whom have been state educated.”

None of the youngest partners, Andrew Way, Mark Clayton, Nicola Neilson and Claire Farrell, were privately educated. None of the recent intake of three trainees and none of the five former trainees (all of whom have all been retained as solicitors on qualification) were privately educated.

All of these individuals have worked extremely hard and been self supporting. Because of the expense of training and qualification four of them studied for their final exams on two year part time courses at the College of Law involving weekend study during which period they held down full time positions with us. We have huge admiration for their resolve and sense of purpose and tenacity – their success is purely down to character, personality and hard work and it is just not true to say that law is still for ‘rich kids’.

“Our experience at Latimer Hinks over the past 10/15 years is quite the opposite to that as projected by Alan Milburn’s report – our solicitors are much less likely to be recruited from so called ‘affluent families’.”

Photo: left to right - Natalie Palmer - Solicitor, Nicola Neilson - Partner, Gillian Perkins - Solicitor, Nadine Sweeney - Trainee, Kelly McLoughlin - Trainee, Vicky Moremon - Trainee, Rosanne Green - Solicitor

Swearing in of the Under-sheriff

Anne Elliott, Marketing Partner at Latimer Hinks Solicitors has been sworn in as the new Under-sheriff of County Durham.

What is an Under-sheriff?
Well, here is the legal definition -

UNDER-SHERIFF. A deputy of a sheriff. The principal is called high-sheriff, and the deputy the under-sheriff.

The High Sheriff and Under-Sheriff were the principal law enforcement officers in the county, but over the centuries most of the responsibilities associated with the appointment have been transferred elsewhere.

Here is a press release on Anne's new role

Mary Everitt, Anne's Trust Assistant attended the swearing in. She'll be telling us all about the day via this blog in the next few days.

If you're interested, here is a List of County Durham High Sheriffs dating back to the 15th Century

The photo shows Anne alongside Alasdair MacConachie, High Sheriff