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For many people ensuring that financial assets are passed to their loved ones after they die is of key importance.

We can advise on the appropriate steps to enable the transfer of assets from one generation to the next and preserving family wealth.

Crane and Walton LLP can offer expert advice on:

  • Creating a Family Trust
    • A Trust is an arrangement by which an individual transfers assets to one or more trustees who will hold it for the benefit of another person or group of beneficiaries. The most widely used form of Family Trust in England and Wales is called a Life Interest Trust.

      If a person transfers their property into a Life Interest Trust, the trust will allow them the right to live in the property and receive any income from it for the rest of their life. On their death, specified beneficiaries (for example, their children) would become entitled to the capital of the trust (i.e. the property itself). When carrying out a financial assessment for care fees, a Local Authority should disregard certain assets, including the value of a right under a Life Interest Trust.

      We can also advise on UK Inheritance Tax connected with trusts.
  • The Transfer of Property
    • Property can be transferred outright or into joint names.

      We can advise on all aspects of the property transfer including the following circumstances:

      • The recipient of the property may fail to support the person making the gift, leaving them vulnerable and at risk of losing their home. In the event of the divorce of the recipient, their share of the property would be considered as part of their assets in any financial settlement

      • Bankruptcy - a trustee in bankruptcy could claim against the recipient's share of the property when selling assets to pay creditors

      • On the death of the recipient their share of the property would form part of their estate and would pass under their Will, or, if no Will existed, to the next of kin under the intestacy law

      • Care Home Fees - if you transfer assets, whether outright or into a Trust, with the intention of avoiding care fees, then you may be deemed to still own the assets for the purposes of assessing your eligibility for Local Authority funding

      • Tax consequences for both the person making the gift and also the recipient
  • Joint Tenancy
    • Most couples own property as joint tenants. This means that if one of you dies the property automatically passes to the other, regardless of what is in your Will.

      If you wish to leave your respective share of the property under a Will to someone else, for example to your children, then your joint tenancy can be severed and you can hold your shares in the property individually.

With our exceptional knowledge and experience we know you are looking for keen fees and speedy responses.

What our clients say

Kiran is a very open and honest man with a warm manner

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Alison Muttock was fantastic

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Vijay Singh explains all information very clearly.
All dealings with Vijay – telephone and correspondence were excellent

Very pleasant staff
– was put very much at ease

Leicester client

The service could not have been better

Leicester office client

Excellent service from Mr Singh.
If it was possible to give 11 out of 10, I would.

Emily was very friendly and very professional at all times.
Thank you for an all-round excellent service.

Reception staff – excellent.  Emily Stephen – excellent.

The service we received from Kam Ubhi was superb.

  • Accreditations

Office Locations

Ashby

30 South Street
Ashby de la Zouch
LE65 1BT
01530 414111
01530 417022
Office Hours: 9:00am - 5:00pm

Leicester

113 - 117 London Road
Leicester
LE2 0RG
0116 2551901
0116 2555864
Office Hours: 9:15am - 5:00pm

Coalville

21 - 25 London Road
Coalville
LE67 3JB
01530 834466
01530 810886
Office Hours: 9:00am - 5:00pm

Melbourne

William's Yard
Derby Road
Melbourne
DE73 8JR
Office Hours: 9:00am - 5:00pm

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