Wealth Management

At Fraser Dawbarns LLP, we work closely with our clients to provide a bespoke service that affords you confidence of knowing your affairs are possible, so as to give protection to you and your loved ones in the face of life’s many challenges; those that are easily foreseeable and those that are less so.

When it comes to protecting and preserving your assets there is rarely a single solution. Often a combination of processes have to be considered to achieve the desired results. These might include:-

Tax Planning

There are numerous ways you can mitigate a liability to Inheritance and Capital Gains Tax:-

  • Making lifetime gifts of capital and/or income.
  • Establishing a tax efficient trust during your lifetime.
  • Ensuring you have a properly drafted Will.
  • Taking full advantage of reliefs that might be available on your death such as Business Property Relief and Agricultural Property Relief.

Creating a Trust

There are many types of trust available and we can advise as to which is the most suitable for you. A trust can be established during your lifetime or in your Will. The advantages can be diverse and are not simply limited to saving tax. A well constructed trust can also :-

  • Hold assets for vulnerable beneficiaries.
  • Make provision for minors until they are of majority age.
  • Provide a benefit for your spouse for their lifetime before passing that benefit to children or other beneficiaries.
  • Preserve capital while generating an income for you or your chosen beneficiaries.
  • Protecting your assets and finances having been awarded a compensation payment.

Lasting Power of Attorney Property and Financial Affairs

A professionally drafted Lasting Power of Attorney (LPA) can ensure the people or person you trust the most can manage your financial affairs for your benefit, should you lack the mental capacity to do so.

Your Attorneys can protect your assets when you are at your most vulnerable and make sure your best interests are taken care of. By taking the time to prepare a Lasting Power of Attorney you can tailor the provisions to suit your specific circumstances.

Your Attorney will have the authority, subject to any restrictions you might wish to impose, to:-

  • Buy and sell property on your behalf.
  • Manage your investments.
  • Deal with your pensions and other sources of income.
  • Make sure all of your bills and liabilities are paid.

Commercial Lasting Powers of Attorney

You may consider creating an LPA that deals specifically with your business interest. Whether you are a partner of a business or the director of a limited company, your Commercial LPA will make sure your business continues to run smoothly in the event that you should become unexpectedly incapacitated. If you find yourself in this position without an LPA in place, your business could suffer tremendously, putting strain on your family, business partners and colleagues. This could affect payment of wages, contracts may not be able to be entered into and creditors might not be able to be paid.

A commercial LPA is different to a personal LPA. The people you appoint under a Personal Power of Attorney might not be the same as those you would appoint under a Commercial Power of Attorney. For instance, you may not think it suitable to appoint a relative or a friend, but rather someone who knows your business and has the requisite experience and expertise to make proper business decisions.