Family Wealth Transfer

After a lifetime’s hard work and financial diligence, it’s only natural that you should want to pass on the wealth you have earned to the people who deserve it most – your family. We can make providing for your family’s future easier, by offering you access to our complete range of services covering:

Will Writing Service

Making a Will is vitally important. If you die without making a Will, the rules of intestacy will decide how your possessions are divided up. These are very inflexible, which means that your estate may not be distributed according to your wishes.

Our Will Writing Service will ensure that your Will is professionally prepared or updated and you will have access to specialist advice and expertise. 

Inheritance Tax Planning

Payable on certain types of ‘transfers of value’ that you make during your lifetime and on the value of your assets on death, Inheritance Tax can come as an unpleasant surprise.

We can help you take steps to minimise its effects – astute Will planning can help, and another common solution is to create a Trust.

Trust Management Service

Forming a Trust can help you protect your wealth from Inheritance Tax. It’s also one of the most effective ways to provide for your loved ones without giving them control of your assets. A Trust also gives you a flexible, tax efficient way to arrange for specific assets to be held for the benefit of others.

Through Private Banking’s Trust Management Service, we will help you select the most suitable kind of Trust for what you want to achieve.

As part of this service we will:

• introduce you to our specialist Trust department, which has over 90 years’ experience of managing Trusts,
• set up a Trust which is most suitable for you and what you wish to achieve,
• provide practical knowledge of Trust and tax administration and appropriate investment management strategies,
• handle all the paperwork and ongoing management on your behalf,
• explain how you can act as a joint trustee, should you wish to be involved in the administration of the Trust.
  

Estate Administration

Administering an estate is a lengthy process of information gathering and paperwork, calculations and correspondence, accounts and settlements.

The Executor needs to:

• value the estate,
• apply for the Grant of Representation/Probate,
• collect the assets,
• settle Income Tax, Inheritance Tax and other taxes due,
• settle/transfer property,
• deal with assets abroad,
• distribute assets according to the law,
• prepare the final account for the Capital Taxes Office,
• provide a detailed statement at the end of the estate.

We can administer your estate efficiently and sympathetically, helping you and your family cope during a stressful and difficult time.

By using Lloyds TSB Private Banking you will benefit from:

• a personal, impartial and professional service,
• an expert, dedicated team, with at least two specialists assigned to your case,
• a fixed competitive fee, so you know in advance exactly how much you will be paying, no matter how many hours we spend working on your case,
• comprehensive and thorough service – we visit the property and sift through paperwork from attic to cellar.

We can arrange to deal with the administration of your estate whether or not we helped to prepare your Will. If you are appointed as an executor or if someone close to you dies without leaving a Will, our team can take on the administration for you. Call us on 0845 300 1236 between 9am and 5pm, Monday to Friday, excluding bank holidays.

Further Information

You can get more details about Family Wealth Transfer from one of our Private Banking offices or you can email us.

View Private Banking important information.

Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes. FSA authorisation can be checked on the FSA’s Register at: www.fsa.gov.uk/register. Lloyds TSB Bank plc and Lloyds TSB Scotland plc are members of the Financial Services Compensation Scheme and the Financial Ombudsman Service.