Tax Trap in Wills Providing For Young People 

Many people feel that receiving a large inheritance at eighteen years of age is not in the best interest of the recipient. As a result they write their Wills so that all beneficiaries have to reach 21 or 25 before inheriting. New Inheritance Tax rules will penalise many of those who have to wait beyond their 18th birthday to receive an inheritance.

This may mean that it will be desirable to change your own Will to ensure that your children, grandchildren, or nephews and nieces receive in full what you intended that they should have. The simple advice is: “Give them funds at 18 or extra tax may have to be paid”. In some cases the impact of the changes in tax law may have limited impact, so that you prefer to leave things as they are, but this needs to be properly reviewed.

Gilbert Stephens has four Practitioners who advise on Wills who are members of the Society of Trust and Estate Practitioners (STEP), which is the professional body for Trust and Estate Practitioners (See www.step.org ). By using a STEP member, clients can be sure of getting experienced, qualified and high quality advice about all aspects of tax and estate planning.

Please contact one of our Will specialists for further advice.

Collaborative Law - a new approach in Family Law

Gilbert Stephens has always been committed to helping clients resolve problems arising from separation or divorce using ways which avoid the need to become involved in what can often be long and expensive Court proceedings, unless there is no alternative.

We are now able to offer clients the opportunity to use a new approach known as Collaborative Law which is being offered by some specially trained family lawyers. In this collaborative process the family lawyers and their clients agree in writing to reach settlement without court involvement. They agree to work together to resolve children and financial issues arising out of the separation. In addition, they may enlist the help of other experts, such as child specialists, as part of the team. Utilising their skills in client representation, negotiation and problem-solving, collaborative family lawyers help their clients to reach an agreement which each of them thinks is fair and provides a positive way forward for all concerned.

For more information and to arrange a free initial interview please contact Terry Bastyan terrybastyan@gilbertstephens.co.uk

National Accreditations for our Ottery St Mary and Sidmouth offices

During 2005 our Ottery St Mary and Sidmouth offices have gained two nationally recognised accreditations, Lexcel and Investor in People. Lexcel is the Law Society's own practice management standard. Please refer to the Regulations and Accreditations section of our About Us page to learn more about this award, which confirms that you can be confident that Gilbert Stephens is able to provide the highest levels of client care. The Investor in People standard recognises the attention which we give to training, developing and involving our staff who are so important in helping us meet our clients' needs. All this means that - with the Exeter office having obtained these prestigious standards in 2002 - all three of the firm's offices now have these important accreditations.

Recent Developments: Gilbert Stephens joins forces with Mossop & Whitham

We are very proud of the reputation which we have established over many years of providing high quality legal and financial services to the local community. In a rapidly changing and increasingly competitive world, in order to continue to provide our clients with the level of service they have come to appreciate, we need to be aware of appropriate opportunities to develop the firm. We are delighted that on 1st July 2004 we were joined by Mossop & Whitham, a long-established and well respected local firm of solicitors, with offices in Ottery St Mary and Sidmouth.

The merger of Gilbert Stephens and Mossop & Whitham demonstrates both firms’ commitment to change and improvement, and to the provision of a wider range of services for our clients. The enlarged firm offers a broad range of specialised legal and financial services, while at the same time maintaining the personal and individual approach which clients of both firms have always appreciated.