There are many types of legal advisors – we tend to think of solicitors in terms of legal matters however using legal advisors is an important part of financial planning.
You can seek legal advice in conjunction with your financial planning in many ways – detailed here are the main areas you should seek specialist legal advice.
1. If you have property or investments abroad and wish to sure of your position in terms of tax and in some cases to ensure the estate in protected on your death.
2. You may need the services of a barrister who can represent you in court or you may need a legal opinion on specialist tax matters if you plan to untested tax planning.
3. To draft trusts, wills or corporate documents. Writing a will is paramount as the implications of dyeing without a will especially if you run a business with partners can be devastating – even to the point of ruining the business.
4. Advice if you live abroad or hold property and investments abroad. Selling a property abroad can have major implications in terms of tax and to whom it is paid. Specialist solicitors can advise on the purchase and sale of property both in the UK and abroad.
5. Estate planning for example to help mitigate inheritance tax or trust planning. There are a number of trusts available to help mitigate tax on any estate. With the changes in the nil rate band the need for this type of advice has diminished.
6. You may need to resolve disputes with contracts if you run a business.
Always consider using the services of a legal specialist as this can save money in long run. Taking legal aspects of your financial planning for granted can lead to problems in the future if you have passed away these issues and problems can pass on to your family members.