Who We Are
About Reid & Co Solicitors
Reid & Co is a boutique Private Client Law firm established by Mark Reid in November 2000, which provides bespoke legal advice and solutions to private clients throughout the UK.
Having become disheartened by the “big law firms” and the lack of focus they place on the needs of private individuals, we realised that our clients would feel the same.
We recognise that as every individual is different, they require differing levels of advice and assistance.
It is with this in mind that we provide our clients with a tailored service based on their own individual circumstances and requirements.
Because the advice is tailored to you, we can offer a higher quality of advice. We have a great ‘no obligation’ policy for first meetings and all our services are provided at competitive rates.
Whether you need general legal advice or assistance managing your Estate, we are happy to offer services tailored to the level of legal advice and practical support you require.
We strongly believe in giving back to the community. Being active members of a local networking group, working with and supporting local businesses is incredibly important to us. We are also proud supporters of the Ladies Fighting Breast Cancer Charity.
Here at Reid & Co, our philosophy is simple, every client is different, therefore, they require differing levels of advice and assistance.
What We Do
Legal Services
We help people take greater control over their future and what will happen to their Estate once they die. We also help to make the most difficult time of losing a loved one easier with our Probate services.
Our tailor-made services include drafting and updating Wills, the creation and management of Trusts, Probate and Estate Administration, drafting and registering Lasting Powers of Attorney, advice relating to Care Fees and planning.
Inheritance Tax
Rules on Inheritance Tax (IHT) have changed in recent years and there is always the prospect of future changes.
In October 2007, a significant change was made to IHT allowances and your tax-free allowance (known as your nil rate band) can now be transferred between spouses and civil partners. This allows married couples and civil partners to fully benefit their spouses or civil partners free from Inheritance Tax on the first death and to transfer their allowances to be offset against the joint Estate on the 2nd death.
There were further changes in the IHT regime in 2017 which saw the introduction of the main residence nil rate band, which increased in April 2021 to £175,000.
The main residence nil rate band is not automatic, so if you have not reviewed your Will recently your children and descendants could be paying thousands of pounds more IHT than is needed. We recommend that you review your affairs to ensure your Will reflects your wishes and ensures your Estate is managed in the most tax efficient way.
For unmarried couples, the IHT allowances are not transferable and it is crucial that you have a properly drafted Will to ensure that you do not lose important tax allowances.
Inheritance Tax
Rules on Inheritance Tax (IHT) have changed in recent years and there is always the prospect of future changes.
In October 2007, a significant change was made to IHT allowances and your tax-free allowance (known as your nil rate band) can now be transferred between spouses and civil partners. This allows married couples and civil partners to fully benefit their spouses or civil partners free from Inheritance Tax on the first death and to transfer their allowances to be offset against the joint Estate on the 2nd death.
There were further changes in the IHT regime in 2017 which saw the introduction of the main residence nil rate band, which increased in April 2021 to £175,000.
The main residence nil rate band is not automatic, so if you have not reviewed your Will recently your children and descendants could be paying thousands of pounds more IHT than is needed. We recommend that you review your affairs to ensure your Will reflects your wishes and ensures your Estate is managed in the most tax efficient way.
For unmarried couples, the IHT allowances are not transferable and it is crucial that you have a properly drafted Will to ensure that you do not lose important tax allowances.
Wills
When was the last time you reviewed your Will? Did you know that almost 60% of people in the UK don’t have a Will at all? Your Will is the cornerstone of your Estate and succession planning and it is important to review your Will every 5 years or so to ensure that it is still appropriate for your requirements and updated to reflect changes in the law.
It’s advisable to update your Will if you have had any significant life changes, such as:
- Having children/grandchildren
- Co-habiting
- Getting married* or divorced
- One of your Beneficiaries is experiencing matrimonial or financial difficulties
The death of a spouse or loved one
Moving to a new home
*Did you know
If you have a Will and then get married, unless your Will has been made in contemplation of the marriage, that your Will is no longer valid?
Not married but live together? You’re not automatically entitled to inherit. The best way to ensure your partner inherits what you want them to, is to put an effective Will in place.
We make creating and updating your Will as hassle free as possible for you, advising on any planning and taxation considerations and any potential claims that can be made against your Estate on death. Our services are competitively priced, so speak to one of our team today for an appointment.
Care Advice
Most of our clients are concerned about the payment of care fees and protecting their assets for their family. This is a complex area and we can assist with the following:
- Advice on planning that you can put in place to protect your assets
- Guidance on funding that may be available
- Attendance at an assessment for funding
Review of any planning you may already have in place
Trusts
Trusts might seem like a minefield and you may think ‘Trusts are only for the very wealthy’ or ‘Trusts are tax planning tools’.
Trusts have historically been and continue to be used for asset protection purposes. We can navigate you through the complex laws of Trusts, advising you on what you really need to know and what could be beneficial to you, explaining Trusts in the simplest possible way.
Significant changes to the taxation of Trusts were introduced in 2006 and if you have a Trust in place or your Wills contain a Trust structure and you have not reviewed it since this change it is important for you to do so.
2022 saw the requirement to register non-tax planning trusts under the Trust Registration Service. If trustees do not comply with this they face penalties.
Trusts
Trusts might seem like a minefield and you may think ‘Trusts are only for the very wealthy’ or ‘Trusts are tax planning tools’.
Trusts have historically been and continue to be used for asset protection purposes. We can navigate you through the complex laws of Trusts, advising you on what you really need to know and what could be beneficial to you, explaining Trusts in the simplest possible way.
Significant changes to the taxation of Trusts were introduced in 2006 and if you have a Trust in place or your Wills contain a Trust structure and you have not reviewed it since this change it is important for you to do so.
2022 saw the requirement to register non-tax planning trusts under the Trust Registration Service. If trustees do not comply with this they face penalties.
In what circumstances would it be useful to have a Trust:
- Protecting assets for the future
- Creating a Trust during your lifetime to provide for your children or grandchildren, whilst retaining some protection over the funds
- Providing for vulnerable people while protecting the assets, without risking their benefits
- Loss of capacity to manage own money
- To look after your assets in a more tax efficient way
With the potential of paying care home fees being an increasing worry for many, Asset Protection Trusts are growing in popularity but before you put one in place we recommend that you take proper legal advice as if the Trust is set up solely for these reasons, the Local Authority will argue that you have deliberately deprived yourself of assets and the Trust would be useless. Your Beneficiaries could also miss out on important IHT allowances, such as the Main Residence Nil Rate Band, therefore, increasing your Inheritance Tax liability.
Let us help you to understand if having a Trust could be advantageous to you and your family.
We will advise you on all considerations which are relevant when creating a Lifetime Settlements. We also advise many clients on more straightforward Trust arrangements, such as Trusts being declared over a property to specify a differing level of capital contributions. We offer differing levels of support totally dependent on what you need whether its only advice you require or the full set up, reporting, registering and management of a Trust. Already have a Trust in place? We also act for many Trustees in administering Trusts once they are established and, in many cases, act as Professional Trustees.
With the potential of paying care home fees being an increasing worry for many, Asset Protection Trusts are growing in popularity but before you put one in place we recommend that you take proper legal advice as if the Trust is set up solely for these reasons, the Local Authority will argue that you have deliberately deprived yourself of assets and the Trust would be useless. Your Beneficiaries could also miss out on important IHT allowances, such as the Main Residence Nil Rate Band, therefore, increasing your Inheritance Tax liability.
Let us help you to understand if having a Trust could be advantageous to you and your family.
We will advise you on all considerations which are relevant when creating a Lifetime Settlements. We also advise many clients on more straightforward Trust arrangements, such as Trusts being declared over a property to specify a differing level of capital contributions. We offer differing levels of support totally dependent on what you need whether its only advice you require or the full set up, reporting, registering and management of a Trust. Already have a Trust in place? We also act for many Trustees in administering Trusts once they are established and, in many cases, act as Professional Trustees.
Lasting Powers of Attorney
Lasting Powers of Attorney (LPA) replaced Enduring Powers of Attorney (EPA) in October 2007. If you have an EPA it will still be valid, however, you aren’t covered to the same level as you would be if you had an LPA.
Although an EPA covers who deals with your Property and Finances it will not allow your chosen Attorneys to make decisions regarding your Health and Welfare. We can help you to put in place an LPA that will do this for you. There are also many practical reasons why you may wish to upgrade to an LPA for Property and Financial Affairs.
We advise clients on the creation and registration of Lasting Powers of Attorney. These are documents under which you can appoint an individual or individuals to make decisions on your behalf. These documents are mainly used when an individual has lost capacity to make their own decisions. We will also advise you on the benefits of updating your old EPA to a new LPA.
We have clients of all ages putting an LPA in place as a precaution for the future. Unfortunately, you could lose capacity at any age due to a health condition or a tragic accident. It is sensible to have these documents professionally drawn up so that you understand the nature and extent of the power you are giving to your Attorneys and to provide advice on additional guidance or restrictions that you may wish to include in the documents.
Probate and Estate Administration
If you are appointed as a Personal Representative (Executor) of an Estate, it is important that you are aware of the duties and obligations on you. We can assist you in complying with your duties and discharging your legal requirements. You may be personally liable, if you do not fully comply with your obligations.
It’s always sensible to take advice and we are happy to discuss how we can help you. Many people will have heard horror stories of extortionate costs and charges. Our fees are extremely competitive.
We can assist by simply dealing with the legal requirements to obtain the Grant of Probate, meeting with you to provide you with advice or administering the entire Estate. Whatever level of support you need, we can help.
Sometimes things get complicated. We recognise that occassionally things go wrong when dealing with an Estate. This can be as a result of a falling out between the Beneficiaries and Personal Representatives or a claim being made against the Estate. We can assist with both the legal and practical implications of this. It is crucial to resolve matters as quickly as possible to everyone’s satisfaction, to minimise the emotional and financial impact to all involved.
We can help with Legal advice, paperwork and full Estate assistance, It’s not all or nothing. It’s as much or as little support as you need.
Probate and Estate Administration
If you are appointed as a Personal Representative (Executor) of an Estate, it is important that you are aware of the duties and obligations on you. We can assist you in complying with your duties and discharging your legal requirements. You may be personally liable, if you do not fully comply with your obligations.
It’s always sensible to take advice and we are happy to discuss how we can help you. Many people will have heard horror stories of extortionate costs and charges. Our fees are extremely competitive.
We can assist by simply dealing with the legal requirements to obtain the Grant of Probate, meeting with you to provide you with advice or administering the entire Estate. Whatever level of support you need, we can help.
Sometimes things get complicated. We recognise that occassionally things go wrong when dealing with an Estate. This can be as a result of a falling out between the Beneficiaries and Personal Representatives or a claim being made against the Estate. We can assist with both the legal and practical implications of this. It is crucial to resolve matters as quickly as possible to everyone’s satisfaction, to minimise the emotional and financial impact to all involved.
We can help with Legal advice, paperwork and full Estate assistance, It’s not all or nothing. It’s as much or as little support as you need.
Our People
Contact Us
Opening Times
Monday 8:00-17:00
Tuesday 8:00-17:00
Wednesday 8:00-17:00
Thursday 8:00-17:00
Friday 8:00-16:30
Saturday CLOSED
Sunday CLOSED