Maureen Gilroy-Thomas
Solicitor, Probate, Wills and Trusts
01423 566666
maureen.gilroy-thomas@raworths.co.uk
Background
Born in Venezuela (grew up in Ireland)
Education: University College Galway and The Incorporated Law Society of Ireland
Recent roles: Wiseman Lee, Heptonstalls, Kirbys and Schofield Sweeney
Joined Raworths 2011
Member of the Society of Trust and Estate Practitioners
Member of the Law Society Private Client Section
Fluent in French
Legal Specialisation
Maureen specialises in Wills, pre death and post death inheritance tax planning and long term family asset protection, agricultural and business property succession and the administration of estates. She also advises on trust matters including trust formation, taxation, administration, reorganisation and termination.
Experience
- Worked extensively with high net worth clients, entrepreneurs and owners of family businesses
- Estate Administration
- Lasting Powers of Attorney
- Court of Protection matters
- Pension death benefits trusts
- Declarations of trust over and settlements of life assurance policies
- Cross option agreements
- Wills designed for tax efficient transfer of company shares.
- Employee Trusts
- Pilot Trusts
- Discretionary Settlements
- Interest in possession Settlements
- Trusts for Minors
- Bare Trusts
- Declarations of Trust
- Trusts for Vulnerable and Disabled beneficiaries
- Planning after death – Deeds of Variation, Disclaimer, section 144 arrangements
- Inheritance (Provision for Family and Dependants ) Act 1975 Claims
- Inheritance Tax, Capital Gains Tax and Income Tax advice in relation to trusts and estates
- HM Revenue & Customs compliance
In conversation
How can clients make provision in their Wills for a son or daughter who has special needs?
When a child is affected by disability, and is unable to handle their own financial and legal affairs, a trust set up in your Will can ensure that you make provision for "extras" that you would like your child to have. These can include things like holidays and particular equipment to enhance your child’s quality of life. Including a Trust in your Will can ensure that you protect your child’s state and local authority benefit entitlements.
What provision should I make in my Will to pass on my family company shares?
Careful planning is needed to structure your wishes and take advantage of the inheritance tax reliefs available. If you leave your shares to a special discretionary trust created by your Will, you can take full advantage of the business property reliefs available and at the same time provide for your spouse and family members. I would recommend that your private client solicitor, your corporate lawyer, your accountant and financial advisors work collaboratively to give the best all round advice.
Can my business as a sole trader continue after my death?
The role and responsibilities of the personal representatives (the executors) will depend on the terms of the Will, and whether the business is to be sold as a going concern, wound up, transferred to a beneficiary or carried on in the longer term by the executors. Running a business following the death of a sole trader should not be undertaken lightly by executors and they must be aware of their own potential exposure to risk of personal liability. Legal advice is essential as businesses are subject to a myriad of trade or professional regulations which may be easily overlooked by an unsuspecting executor.
I have heard of Spousal Bypass Trusts for Pension Benefits – what are these and why might they be useful?
Many people have death-in-service benefits through their employment or death benefits via their pension scheme. Generally speaking, most people nominate their death benefit to be paid directly to their spouse or partner. This increases the estate of the surviving spouse for inheritance tax purposes which may result in a large tax liability on the second death. This tax problem can be avoided by nominating the death-in-service benefit or pension death benefit into a trust. By using a spousal by-pass trust, not only can the survivor have the full benefit of the monies payable but an IHT saving can be made at the same time.
Have you assisted clients who own foreign property?
I have provided advice to clients with property interests in Ireland, the Channel Islands, France, Spain, Portugal, The Netherlands, Norway, Australia and the USA. Frequently, it is necessary for us to seek assistance from lawyers in the countries concerned to check how their law applies to property interests on death. Generally it is advisable to have Wills in each foreign country to deal with the assets in question.
What issues do you frequently come across in respect of agricultural land?
I deal with many matters including mixed use in the context of Agricultural and Business Property Relief, development land, valuation issues, caravan sites and rectification issues where plots of land have been gifted without legal formality.
Are there alternatives to trusts in the case of family companies and businesses?
Family Limited Partnerships (FLPs) have gained some popularity since 2006 when the trust tax regime was changed. They can, in suitable circumstances, allow an owner of a business to pass business assets to other family members whilst still retaining a large degree of control. The main advantage of using an FLP is that there is no Inheritance Tax charge on the transfer of the assets into the partnership and none of the Inheritance Tax exit and ten-yearly charges that are now applied to most trusts. It is possible to defer Capital Gains Tax on the business assets held by the FLP.
