Raworths LLP
Katie Watts Katie Watts

Katie WattsSolicitor

Katie Watts

Contact Details

DDI: 01423 724624
E: katie.watts@raworths.co.uk

Background

Born: Leeds
Educated: University of Warwick and University of Law
Previous roles: Trainee Solicitor at SGH Martineau, Solicitor at Addleshaw Goddard
Joined Raworths: August 2016

Member of Lawyer’s Christian Fellowship

Katie has advised upon the following:

  • The preparation of simple Wills and more complex Wills containing trusts
  • Wealth management including lifetime and inheritance tax planning for high net worth individuals, business owners and individuals with landed estates
  • The creation of suitable trust structures, including preparing a trust for vintage cars which were then to be leased from the trustees to the original donor
  • A deceased estate where inheritance tax of over £600,000 fell due, advising on how to pay this and preparing a Deed of Variation to gift 10% of the estate to charity to benefit from the 36% rate of inheritance tax, rather than 40%
  • Trust administration, including the drafting of Deeds of Appointment and Retirement of Trustees, Loan Agreements and Deeds of Indemnity and advising on taxation issues.

You are a Dementia Friends Champion, what does this mean?

Dementia Friends is an initiative run by the Alzheimer’s Society.  A Dementia Friends Champion is a volunteer who encourages others to make a positive difference to people living with dementia in their community.  I provide Dementia Friends Information Sessions to raise awareness of dementia and how we as a community can make a positive difference to those who live with dementia.  As dementia is affecting more and more people, I feel it is extremely important to understand more about the disease, how it affects people and what we can do to assist.

 

Why did you become a solicitor?

I’ve always been up for a challenge – so decided to study Law and Sociology at university, two subjects I had never studied before.  I really enjoyed them both, especially law and decided that this was the career I wanted to pursue.  I love meeting new people, solving problems and assisting people so being a Trusts, Wills and Estates Solicitor is a perfect role for me.

 

How can I protect the assets of my family through a trust?

It is possible to put assets into a ‘trust’ for the benefit of a group of individuals (e.g. your children, grandchildren and so on). By putting assets in trust, the people you appoint as trustees will have control over the assets and will direct who benefits from the assets (possibly with reference to any wishes you make in an accompanying letter).  Trusts can exist for up to 125 years which means your assets can stay protected in the trust for as long as needed and can be used to benefit future generations.

 

Why do we need a will, doesn’t the statutory law cover that?

If you do not make a Will your estate will be distributed according to the Intestacy Rules.  It is likely the Intestacy Rules will not deal with your assets in the way in which you want them to be dealt with on your death (as family situations are usually more complex than the statutory law allows for), may not be tax efficient and may cause problems for your loved ones.

 

There are many ways to draft Wills and a solicitor can discuss your wishes with you and advise you as to the most suitable Will structure.  That way you know that your estate is being dealt with the way you want.  You can also discuss your assets with you and whether there are any ways to mitigate inheritance tax.