If nothing is done to protect the bank of mum and dad, there is no guarantee that monies will not be treated as a shared asset in divorce and split with the child’s partner.
Lee is qualified as both a solicitor and chartered tax advisor. He qualified as a solicitor in 1996 and joined Frettens in 2009 as a Partner. He is a current member and past Chairman of the Bournemouth Branch of the Society of Trust & Estate Practitioners and has also been a member of the Chartered Institute of Taxation since 2003.
Lee is able to advise on most aspects of personal tax, wills and succession. This includes the creation, administration and termination of all types of private trusts, estate administration and tax compliance and planning for individuals, personal representatives and trustees.
Lee specialises in will writing, powers of attorney, estate and trust administration, trust creation, tax compliance and tax planning generally as well as advising on equity release and lifetime mortgage applications.
Lee has a genuine interest and expertise in Trusts, which is recognised by local accountancy and financial adviser referrers as well as other local solicitors, all from whom instructions are regularly received. Lee is happy to advise both trustees and beneficiaries alike, and acts as trustee in over 100 trusts, and as such the team is one of the few in the area confident and happy to deal with trust work.
- Review and updating of wills, advising in relation to existing and new family trust arrangements.
- Estate planning and trusteeship – review and update of wills and appointments as trustee.
- Trusts and estate planning involving asset restructuring and using settled BPR assets to avoid inheritance tax, working in tandem with the clients’ wealth manager to come up with a blended trust and investment solution to the immediate and future tax issues.
- Drafting wills, trust and POA for an estate worth in excess of £2m.
- Review and update of wills and advising on IHT mitigation for an estate worth c.£10m.
Lee is married with two teenage daughters and is a keen football fan, now splitting his allegiances between his historical love for Dennis Bergkamp and Arsenal and, through his wife, a new found love for AFC Bournemouth. He also plays trumpet in a local wind band. Lee’s ability to fail to match a shirt with a tie is unsurpassed in the office, but fortunately for somebody who is qualified as both a solicitor and an accountant (and therefore doubly dull!) he has a very good sense of humour.
Professional and relaxed with plenty of opportunity to ask questions which were answered in simple and straightforward language.
The whole experience was excellent, Mr Young was very helpful and executed my instructions very well. The final will is perfect and in plain English, very easy to understand - Just what I wanted - thank you for everything.
Mr Love & Miss Howell
Friendly and professional all the way from reception to the meetings and advice. Lee made the creation of our wills easy to understand - he turned what we thought would be a complicated exercise into something simple.
Excellent service. Professional but friendly with plain English. Very helpful to obtain both financial and legal advice from the same person.
I have been pleased and impressed by Lee Young's knowledge and authority and similarly by my various telephone conversations with other Frettens' personnel.
Mr & Mrs Rangoon
Lee's professionalism - we were made to understand the legality in laymans terms - our query perfectly explained.