With cryptocurrency becoming more widely held, it is important to understand what will happen to this type of asset after someone dies. Cryptocurrency is stored in a virtual wallet which is accessed using two keys. The public key is similar to an electronic address, while the private key or passcode allows the holder of
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It is just as important to store your Will safely as it is to make it. If a Will is lost then your estate could pass in accordance with the Rules of Intestacy, which means your loved ones could miss out on their inheritance. When someone dies, their personal representative has the task of
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The probate process can be a slow one, involving the winding up of all of someone’s affairs following their death. If they did not leave a Will, the time taken can sometimes be longer, as their estate may be less organised than someone who has planned for the future and there could be difficulties in
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Most people do not include their digital assets when they make a Will, meaning that anything of value will end up being included in the residue of the estate. There is also a risk that some assets will simply be lost if they are not listed or if there is no way for them
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Mirror Wills are two Wills made by a couple usually leaving everything to each other and then to the same choice of beneficiaries, usually their children. The intention of mirror Wills is to provide for the other person and ultimately for the same beneficiaries once both parties have passed away. There are some drawbacks
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Business owners should plan for the future with a business Lasting Power of Attorney and consideration of the probate situation in respect of their enterprise. A Lasting Power of Attorney (LPA) is a document that gives legal authority to a nominated attorney to act on your behalf, should you ever be unable to manage
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Insurance company NFU Mutual recently analysed HM Revenue & Customs receipts, finding that the average Inheritance Tax bill for the year 2018/19 was £199,000. The standard Inheritance Tax rate is currently 40 per cent, which can result in a substantial bill for many estates. By taking tax planning action in advance, it is possible
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When someone dies, the administration can seem overwhelming at what is a very difficult time. We take a look at each step to be taken. Following a death, dealing with all of the necessary paperwork is an onerous task. If a Will is left, it will appoint an executor who will be responsible for
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The job of the executor or administrator of an estate includes distributing assets to the beneficiaries. When a beneficiary cannot be found, it can cause complications. After someone dies, their estate will be wound up by their personal representative. If they have left a Will, this will name an executor to carry out this
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When someone becomes unable to manage their own affairs and they have not put a Lasting Power of Attorney in place, a relative or other representative can apply for a deputyship order allowing them to act on the person’s behalf. The application is made to the Court of Protection. A deputyship order can be
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