When someone dies leaving a Will that creates a Trust, it can have implications for the person dealing with the administration of the estate. A Will may leave property or assets to a Trust so that an individual may benefit from them during their lifetime without actually owning them. For example, the deceased may have
Administering an estate when the Will creates a trust Read More »
When making a Will it is essential to have the legal and mental ability to understand the document and its effect. Without this, a Will is invalid and cannot be used. In the absence of any other Will, the estate would then pass under the Rules of Intestacy. A 2018 survey of family solicitors carried
Testamentary capacity – an essential requirement in making a legally valid Will Read More »
Writing a Will involves more than simply choosing who to give your money to. We look at what you should consider when making a Will. Your Will is the document that tells people what you would like to happen to your estate after your death. If you have young children, it can also ensure that
What to put in your Will Read More »
More people than ever are leaving assets in foreign countries when they die, making administration of their estate more complex. We look at some of the main considerations. One of the first questions to be answered is which country was the permanent home or country of domicile of the deceased. If you are domiciled in
How to deal with foreign assets left in a Will Read More »
As people grow older, managing financial affairs can become onerous, particularly where there are a number of different holdings, bank accounts and other investments. As part of planning for the future, it is advisable to think about who will help you deal with your affairs should you become unable to do so, or should you
Managing financial affairs in retirement Read More »
After someone dies, their assets need to be collected in and distributed to their beneficiaries. We look at the deadlines for completing this work. The person who deals with the administration of an estate is known as the executor or, where there was no Will, the administrator. It is their job to value the estate,
Estate administration deadlines Read More »
When the owner of a business dies, probate can be lengthy and complicated as their business assets have to be valued and transferred. Whether business assets are sold or transferred depends on the way in which the business was owned and operated as well as the wishes of the deceased. The estate’s executor or administrator
Dealing with business assets during Probate Read More »
When dealing with financial affairs, it may seem ideal to allow children or other trusted family members access to your accounts to help you manage finances. We explain why this is never advisable. Giving someone the information they need to deal with your money may seem like a good solution if you’re concerned about being
Can I allow trusted family members access to my bank account? Read More »
A Lasting Power of Attorney (LPA) allows you to appoint an attorney to deal with your affairs once you are no longer capable of doing so yourself. If you do not have an LPA, then your family will have to apply for a Deputyship Order to allow someone to help you. There are two types
Why a Lasting Power of Attorney is preferable to a Deputyship Order Read More »
When you’re expecting a baby there’s a long list of things to do to get ready. Making a Will isn’t usually at the top of the list, and for many people it isn’t even something they think about at all. But in reality, it’s an important job that could seriously impact your family’s future. Nobody
Why should you make a Will when you start a family Read More »