Author: Charles

When a person dies without leaving a valid will, their estate must be divided according to specified regulations. The rules of intestacy are what they’re termed. An intestate individual is someone who dies without leaving a will. Under the rules of intestacy, only married or civil partners and some other close relatives can inherit. If a will is made, but not legally valid, the intestacy rules will supersede the preferences indicated in the invalid will. Civil partners and married partners Only married or civil partners who are actually married or in a civil relationship at the time of death inherit …

Trusts are among the most valuable financial planning tools, but they are also among the least understood. This article explains what a trust is and why it is utilised. We then examine some of the many sorts of trust and how they function. What is a Trust? A trust is akin to a treasure chest in that it is a safe, sealed box that holds precious goods for the benefit of others. The individual who wishes to establish the trust places cash or other assets in the treasure chest and secures it. Trustees have the keys to the treasure chest …

In the absence of a will that specifies how to deal with a person’s estate upon death, the intestacy rules apply. The order where the deceased’s relatives can petition for a Grant of Representation or Administration of their estate is outlined in these rules.  The intestacy rules also specify who is entitled to the assets of the deceased’s estate. After receiving the grant, that person becomes the estate’s administrator, with the power to collect and distribute the deceased’s assets per the intestacy rules. But what if a person discovers their loved one’s will after the administrator has received the grant? …

Drafting last wills and estate planning needs utmost care. Since wills convey the wishes of someone who has departed, unclear language and instruction will cause problems to the recipients. This may result in challenges and contests of wills. One such uncertainty can come from simple terms “my child or children.” Even if the testator considers their stepchildren theirs, the term “my child” can only refer to their biological or legally adopted children.  To help you better understand this distinction, here are some will types that directly affect stepchildren. Administration of Estates Act of 1925 According to the Administration of Estates …

Most people dream of reaching a certain financial status, typically where they do not have to worry about the next bill or meal. However, upon reaching that point, many find themselves overwhelmed with the number of assets they need to manage. If you’re in such a situation, you may need a financial manager’s services, particularly a wealth manager. Wealth managers specialise in handling portfolios and other matters, some of which you will find below. 1. Investments Wealth managers have the skills and expertise to manage investments of any kind.  Having the proper background gives them the necessary knowledge and connections …

When someone passes away, they must apply for probate, the legal authority to manage their property, money, and belongings (their “estate”). You would acquire a grant of probate if the individual left a will. If the individual died without leaving a will, you’d receive ‘letters of administration,’ which confirm you have the legal authority to handle the estate. The Absence of Probate Suppose the departed had jointly held land, property, shares, or money. In that case, they will automatically transfer to the remaining owners. According to the organisation’s laws, if the deceased just had savings or premium bonds, which would …

Childless couples do not have to dread talking about estate planning. Even if you and your spouse don’t have children, you should consider estate planning because the focus of your financial legacy may be quite different than it would be as parents. Without a well-designed and organised strategy, a large portion of your fortune could be lost to taxes or end up with family members you don’t want.  In the following paragraphs, you can look deeper into planning your estate as a childless couple and the other factors that come with it. Writing a Will The foundation of proper estate …

Identifying intended beneficiaries in a Will is a crucial step when drafting Wills. This will enable Executors to administer the deceased’s estate as per their wishes. One might assume this to be an infallible process; however, mistakes can and often do occur.  Spelling mistakes on the names of individuals, even the slightest ones (“John Doe” instead of “Jon Doe” for example) can make a big difference. Sometimes, organisations are misidentified entirely, which is also a problem. These usually come up when the Will is homemade. This is a serious problem, especially since some Courts may end up invalidating certain gifts. …

Historically there are two powers of attorney types: general power of attorney and enduring power of attorney. But in October of 2007, lasting powers of attorney (LPA) replaced enduring powers of attorney. LPAs, like all powers of attorney, are legal documents that enable another person (attorney) to make decisions on behalf of another person (donor). However, unlike a general power of attorney perceived to be a one-use document, LPAs give the attorney more leeway in decision making. Unfortunately, the LPA’s wider decision-making scope and freedom can be abused. This article will explore more about LPAs and why they can be …

For the elderly, making a last will is a crucial matter because it’s what they’ll leave behind for the rest of their family. However, you don’t need to wait around for your senior years because even you can create a will while still young. Remember that your will can be like a road map for the people you leave behind, so it’s vital that you, as the next responsible person in the family, take the time to get all the details right. In this article, we’ll discuss why you should make a will as early as you can. Read on …