Category: Probate

Retiring single also has its perks. It only means you do not need to consider anyone else when making your decisions regarding money and estate management. It also means you own everything you have and do not always have direct financial obligations. However, it also has its disadvantages. Retiring single means you do not have anyone to share your living expenses with as you grow older. If a retiree stays single and continues to live by themselves after retirement, they must prepare for the day their earning power ends. Retiring single can be a double-edged sword, but regardless of your …

While it can seem pretty straightforward to some people, many people tend to still misunderstand laws when it comes to heirs and those who aren’t entitled to receive anything from a person’s will. That being said, since dealing with unentitled relatives can be quite difficult, it’s important to undergo estate planning to ensure that all the people in your will are accounted for. What is the Order of Priority for Entitled Relatives? Spouse or civil partner, Issue (children/grandchildren/great-grandchildren), Parents, Siblings or their issue, Grandparents, Uncles and aunts or their issue. What are the Common Misconceptions About Inheritance? All Relatives Get …

When you draw up a will, it’s essential to keep it in a safe place. However, many people wonder if it’s necessary to have the will notarized or have it formally registered. If you’ve always wanted to learn more about this process, then this article is for you. Read on for a brief discussion on why you’ll want to consider registering your wills. It Makes Your Will Easy to Find No matter how large your estate is or how many assets you’re leaving behind, making your will is only one step on the road to making sure your beneficiaries are …

It’s important to get your financial future in order, and this includes the period after your passing. If you fail to plan for the event of your death, your loved ones may suffer massive headaches and financial trouble, after all. Estate planning covers many aspects of your life, such as who will inherit your assets and how they will be distributed. With an estate plan in place, you can rest easy knowing that you have prepared for the worst-case scenario.  However, even with running an estate plan, there can be a few mistakes along the way that might cost you …

Estate planning is a crucial step taken by many people because it will turn their possessions over to the right people when they pass. One must do it, no matter how early it may be. If a person doesn’t do so, their estate is distributed according to the intestacy rules. Intestacy refers to the laws that govern what happens to a person’s assets when they pass. The rules state that assets are distributed to beneficiaries when a person does not have a valid will. An estate is distributed based on intestacy rules, depending on if a person dies without a …

If you had been previously married and plan to remarry in the UK, you must understand how this will affect the inheritance you get from a previous marriage and that of your children (if any). If you want to learn more about the legal aspects of this issue, this article is for you.  Before getting down to the details of the matter, it is important to note that the laws regarding inheritance in the UK are not gender-biased. The laws apply to all people, as they are meant to protect the rights of the deceased and their beneficiaries. Inheritance of …

It’s important to know what makes a valid will. In the event of an invalid will, your beneficiaries can be financially hurt, and your final wishes may not be carried out. Here are things that could affect the validity of your will in the UK. 1) It’s Not Written Down Your will must be in writing. A handwritten will is the most common way to get the job done (it’s also cheaper to do it this way). However, it’s also possible to make a will by sending a letter to a solicitor, or by dictating a will to someone else …

When you start estate planning, you have to research several things. For instance, you should think about your beneficiaries. If you assign a minor to be one of your beneficiaries, you have to be familiar with certain specifications. For estate planning in the UK, here are some essential things you should note. Can You Name Someone under 18 as Your Trustee? According to UK laws, you can include a minor as a beneficiary. However, if you appoint a minor to be a trustee, you should note that they cannot act independently. They may need a legal representative or guardian to …

Without the guidance of a lawyer or financial adviser, inheritance tax can cost your family up to thousands of pounds. Unfortunately, because many people think it’s too complicated, they just choose to pay the set amount without doing anything about it.  By working with an expert, you can avoid paying that hefty price in tax. To give you some idea of how you can do this, here are some tips for you:  Planning Ahead Inheritance Tax can be nasty for your family if you don’t plan ahead. To avoid this, you need to have a good grasp of your finances. …

Marriage is a huge step into a new chapter in anyone’s life. However, it also has implications for your afterlife.  If you believe you see a wedding on the horizon or you just had one, we highly recommend reviewing your will. If you do not currently have one, we suggest you make one, especially now that you’ll have a new dependent. Regarding Your Existing Will If you already have a will, marriage or civil partnership will revoke it. However, it will hold if it was drafted anytime before your wedding with the same partner already considered.  Let’s say you did …