Category: Probate

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 …

Writing a will is something that everyone knows they should do, but it often gets pushed to the back of our minds. Fortunately, life is busy, and we don’t get around to it until we have to. Having a will is vital, though, especially if you have children. Here are some reasons why you should write a will: 1. It Will Protect Your Kids and Their Future Even when you’re gone, you can still make a difference in the lives of your children. By leaving them some money in your will, you can set up a trust fund for them …

When people consider the assets they want to leave behind for their loved ones after they die, they often think of tangible items like their house or car. They might also consider the savings and investments they have and any personal possessions. However, many people tend to overlook their digital assets. These include photos, videos, or anything else stored on smartphones and other devices. What are Digital Assets? There is no clear definition of digital assets in the context of Wills, as our high-tech world develops at a rapid pace. However, we can be sure that a digital asset refers …

In the past, people were afraid to talk about wills. Doing so was tantamount to wishing someone ill, but that is far from the truth. Writing your last wishes on paper merely means that you want the best for your loved ones. This belief is also evident when it comes to the lasting power of attorney (LPA). It is either that or people do not understand how this legal document works. If you foresee a future where you will not be able to make sound financial and health decisions, you definitely need one. You might be hesitant to carry out …

You may want your children to get your estate when you die, but having to pay inheritance tax (IHT) may reduce the amount that ends up in their pockets. In inheritance tax, a total of £5.32 billion was paid to HMRC from 2020 to 2021, just short of the record £5.36 billion paid from 2018 to 2019. In this article, you will learn about ways you can prevent the taxman from seizing your assets before your children do and how you can begin proper inheritance tax planning. Create a Will Making a will is an integral part of estate planning …