Deciding who should inherit from you in your will, how much they will get and in what shares, are big decisions to make. This can be made more difficult if you have particular concerns about a beneficiary and whether the inheritance could be at risk. “Second marriages, family disagreements, or children who have a lot
When applying for probate in regard to an estate which is subject to inheritance tax (IHT), the Probate Registry requires tax to be paid before the grant of probate application. This can prove difficult as most financial institutions will not pay out sums to executors without first seeing the grant, but there are ways to
Jack Haskew, head of our Wills, Lasting Powers of Attorney and Probate team, fields some of the key questions about life interest trusts, which are becoming increasingly mainstream. Q: What exactly is a life interest trust? Jack Haskew (JH) : A life interest trust is an arrangement whereby your Will provides for one beneficiary during
Making a lasting power of attorney for your finances is an important part of lifetime legal planning, especially if you have built up a portfolio of assets and investments which require regular management. While this legal authority needs to be set up well in advance of when it might be required, it can also be
It is not uncommon for executors to face some difficulty tracking down the beneficiaries of an estate, especially if the will was written many years ago. If there was no will, intestacy rules apply and there could be distant family members you did not previously know about. If beneficiaries cannot be found or someone unexpected
If you are an executor of an estate, you may need to deal with debts that have been left behind. Any estate may have debts to be considered, even if the deceased was wealthy. “Personal debts do not expire on death, they are carried over into the estate,” says Jack Haskew, of KWW’s Private Client
If your partner, a parent, or another close relative is losing their ability to manage their own affairs, you may be concerned about how much you can help, particularly where financial matters are concerned. If the person you care for has not made their own plans, such as by making a Lasting Power of Attorney
With continuing advances in modern medicine, we are living longer and longer. And while we are able to keep our bodies healthy and fit into older age, often our minds cannot keep pace. A lasting power of attorney (LPA) provides an additional means of support among those you trust if you are no longer able
‘Never put off till tomorrow what may be done the day after tomorrow just as well,’ said Mark Twain in 1881 when, on average, men died at 50 and women reached 56. Nowadays, average life expectancy for men in the UK is 79 and for women it is 83, and one in every 14 people over
Coming to terms with the death of your spouse or partner will take time, but at some point you will need to think about financial and legal issues. Once probate has been obtained and their estate has been settled, you may need to think about whether you should make a Will – or amend any
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