Family Companies – It’s Never Too Soon to Start Estate Planning
Estate planning is essential when there is a family business to prevent tax problems in the untimely death of a shareholder as this following High Court case demonstrates.
Probate & Estates
Promises, Promises – Don’t Rely on Them Unless They Are in Writing!
The trouble with promises that are not recorded in writing by a professional is that it can be very hard to prove after the event that they were ever made.
Get Your Will Written Right to Ensure Your Wishes Happen
A penniless Eastern European man who had made his fortune in his lifetime decided to make his own Will which meant that his £2.75 million estate may not have reached the beneficiaries he wanted them to on his death. The following case details the problems of making a Will without the proper legal advice.
Are You Entitled To A Share in Your Home? Get Your Name On The Title Deeds
When you live in a property with a partner and contribute to its maintenance by undertaking work or paying for work to it you could believe that you have a financial interest in that property. Without a formal arrangement you could find that you have no security.
Protect Your Investments by Creating a Trust – Seek Legal Advice
The following case highlights how important it is to seek the advice of a lawyer when setting up a trust fund as investors discovered when they sought to claim $18 million awarded to an inventor’s idea, which the court rejected.
The Probate Process – What You Need to Know
If you have recently lost a loved one, you may need some guidance on matters of Wills and Probate. A Grant of Probate is the legal right to control a deceased person’s property.
Drafting Wills is a Job for Professionals – High Court Ruling Proves the Point
Drafting wills may appear easy and many people are tempted to save a few pounds by dispensing with legal advice. However, as one High Court case clearly showed, the words used can have particular legal effects that could not be foreseen by a layman and a thorough knowledge of the law is therefore essential.
Couple’s Mirror Wills ‘Set in Stone’, High Court Rules
It is common for couples to make so-called ‘mirror’ wills, leaving everything to each other and, eventually, to their children.
Controversial plans to raise legal fees payable after death are to be scrapped ahead of election
Prior to today, there were controversial plans in place to raise the probate fees which are paid after death. It was announced today that due to the upcoming election, these plans will be scrapped.
What to do if you have recently lost a close relative
If you have recently lost a close relative, and have been named executor of their estate, it is important to have a basic knowledge of probate law in order to understand and implement your responsibilities lawfully and effectively.
What Is A Cyber Cemetary?
What on earth is a cyber cemetery I thought the first time I heard the phrase. Well, it is a phrase originating in the United States to explain where somebody’s virtual estate goes to when they die.
Mother Jailed For Abusing Son’s Trust Fund
Adam Gray was 11 when his father tragically died in the 7/7 bombings of 2005. Adam was awarded £50,000 compensation for the loss of his father, to be held on trust until he reached his 18th birthday.
High Net Worth Clients – Inheritance Tax
Inheritance tax is a tax levied on the value of a person’s assets when they die. Over and above either the single or double allowance, inheritance tax is levied at a flat rate of 40% on all assets worldwide.
The Debate About The Right To Die
It has been stated recently that there will be a change in UK law that will allow terminally ill people to be helped to end their lives. It is anticipated that this law will come into force in the next few years.
Professional Will Writing And Regulation
The Legal Services Board conducted an extensive consultation into the regulation of will writing and estate administration last year, with their findings presented to the Lord Chancellor for approval.
Probate Disputes – Mediation Through Understanding
Probate disputes are lengthy affairs that, when coupled with legal fees, can be very expensive procedures to go through. Mediation is a cost effective alternative to legal proceedings and aims to resolve disputes without the need to go to court.
The Role And Appointment Of Executors In Wills
The executor is an individual named in the testator’s Will to take responsibility for the administration of their estate upon death. The role can be a complicated and time consuming task to undertake with the process often lasting several months.
The Risky Nature Of Homemade DIY Wills
One of the main problems facing the Probate Registry in recent times has been the steady rise of ‘Home-Made DIY Wills’. There are several ways to create a Will; the two most common are to instruct a solicitor on your behalf, or alternatively make a Home-Made version using a DIY Wills Kit.
The Importance Of Getting A Will
Individuals can be put off making a Will for all manner of reasons. Maybe the cost is too high or the process seems too complicated. Or perhaps many just delay in writing one, planning on sorting it out at a later date.
The Effects Of Marriage And Divorce On Wills
There are three primary ways in which a Will can be revoked. The first two methods are made with an express intention to do so; either by the creation of a new Will or the destruction of the current one.