Questions that we receive regularly include “How do I know that my Will is valid?”; and “For How long does my Will remain valid?”; and “Can I make any changes to my Will?” How do I Know that my Will is Valid? As soon as your Will has been signed correctly, it becomes a legally …
Jointly Owned Property and Wills – The Connection
Jointly Owned Property and Wills: If you own your property as Joint Tenants with another person or people, you may decide that you want to change the ownership, so it is then held as Tenants in Common instead. This will enable you to gift your share of the property to someone other than your co-owner(s) …
What happens when a Beneficiary cannot be found?
What happens when a beneficiary cannot be found? Well, executors of a Will (its Administrators/Representatives) need to make every effort to find a missing Beneficiary or one that is difficult to locate. This may extend to measures including the Executor(s) making enquiries with the deceased’s friends and other relatives to obtain a Beneficiary’s whereabouts, taking …
What is Inheritance Tax?
What is Inheritance tax (IHT). In simple terms, Inheritance Tax is payable upon death or at certain stages during a lifetime. For the purposes of this post, we will look at the IHT charge payable upon death which relates to the deceased’s estate. Upon death, the Executors calculate the value of the estate, which includes …
What is a Trustee?
A Trustee is someone formally appointed to manage assets of a Trust for the benefit of others (usually Beneficiaries), and to administer the Trust in accordance with its terms. There is an ongoing obligation for Trustees to act in accordance with the terms of the trust and in the best interests of its Beneficiaries. Trustees …
From when does a Will Speak?
The construction of a Will can alter the date from which it “speaks”. This is an important factor in interpreting the Will, as a small change in its wording can change the way gifts apply. Therefore, it is important to understand how the ordinary rules affect the date from when does a Will Speak. The …
General Power of Attorney
So how does a General Power of Attorney help? Well in the wake of the Coronavirus pandemic, many people are understandably motivated to have documents that allow someone else to make decisions on their behalf, as well as manage their financial affairs. Vulnerable people would be well-advised to officially have another person or people able …
Use a Will to Protect Assets of People with a Terminal Illness
Not a cheerful subject, however, most of us are reluctantly aware that we are not immortal. Some people shall never be aware of the timing of their demise. However, for others, they will be diagnosed with a terminal illness and must continue for the remainder of their life with the additional burden of that knowledge. …
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What Happens if a Will cannot be found after a Death?
Upon occasion, people die and although their surviving family members are certain that there is an existing Will somewhere, they simply cannot find it, so what happens if a will cannot be found after a death? This could be because the official document is being held by the legal firm which created it, so it …
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Excluding an Estranged Family Member from Inheriting
Whilst it is unfortunate, sometimes there are family members (estranged spouses, children, stepchildren, etc.) that have behaved in such a way as to motivate someone (a Testator) to arrange or change their Will so as NOT to provide for such a person or people and excluding an Estranged Family Member. Although in many European countries, …
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Register your Trust with HMRC BEFORE 1st September 2022
If you are in any way connected to an existing Trust or Trusts, whether that be as a Trustee, a Beneficiary or the person who created the Trust, then it is highly likely that you are required to register that Trust or Trusts ON or BEFORE 1st September 2022. If the Trustee(s) fails/fail to register …
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Do-it-Yourself (DIY) Wills
You could choose to create your own Do-it-Yourself (DIY) Will rather than consult a specialist. This would almost certainly be a “cheap” course of action. Likewise, you could undertake your own dentistry, defend yourself in court against a wrongful accusation of a serious crime or unilaterally educate your children up to degree level. These would …
TRF Wills (TRF) was created by Michael Cotterill in 2005. He is a member of the Society of Will Writers and registered with the Information Commissioner’s Office.