If there would be an advantage to us to VARY how we inherit from a deceased person’s estate, either via their Will or by the Law of Intestacy because there was no Will, then we have up to TWO years after that person died to do so. This process is known as undertaking a Deed …
Trusts
Trusts are very often considered to be complicated and expensive. However, although the “terms and conditions” can sometimes be detailed and extensive, the fundamental purpose of a Trust will usually be stipulated by the person or people wishing to create it. The “legalese” contained within the paperwork is merely to ensure that a Trust is …
Is my Will Still Valid?
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 …
Joint Tenants v Tenants in Common Property Ownership
If you own your property as “Joint Tenants” with another person, you may decide that you want to change that joint ownership, so your property is then owned as either “Tenants in Common in Equal Shares” or “Tenants in Common in Unequal Shares” instead. The equal or unequal shares shall depend upon whether you wish …
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Inheritance Tax Reduction by Gifting to People
Gifting can sometimes be an effective way to reduce your future potential Inheritance Tax (IHT) liability after your lifetime. However, you only need to consider this if there would be a potential IHT liability after your death OR you have other genuine reasons to make gifts to other people. Will there be an Inheritance Tax …
Power of Attorney and your Business
You may think that if you become unavailable to run your own business for a short or longer term, then your family and/or friends have an automatic legal right to act upon your behalf in relation to your business. They do NOT. Likewise, business partners and employees do not automatically have this right unless there …
Do We Need a Grant of Probate After Someone Dies?
Not Always If you are an Executor of a Will or a Representative of a deceased person (if there is no Will), you will need to establish whether a Grant of Probate is required for their estate. Usually, a Grant of Probate is required from a government department known as the “Probate Registry” if any …
Inheritance Tax and Investment Property
Investment Property is NOT Automatically Exempt from Inheritance Tax (IHT) It is widely recognised that although most ongoing active businesses are exempt from Inheritance Tax (IHT) upon the death of the owner(s) or controlling shareholder(s), businesses where the main activity relates to investment property or properties are NOT exempt from potential IHT liability. Can I …
Ignore Lasting Power of Attorney at yours and your Family’s Peril
What is Lasting Power of Attorney (LPA)? Power of Attorney, or Lasting Power of Attorney (LPA) as it is better known, is an official safety net whereby you can officially nominate, in advance, your choice of a person or people who may legally act upon your behalf either if you subsequently cease to be capable …
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Who can Contest my Will or my Estate?
When someone does not inherit from an estate but believes that they should, they may have grounds to contest the Will of a deceased person or contest the law of intestacy if there is no Will. Whether they will be successful with their claim depends upon numerous factors including whether they were financially dependent upon …
Vulnerable Adult Beneficiaries of a Will
Beneficiaries of Wills may be vulnerable for many reasons, including but not limited to learning difficulties, illness, and addiction. How do we provide for a vulnerable (and possibly dependent) adult Beneficiary in our Will? The beneficiary’s vulnerability is not as important as their care needs, and the solution is known as a Vulnerable Person Trust. …
Business Power of Attorney TRF Wills – Wolverhampton Office
TRF Wills are delighted to announce that we now have a full-time consultant covering Wolverhampton and its surrounding geographical areas. Therefore, if this is where you are based and you require a business-related Lasting Power of Attorney (LPA), then we shall be happy to help you. Business Lasting Power of Attorney (LPA) A business Lasting …
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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.