If you die without a Will (and statistics suggest that about 70% of UK citizens either have no Will, or that the Will they have is out of date or inadequate) those you leave behind will have a difficult time of it! A bereavement brings with it enough emotional and practical problems of its own to have financial and legal ones added to it.
If you die without a Will and are not married and have no children, then your entire estate is divided between your parents. If they’ve passed on, then it is divided between your brothers and sisters. No siblings? Then it’s the grandparents, otherwise aunts and uncles. With no surviving relatives, then the Estate goes to the State. If you die unmarried with children, then they get the estate when they are 18 or if they get married before that.
If you die without a Will and you are married, then what happens depends on the value of your estate. If it is worth under £125,000, then the surviving spouse gets the entire estate. Over £125,000 then there are two possibilities: with children, your spouse gets the first £125k plus interest, and a life interest in half the residue – the remainder goes to your children on reaching 18 or before that if they get married; with no children your household contents and personal effects go to your spouse, plus the first £200k plus interest and half the residue – the other half I divided between your parents, and if no parents survive, then your brothers and sisters (if none of these relatives are alive, then it goes back to the spouse).
So why die without a Will? It’s relatively straight forward to have one written, and provides peace of mind to the person writing it. Getting your affairs in order really helps your surviving relatives – they will know what you wanted to happen to your estate. Wills can incorporate Trusts that can enable the writer to minimise the amount of the Estate that the chancellor can get his hands on; that can ensure that your children are provided for; that can protect half the value of your property after your death in the event of the surviving spouse having to go into care; that can provide for disabled children’s care; and so on.
Remember, a Will is a formal legal declaration that sets out the writer’s wishes as to how they want their assets distributed when they die; it does not come into effect until the writer dies; if you leave something to someone in a Will, it’s entirely up to them what they do with the gift (unless it is held in Trust).
Andrew is an agent for Collective Legal Solutions (9954) who can be contacted on 0845 658 2924. For further information on this and other Will related subjects visit the Collective Legal Solutions website.
Article Source: http://EzineArticles.com/?expert=Andrew_Carter
Friday, July 13, 2007
Nine Things You Should Know About Probate
The legal process of the distributing of the estate of a deceased individual is known as probate. Probate is often a time-consuming and confusing process for those who are involved. Most people lack a knowledge of the probate process because of inexperience with the process.
While probate is rarely easy, an adequate knowledge and understanding of the process can decrease stress, and increase your confidence that everything is being done properly. Anyone involved in probate should understand the following:
1 – In cases where a valid will exists, the individual named in the will as the executor is responsible to see that the deceased’s instructions are carried out.
2- In cases where a valid will does not exist, an individual will be appointed by the court as the administrator. The administrator will perform the duties of the executor.
3 – During probate creditors of the estate are provided with an opportunity to place claims for unpaid debt. The validity of those claims is determined by the court. Any claims that are valid will be paid out of the estate.
4 – Probate court is the home of the probate process. Laws and procedures vary from state-to-state. Some states have courts with the sole responsibility of overseeing probate.
5 – Although the length of probate will vary, it will usually last for six months to one year. More complex estates will typically take a greater amount of time.
6 – Inheritance cash advances are available for heirs to estates in probate. Cash advances provide part of the inheritance upfront and help the heir to avoid the long wait required by probate. Please visit www.probate-web.com/inheritance_cash_advance.htm for more information.
7 – Certain assets may not be subject to probate. Retirement accounts and life insurance policies normally name beneficiaries, which allows the beneficiary to obtain ownership of the asset without going through probate.
8 – Proper estate planning can make it possible to partially or completely avoid probate. Estate planning is a priority for those who wish to ensure an easier process for their heirs and beneficiaries. For guidance in estate planning seek the advice of a professional.
9 – Real estate that is tied up in probate can be sold during probate, without waiting for completion of the process. If you have real estate that is currently in probate and you are interested in selling, please visit www.probate-web.com/probate_real_estate.htm.
J.J. Chiles is the founder of http://www.probate-web.com, the leading source of online probate information and resources.
Article Source: http://EzineArticles.com/?expert=J.J._Chiles
While probate is rarely easy, an adequate knowledge and understanding of the process can decrease stress, and increase your confidence that everything is being done properly. Anyone involved in probate should understand the following:
1 – In cases where a valid will exists, the individual named in the will as the executor is responsible to see that the deceased’s instructions are carried out.
2- In cases where a valid will does not exist, an individual will be appointed by the court as the administrator. The administrator will perform the duties of the executor.
3 – During probate creditors of the estate are provided with an opportunity to place claims for unpaid debt. The validity of those claims is determined by the court. Any claims that are valid will be paid out of the estate.
4 – Probate court is the home of the probate process. Laws and procedures vary from state-to-state. Some states have courts with the sole responsibility of overseeing probate.
5 – Although the length of probate will vary, it will usually last for six months to one year. More complex estates will typically take a greater amount of time.
6 – Inheritance cash advances are available for heirs to estates in probate. Cash advances provide part of the inheritance upfront and help the heir to avoid the long wait required by probate. Please visit www.probate-web.com/inheritance_cash_advance.htm for more information.
7 – Certain assets may not be subject to probate. Retirement accounts and life insurance policies normally name beneficiaries, which allows the beneficiary to obtain ownership of the asset without going through probate.
8 – Proper estate planning can make it possible to partially or completely avoid probate. Estate planning is a priority for those who wish to ensure an easier process for their heirs and beneficiaries. For guidance in estate planning seek the advice of a professional.
9 – Real estate that is tied up in probate can be sold during probate, without waiting for completion of the process. If you have real estate that is currently in probate and you are interested in selling, please visit www.probate-web.com/probate_real_estate.htm.
J.J. Chiles is the founder of http://www.probate-web.com, the leading source of online probate information and resources.
Article Source: http://EzineArticles.com/?expert=J.J._Chiles
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