Wills, Trusts and Probate

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What is a trustee appointed under a will? Trustees appointed under a will deal with trust property in the deceased's estate. A trustee has a range duties, including safeguarding trust assets, collecting money due to the trust (even if this means enforcing any loans due to the trust), investing the trust fund in accordance with the trust deed and distributing assets. What happens if the trustee makes an overpayment of income to a beneficiary? The trustee may correct this mistake by adjusting future...

We look at why it is advisable for most people to have a Will and reveal that it is not as expensive as many think. People often think they don't need to have a Will or are put off making one by the perceived costs of doing so. But trying to save a relatively small sum of money by not making a Will or using one of the DIY kits available from the newsagent can be a false economy. Avoid the Intestacy Rules If...

What happens if someone loses their mental capacity? If a person loses their mental capacity to make decisions then a Lasting Power of Attorney or a valid Enduring Power of Attorney would continue, though both documents need to be registered with the Office of the Public Guardian. However. if there is no suitable Power of Attorney then a near relation can apply for a Receivership Order. Who can apply for a Receivership Order? This would normally be a relation who has been assisting...

We look at the benefits of making a Lasting Power of attorney Specialist Lasting Power of Attorney solicitors in Devon and Somerset. Call for free initial guidance on 0808 139 1606 If you are concerned about your future health, well-being and financial affairs, a Lasting Power of Attorney will allow you to plan now and choose who will make essential decisions for you in the event that you become physically or mentally incapacitated. Your attorneys are the people who act for you once...

When making a will most people are very aware of the assets they own; their house, their investments, their possessions. However, in the age of the internet assets are increasingly held in an electronic forma. This presents a risk that some of these digital assets could be overlooked. There is also the danger that the information required to access those assets might be lost. These assets fall into two main categories:- Those with a financial value This includes online bank accounts, ISA’s and share...

North Devon solicitor, Emily Hockin examines why it is important for newly divorced people to review their wills People often say that if you ignore something long enough it will go away. Sadly however this is not the case with writing a will. And failure to make a will could have terrible consequences for your family. The reality is that death comes to us all. We might not like to think about it but its one of the only certainties we...

A brief guide to the legal liability of a personal representative   What are the duties of a personal representative? A personal representative, or PR, is a person with responsibility for winding up a deceased’s estate. The PR calls in the assets, pays all debts and distributes the net estate to the beneficiaries named in the will or in accordance with the intestacy rules. Can a personal representative be held liable to creditors and beneficiaries of the deceased’s estate? Yes. If a PR breaches their...

Making a will can ensure your final wishes are carried out, including where your possessions and money go after your death. It can also save your loved ones from a large inheritance tax bill. If you die without a will then your estate will be dealt with under the Government’s strict intestacy rules; you then have no say where your money and property go when you die. This article explores what a will does that the intestacy rules don’t. Executors A will...

What is a Lasting Power of Attorney?   If you require further guidance on Lasting Powers of Attorney or would like us to prepare a power of attorney for you then call us on freephone 0808 139 1606 or send us an email.   The two types of Lasting Power of Attorney A Lasting Power of Attorney, or LPA, allows the “donor” to nominate someone they trust, the attorney, to take care of their affairs once they are no longer in a position to do...

What is intestacy? [This article, 'What is intestacy?' was last updated in January 2021]   Intestacy Intestacy is the legal term used when a person dies without having made a will. The intestacy rules specify who is entitled to their estate. My late husband did not make a will. He has children with his ex-girlfriend and we have children of our own. He had some investments and a collection of antiques. Who will inherit his estate? As his wife you will be entitled to your husband’s personal effects,...