July 13th, 2009 at 07:09pm
Under Probate Law
Have you made your will? Perhaps not. Most people delay in making of a will – it is just not something people like to think about. However, whatever your age, a Will is an important step in ensuring that those closest to you are properly provided for in the event that something unexpected happens. A Will does not just deal with issues relating to money and possessions, but can also provide for important issues such as who should be appointed as guardians to young children and provisions with regards how you would like to be remembered. Also, as property values rise, many more people are having to pay Inheritance Tax than was previously the case. Proper Will planning can reduce the amount of money that goes to the tax man and increase the amount that your loved ones receive.It really is worthwhile taking time out from your hectic schedule to think about making a Will. Duncan Lewis & Co can help by providing access to a specialist Wills & Probate lawyer who can advise you as to the options that are available to you with regards estate planning.Ideally, every adult should make a Will and review it regularly. When your status or circumstances change, such as when you get married, have children or following a divorce, it is important to revise your Wills. Before you make your will, you need to decide who should benefit. This could include charitable donations that you may wish to make in addition to providing for loved ones. It is important to understand that marriage nullifies any Will you made before your wedding day, which can have serious implications for those you might have intended to benefit. This could include a close family member for whom you wish to provide, but who would not automatically be entitled to benefit from your estate in the absence of a Will. The absence of a properly thought out Will can often result in disputes arising following your death. Although the Duncan Lewis & Co team can advised in relation to all aspects of probate litigation, we would rather that everyone had a properly drawn up Will in order to ensure that all parties receive what is rightfully theirs. At Duncan Lewis & Co, we specialise in providing expert legal advice without charging you a fortune for our services. Rather, we go out of our way to ensure that your fortune ends up safely in the hands of your closest friends and family. The process is usually straight forward with the help of our specially drafted questionnaires which help you to clarify your thoughts and help us prepare a professionally drafted Will in the shortest possible time. So, don’t over look your wills and probate issues. Get in touch with a probate solicitor immediately. Visit duncanlewis.co.uk to learn more.
July 13th, 2009 at 01:08pm
Under Probate Law
Probate law primarily concerns the execution, interpretation, and contest of legal wills and estates. A probate court may be known by various names depending on where it is, however, probate law always concerns how a deceased person’s estate is handled by his executor or heirs. The word probate describes the process through which a person’s final wishes are carried out with regard to who should administer the process, how assets will be sold and divided, and what will happen to any existing estate. The estate is the term used to refer to the legal entity that is comprised of a decedent’s assets after they themselves have died. An estate may own property, profit, pay taxes, be sued, and owe debts.
A will is a legal document that exists under civil law. It is considered to be the last, definitive, and dying wish made by a person before their death, and for a will that has been ratified by a court, the legally appointed administrator of this process – the executor – usually either a legal professional or a competent friend or colleague of the deceased, has an obligation to ensure that the decedent’s last wishes are carried out to the extent that is practical, legal, and affordable. Under probate law, the executor is entitled to charge the estate a reasonable fee for their services.
A will may include simple instructions for dividing the property of an estate between the children of the deceased, or it may include detailed instructions for using the estate to establish a scholarship committee, or trust. Despite the finality of a will, it is possible to legally contest even a will that has been ratified by a court. If an executor is suspected of mishandling the affairs of an estate, beneficiaries are permitted to request that court ask the executor to account for their actions while administering the will.
When a person who has left a will dies, a named executor is responsible for administering the will. They are under no obligation to agree to this, as it is a time-consuming process that an administrator accepts a considerable deal of personal liability for managing. If the named executor refuses (or one is not named), the duty falls to the most senior beneficiary of the will. Except in emergencies, it usually takes longer than a month to appoint an executor.
All recipients in the will, and all people who would legally be recipients if no will were left must be informed of the death by post, giving them the opportunity to prepare a challenge to the will or appointment of an administrator or executor. Before any division of assets can occur, the deceased’s estate must pay all outstanding taxes that were owed at death, or have been incurred by the estate itself. Finally, during probate, all creditors are given an opportunity to come forward in order to be compensated by the estate for any outstanding debts that the deceased carried at debt.
Probate is invariably a costly process, and usually far more time consuming than most people care to tolerate, so methods to avoid probate completely are being increasingly utilized. Some jurisdictions include procedures for streamlining or avoiding the probate process completely to reduce loads on courts and cost to beneficiaries. For example, in the state of California, probate law includes a provision for people whose assets were worth less than $100,000 at the time of their death by which probate can be avoided outright. Similarly, assets conferred to a living trust or jointly held by another person under joint tenancy laws (for instance, a surviving spouse) need not be subject to the probate process.
Probate law is an expensive, drawn out process that often takes up to a year to fully complete. The processes by which a decedent’s assets are divided according to their last will and wishes can be quite complicated, and in many cases, vehemently contested. For this reason, anyone with doubts or questions about this area of law would be well advised to book an initial consultation with a firm that specializes in probate law.