by Saqib Khan | Mar 30, 2023 | Powers of Attorney, Wills
Probate is a legal process that occurs after someone dies, which involves validating their will (if they had one), identifying and distributing their assets, and settling any outstanding debts or taxes. The purpose of probate is to ensure that the deceased person’s wishes are carried out and that their assets are properly distributed to their heirs or beneficiaries.
While probate is an essential process in the United States, it can be lengthy and complicated. Here’s what you need to know about probate.
What is probate, and why is it necessary?
Probate is a legal process that takes place after a person dies, which involves validating their will (if they had one), identifying their assets, and distributing those assets to their beneficiaries or heirs. Probate is necessary to ensure that a deceased person’s assets are distributed according to their wishes and that any outstanding debts or taxes are paid.
How does probate work?
The probate process typically begins when the executor of the deceased person’s will files a petition with the probate court in the county where the deceased person lived. The court then reviews the will, appoints an executor (if necessary), and validates the will.
The executor is responsible for identifying and inventorying the deceased person’s assets, notifying creditors, and settling any outstanding debts or taxes. Once these obligations have been met, the executor can distribute the remaining assets to the beneficiaries or heirs according to the deceased person’s wishes.
What are the advantages and disadvantages of probate?
One of the advantages of probate is that it provides a legal framework for ensuring that a deceased person’s assets are distributed according to their wishes. Additionally, the probate process can provide a forum for resolving disputes between beneficiaries or heirs.
However, probate can also be a lengthy and expensive process. The costs of probate can include court fees, Solicitors fees, and executor fees. Additionally, the probate process can be emotionally draining for family members, particularly if there are disputes over the distribution of assets.
How can you avoid probate?
There are several ways to avoid probate, including:
– Creating a living trust: A living trust allows you to transfer ownership of your assets to a trust while you are still alive. After you die, the assets in the trust are distributed to your beneficiaries without the need for probate.
– Naming beneficiaries: Many financial accounts, such as retirement accounts and life insurance policies, allow you to name beneficiaries. When you die, the assets in these accounts are distributed directly to your beneficiaries without the need for probate.
– Owning property jointly: If you own property jointly with someone else, such as a spouse or partner, the property will pass to them automatically when you die. However, it’s important to note that joint ownership can have tax and legal implications that should be carefully considered.
In conclusion, probate is an essential legal process that ensures that a deceased person’s assets are distributed according to their wishes. While probate can be lengthy and expensive, there are ways to avoid it, such as creating a living trust or naming beneficiaries. It’s important to consult with an attorney or financial advisor to determine the best course of action for your specific circumstances.
Please call Georgina Hardman in our Wills and Probate Department on 0161 850 9911 to discuss any issues regarding probate.
by Saqib Khan | Mar 11, 2023 | Powers of Attorney, Wills
A power of attorney is a legal document that allows someone else to make decisions and take actions on your behalf. This can be useful if you become unable to make decisions for yourself, for example, due to illness or injury. In this blog post, we will explore the different types of powers of attorney and their uses.
The three types of powers of attorney are:
- Ordinary Power of Attorney
- Lasting Power of Attorney (LPA)
- Enduring Power of Attorney (EPA)
An Ordinary Power of Attorney is a legal document that allows someone to act on your behalf for a specific time period, such as while you are abroad. It can be used to manage your finances, such as paying bills, selling property, and managing investments. An Ordinary Power of Attorney is only valid while you have the mental capacity to make decisions for yourself.
A Lasting Power of Attorney (LPA) is a legal document that allows someone to make decisions on your behalf if you become unable to make decisions for yourself due to illness, injury, or mental incapacity. There are two types of LPA: Property and Financial Affairs LPA and Health and Welfare LPA. The former allows the appointed person to make decisions about your finances and property, while the latter allows them to make decisions about your health and welfare, such as where you live and what medical treatment you receive.
An Enduring Power of Attorney (EPA) was a legal document that allowed someone to manage your finances if you became unable to do so. However, EPAs are no longer valid as they were replaced by LPAs in 2007. If you made an EPA before 1 October 2007, it will still be valid.
To create a power of attorney, you must be over 18 and have the mental capacity to make decisions for yourself. You must also choose someone you trust to act as your attorney. This can be a family member, friend, or a professional such as a solicitor.
To create an LPA, you must register it with the Office of the Public Guardian (OPG). The registration process can take up to 10 weeks. You can register an LPA while you still have mental capacity, but it cannot be used until you lose mental capacity.
It is important to choose your attorney carefully and ensure that they understand your wishes and preferences. You should also review your power of attorney regularly to ensure that it still reflects your wishes and circumstances.
In conclusion, a power of attorney can be a valuable tool to ensure that your affairs are managed if you become unable to make decisions for yourself. There are different types of powers of attorney, and it is important to choose the right one for your circumstances. It is also important to choose your attorney carefully and keep your power of attorney up to date.
If you need help creating a power of attorney, call Georgina Hardman on 0161 850 9911.
by Saqib Khan | Feb 2, 2023 | Conveyancing, Powers of Attorney, Wills
If you own a house with your partner but are unmarried in the UK, it’s important to protect your interests and ensure that you have legal rights to the property. Here are some steps you can take:
- Get a cohabitation agreement: A cohabitation agreement is a legal document that sets out how you and your partner will manage your joint assets, including the house. It can outline who owns what percentage of the property, how bills and expenses will be divided, and what will happen if you separate. Having this agreement in place can help to prevent disputes and ensure that you are both protected.
- Register your ownership: If the property is registered with the Land Registry, make sure that both you and your partner are listed as owners. You can choose to hold the property as either joint tenants or tenants in common. As joint tenants, you both own the property equally and if one of you dies, the other automatically inherits their share. As tenants in common, you each own a specific share of the property and can pass it on to whoever you choose in your will.
- Consider taking out a mortgage jointly: If you are both contributing to the mortgage, it’s a good idea to have both of your names on the mortgage agreement. This will ensure that you both have a legal right to the property and will be responsible for the mortgage payments.
- Keep records of your financial contributions: If one of you is contributing more to the mortgage or other household expenses, keep detailed records of this. This can help to prove your financial stake in the property if there is a dispute later on.
- Seek legal advice: If you are unsure about your legal rights and how to protect them, it’s a good idea to seek legal advice from a solicitor who specializes in property law. They can help you to understand your options and draft a cohabitation agreement that meets your needs.i
If you would like to discuss any of the above, please telephone Georgina Hardman in our wills department on 0161 850 9911 to discuss further.
by Saqib Khan | Jul 7, 2022 | Wills
Writing a will is one of the most important things you can do for your loved ones. It’s a legal document that ensures your assets are distributed according to your wishes after you pass away.
Despite its importance, many people delay or neglect creating a will, which can lead to significant problems for their families in the future. In this blog post, we will discuss the benefits of having a will.
Decide how your assets will be distributed
A will is a legal document that allows you to decide how your assets will be distributed after you pass away. This includes everything from your bank accounts, investments, and personal belongings. By creating a will, you have the power to decide who will receive your assets and how much they will receive.
Choose who will be responsible for managing your affairs
Another important benefit of having a will is that it allows you to choose who will be responsible for managing your affairs after you pass away. This person is called an executor, and their role is to ensure that your assets are distributed according to your wishes. By appointing an executor, you can have peace of mind knowing that your affairs will be handled by someone you trust.
Minimise family disputes
Without a will, your assets will be distributed according to the laws of your state. This can sometimes lead to family disputes, especially if there are disagreements about who should receive certain assets. By creating a will, you can minimize the chances of family disputes and ensure that your assets are distributed according to your wishes.
Provide for your dependents
If you have dependents, such as children or elderly parents, a will can ensure that they are provided for after you pass away. You can use your will to set up trusts or make specific bequests to ensure that your dependents are taken care of.
Save time and money
Creating a will can actually save your loved ones, time and money in the long run. Without a will, your assets may be tied up in probate court for months or even years. This can be a costly and time-consuming process that can create additional stress for your loved ones. By creating a will, you can help ensure that your assets are distributed quickly and efficiently.
In conclusion, creating a will is an important step in ensuring that your assets are distributed according to your wishes after you pass away. It can also help minimize family disputes, provide for your dependents, and save time and money. If you have not yet created a will, it’s important to speak with an attorney or financial advisor to ensure that your wishes are properly documented.
Call one of our Will Specialists on 0161 850 9911 now.
