November 25, 2019 | Posted by : J Morris
It’s important to update your Will whenever there are major changes in your life, and divorce is definitely one of them. If you made your Will while you were married, you will need to amend it to reflect your new marital status, and ensure that your estate will be handled correctly. Although your Will would still remain valid, after divorce, your ex would not benefit as a beneficiary, nor could they act as an Executor or Trustee. However, these changes would not come into effect until you receive your Decree Absolute, meaning if you died during the process of divorce, your Will would be handled as if you were still married.
If you don’t ...
May 10, 2019 | Posted by : J Morris
Chances are, if you’ve already made a Will, it was filed away long ago and more or less forgotten about. However, every so often, circumstances change, or situations arise that mean amendments need to be made, otherwise your wishes may not be accurately represented.
If you’ve been through a major life change lately – for example: moving house, getting divorced, gaining a grandchild – you may want to adjust your Will accordingly. Check the following list for general guidelines on when to consider updating your Will:
A change in marital status
Relationships change over time, and any new partners or changes to your marital circumstances need to be reflected in your Will if you want the right people to inherit when ...
March 05, 2019 | Posted by : J Morris
A shocking two-thirds of British adults do not have a Will, 40% of which are over the age of 55. We get it. No one wants to think about the worst case scenario, but there comes a time when you have to stop putting it off and start putting your affairs in order. End of life legal documentation is essential if you want to take care of your loved ones – and yourself – in the future:
If you die without a Will in place, your family may be left with financial or legal difficulties when it comes to inheritance, guardianship, the distribution of your assets, and paying inheritance tax.
If you fall ...
September 20, 2018 | Posted by : J Morris
When a family member dies, the prospect of dealing with wills and probate arrangements can be overwhelming during an already difficult time, particularly when it comes to taxes and inheritance. Your solicitor is there to help you through the process and manage the deceased’s estate, and we’ve put together a step by step guide to make each stage feel more approachable.
Who Handles Probate?
In most cases, you will need to get a ‘grant of representation’ (also known as probate). Your first port of call should be a solicitor, who will help you to find out who has been officially appointed to deal with the estate and finances. If ...
August 27, 2018 | Posted by : J Morris
There are almost 7 million cohabitants in England and Wales, but many unmarried couples are unaware that their partnership is not eligible for basic legal protection – particularly when it comes to separation, children’s issues, and will disputes. Under current legislation, cohabiting couples are not, unfortunately, afforded the same protections as married couples, and must be careful to take steps to assert their legal rights.
The best way to do this is with a cohabitation agreement – a formal document much like a prenuptial agreement – which sets out the potential division of assets, share of property, and intentions for co-parenting in the event of separation. Other legal protections, such as a will, ...
August 20, 2018 | Posted by : J Morris
According to a recent study by TD Bank, Millennials are more likely to discuss money and finances on a regular basis than Boomers and Gen X couples. The researchers discovered that Millennials are more open about financial conversations than previous generations – a habit that is not only making them happier but also encouraging stronger relationships.
The report revealed that 75% of Millennial couples (18-34-year-olds) discussed their finances at least once a week, in comparison to 66% of Gen Xers (35-44) and 44% of Baby Boomers (55+). On a monthly basis, the numbers were slightly closer, with 97% of Millennials and 93% of Gen Xers talking about money at least ...
August 16, 2018 | Posted by : J Morris
You wouldn’t hesitate to insure your car, your home, or your most prized possessions – so why do people put off making a will and setting up powers of attorney? For some, the thought of ‘putting their affairs in order’ might feel overwhelming, morbid, or scary. Others may (erroneously) believe the process is complicated, lengthy, or expensive. And others may simply be living in blissful denial, thinking (or hoping) that the worst will never happen.
A frankly staggering two-thirds of Brits currently don’t have a will, with almost half (40%) of those aged over 55. If you die without a will in place, your family may be saddled with ...
January 27, 2018 | Posted by : J Morris
One of the most important parts of making a will is appointing an executor who you trust to manage your affairs after you’re gone. This is a big decision and your first step should be to speak to an experienced solicitor about drawing up a will, making probate arrangements, and organising lasting powers of attorney (LPA).
To help you, here’s some advice on what an executor’s responsibilities are and how to choose the right person from the expert family law solicitors at Frances Lindsay & Co:
What does an executor do?
An executor is somebody you appoint to handle the arrangements and wishes you’ve set down in your ...
December 19, 2017 | Posted by : J Morris
Most of us recognise the importance of making a will, but few people consider arranging lasting powers of attorney – an added element of security and reassurance should you find yourself unable to handle your own affairs in the future.
There are two lasting powers of attorney to consider: one that deals with property and affairs, and another that covers your health and welfare. Both these powers operate during your lifetime and can be used if you become unable to organise your own affairs due to declining health, dementia, or in the event of an accident.
Health and welfare powers of attorney enable you to give a directive as to what ...
December 05, 2017 | Posted by : J Morris
The end of the year is fast approaching – time to make plans for 2018 and look back on all the changes that 2017 has brought you, including making any necessary adjustments to your will.
Updating your will might not be the most exciting way to ring in the new year but it’s an idea time to reassess what’s important to you and take into account any major life changes you’ve been through over the last year.
Keeping your will up to date is essential if you want to ensure that your loved ones are looked after and your assets are taken care of when you’re gone.
Here are just a few circumstances that require an update to your will:
Getting married, ...