Can a family member live in a deceased’s property while waiting for Probate? This is…
If you were to pass away suddenly, what would happen to your four legged friends? Whilst this is something that no parent wishes to consider the correct preparation can spare your family a lot of time, heartache and expense.
Imagine this situation – a parent has written a Will leaving their estate to their 2 children in equal shares. Then after doing this, they make a gift of a substantial sum of money to the younger sibling to help them buy a house. If the parent then dies without making a similar gift to the older child, do we end up with an imbalance in the estate – would/should the older sibling expect to receive more from the estate to balance up the lifetime gift to their sibling? This is where the double portions rule is likely to be effective.
Imagine this situation – a parent has written a Will leaving their estate to their 2 children in equal shares. Then after doing this, they make a gift of a substantial sum of money to the younger sibling to help them buy a house. If the parent then dies without making a similar gift to the older child, do we end up with an imbalance in the estate – would/should the older sibling expect to receive more from the estate to balance up the lifetime gift to their sibling? This is where the double portions rule is likely to be effective.
It is a number that is at an all-time high. More than 31 million people in the UK now do not have a Will, a number that has been rising over the last decade. But if you fail to make a Will and keep it updated, all your legacy will be is stress and worry for your loved ones, and at a time they are grieving and least able to cope with it.
Dying intestate – without a Will – also means that your belongings may not be dealt with in a way that you would want.
Proposals from the Ministry of Justice would see the introduction of a flat rate fee of £273 for applying for a grant of probate. Although this would be applied to practitioners and members of the public regardless of the size of estate, allowances are made of estates of less than £5000, which would not be charged.
Warning – if you are hoping this is a juicy tale of battling beneficiaries or a feuding family, you may be disappointed! However if you are looking for a poorly drafted will leading to some extensive family tree investigation, then read on! This is a cautionary tale of the perils of not keeping your Will reviewed and updated. How things can go wrong even if there is no dispute. The facts are those of a real estate I am currently dealing with, but anonymised.
A recent change in the law, spotted by one of our Wills and Probate Solicitors in Today’s Wills and Probate, has outlined new compliance standards for those in the Funeral Plans sector. The move, which will see new regimes set in place by the Financial Conduct Authority, will change the way funeral planners market themselves, set out plans with customers and outlaw the use of commission.
As this area of law often sees people using legal services during an emotional time in their lives (being terminally ill or having lost a loved one for example) the importance of getting things right, and of being sensitive to the circumstances could not be higher for service providers.
A couple of weeks ago, our attention was drawn to a survey conducted by Exizent. The survey found that 23% of people die without a Will and most do not leave their affairs in order; 71% of solicitors said that at least half of their clients died without putting their affairs in order; and 95% of probate professionals rely either entirely or somewhat on information from their clients to verify assets and liabilities.