little house

Joint Property Ownership

By | Property | No Comments

Joint Property Ownership   There are two ways in which property (in this context we are referring to real estate or land) can be held; either as beneficial joint tenants or tenants in common. Where property is held as beneficial joint tenants the asset will pass automatically to the surviving owner(s) on death. This means that the asset does not form part of the deceased’s estate and as such cannot pass under a Will or via Intestacy. Note that assets such as joint bank accounts and joint shareholdings would also pass in the same way. Tenants in Common means that each owner effectively holds their own share i.e: 50:50 and this can be gifted by Will or forms part of an estate under Intestacy. A property can be held in unequal shares but a trust deed should also be drawn up to support this with a restriction entered on the…

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blue will signing

The Number of Trustees

By | Trustees, Trusts | 2 Comments

The Number of Trustees   When a Trust is included in a Will, clients will often wish for their surviving spouse to act as the sole Trustee. Whilst this is not an issue in most Trusts it can cause complications where the Trust includes land (such as a PPT). A sole Trustee is unable to give a valid receipt any capital money arising from land. This means that a sole Trustee of land is unable to deal with any income from a property or sell the property (for example if they wished to downsize under the terms of a PPT). The Trustee is able to appoint further Trustees themselves, however it should be noted that Testator does not get a say on who this Trustee is and it could indeed be someone who the Testator would not wish to act. This restriction does not apply to Trust Corporations; they are…

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Will Storage and Remote Attestation Forms

By | Will Storage | No Comments

Will Storage and Remote Attestation Forms A case of a lost Will can be very stressful whilst the testators’ family are already going through a difficult time following their loss, meaning a storage option should be offered to the client so the Will is kept in a safe place.   A common question WillPack are asked is ‘does WillPack offer document storage?’ the simple answer to this question is no. However, as an Affiliate member of SWW, storage is available to you via the Society of Will Writers (Services) Ltd. As part of their standard service, the Wills are scanned into their system for easy access at a later date and they check that the Wills have been signed and witnessed correctly. Via you, the consultant –  the testator(s) are then sent custody cards which provides a reference and contact details to retrieve the Will when required. Executor cards are…

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Signing a Lasting Power of Attorney

By | LPA | No Comments

Signing a Lasting Power of Attorney In order for a Lasting Power of Attorney to be completed correctly it must be signed and dated in a certain order, with any deviation risking it being returned from the Office of the Public Guardian unregistered. As the Office of the Public Guardian can take up to 16 weeks to register a Lasting Power of Attorney, following these steps will help keep the waiting time to a minimum. Section 5—Life-sustaining treatment Only applicable to Health and Welfare Lasting Powers of Attorney. This page must be signed, dated and witnessed at the same time as Section 9 (detailed below). It should be noted that only one box needs to be signed. Any errors on this page will result in Option B (not giving authority for life-sustaining treatment) being the default. Section 9—Signature: donor This page, and any appropriate continuation sheets, must be signed and…

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