Intestacy law refers to the law that governs what happens to a person's property if he or she dies without a will. It is distinct from probate law, which governs how wills are enforced. Intestacy law allows a court to determine the proper distribution of assets in a fair and streamlined manner.
When a person dies, he usually leaves assets behind. Wise estate planning dictates that a person should write a will that distributes his possessions. When a valid will is created, the requests of the deceased will be enforced by the court and the executor of the estate.
If an individual dies without a will, someone must determine what is done with his assets. Since no executor has been named, the responsibility falls to the court. Thus, laws must determine what the court is to do.
Intestacy laws are designed to ensure the fairest distribution of monies and to try to ensure the funds go to the deceased's next of kin. Intestacy laws differ by country and by state, but it is common for intestacy laws to look at the closeness of a familial connection when distributing the assets.
Thursday, December 23, 2010
Monday, December 20, 2010
Basic Information and Documents Required in Probate Proceedings
• A copy of the death certificate
• A list of funeral, burial and undertakers expenses
• The original Will and any amendments or attachments if any OR
• Where there is no Will, a list of all next of kin of the Deceased: - To
include: spouse, children, parents, brothers/sisters, nieces/nephews. Relatives who pre-deceased the deceased must also be disclosed.
• The addresses of all beneficiaries/Next of Kin
• The occupations and RSI (PPSN) tax numbers of all beneficiaries/next of kin
• A list of Assets of the Deceased including property, bank accounts, Credit Union accounts,
Post Office accounts, shares held, bonds, cars etc.
• Details of debts of the Deceased to include funeral expenses, outstanding loans, credit card bills etc.
• Details of the Deceased's RSI (PPSN) tax number
• Details of the Deceased to include: His/Her address and former addresses, occupation, date of birth, marital status. If Separated/Divorced, contact details of former spouse.
• A list of funeral, burial and undertakers expenses
• The original Will and any amendments or attachments if any OR
• Where there is no Will, a list of all next of kin of the Deceased: - To
include: spouse, children, parents, brothers/sisters, nieces/nephews. Relatives who pre-deceased the deceased must also be disclosed.
• The addresses of all beneficiaries/Next of Kin
• The occupations and RSI (PPSN) tax numbers of all beneficiaries/next of kin
• A list of Assets of the Deceased including property, bank accounts, Credit Union accounts,
Post Office accounts, shares held, bonds, cars etc.
• Details of debts of the Deceased to include funeral expenses, outstanding loans, credit card bills etc.
• Details of the Deceased's RSI (PPSN) tax number
• Details of the Deceased to include: His/Her address and former addresses, occupation, date of birth, marital status. If Separated/Divorced, contact details of former spouse.
Saturday, December 18, 2010
Inheritance Rights
Inheritance rights are the laws that dictate who can claim a deceased person's estate. Jurisdictions have different sets of regulations dealing with the finer points, but all share certain similarities. In most cases, the rights of individuals to claim property and assets after a death are dictated by a will or family relationships to the deceased. Rights may be different for spouses, ex-spouses, biological children, and adopted children in regards to claiming a portion of an estate.
The creation of a will is generally the easiest way to assure that all assets are properly distributed after death. This simple document allows a person to set forth precisely what property, money, and other assets goes to specific individuals upon death. Under the laws of inheritance, an individual may contest a will in court if that individual feels the will was not an accurate distribution of assets. If the decease person has no will, which is called dying "intestate," property is usually distributed according to the laws of the jurisdiction.
The creation of a will is generally the easiest way to assure that all assets are properly distributed after death. This simple document allows a person to set forth precisely what property, money, and other assets goes to specific individuals upon death. Under the laws of inheritance, an individual may contest a will in court if that individual feels the will was not an accurate distribution of assets. If the decease person has no will, which is called dying "intestate," property is usually distributed according to the laws of the jurisdiction.
Thursday, October 21, 2010
Power of Attorney!
A "power of attorney" is a kind of legal instrument which authorizes another person the complete the authority to act as your legal representative, and to make binding legal and financial decisions on your behalf.
You won’t be easily find the power of attorney forms on the Internet, there is usually little or no accompanying explanation of what a power of attorney is, when you need one, or what type to choose. Given that the power of attorney can grant considerable power to a third party to act on your behalf and sign your name to legal contracts, you should give careful consideration to the person to whom you choose to grant those powers, and whether any limits should be imposed in the time the power of attorney will last, or in its scope.
Importantly, powers of attorney issued for the purpose of managing your assets in the event of disability are almost always unlimited in duration, that is, they are "durable" powers of attorney.
You won’t be easily find the power of attorney forms on the Internet, there is usually little or no accompanying explanation of what a power of attorney is, when you need one, or what type to choose. Given that the power of attorney can grant considerable power to a third party to act on your behalf and sign your name to legal contracts, you should give careful consideration to the person to whom you choose to grant those powers, and whether any limits should be imposed in the time the power of attorney will last, or in its scope.
Importantly, powers of attorney issued for the purpose of managing your assets in the event of disability are almost always unlimited in duration, that is, they are "durable" powers of attorney.
Thursday, October 14, 2010
Why Planning your Estate?
If you desire to get the highest quality of freighting services for business material or heavy machinery for moving abroad, it is important to make use of sea freight, as it is the less expensive freight service option. Make sure, you use a freight service company that has many years of service as this will ensure you of better safety and handling of your expensive goods. London Logistics will offer you all of the above mentioned, and provide a variety of support options to suit your specific freight and transport needs.
Every big business industry has to make use of sea freight at some point, due to the vast pace of global growth and development. Whether you have to import or export, you have to consider the best and lowest cost options on delivering goods. Sea freight companies negotiate with shipping lines to obtain the best rates and options for moving of full container loads container loads. London Logistics have partnered with major shipping lines that cater for all types of sea freight shipments.
Every big business industry has to make use of sea freight at some point, due to the vast pace of global growth and development. Whether you have to import or export, you have to consider the best and lowest cost options on delivering goods. Sea freight companies negotiate with shipping lines to obtain the best rates and options for moving of full container loads container loads. London Logistics have partnered with major shipping lines that cater for all types of sea freight shipments.
Friday, October 1, 2010
Intestacy
Any person who dies without drafting a valid last will is better explained as dying ‘intestate’ and in most cases the deceased's estate is generally distributed according to the Law on Intestacy. It is important to make the will before the death as it will enlist the details of proper distribution among the family members. Otherwise, the court has to decide the proper distribution of properties and assets properly among the rightful owners.
The consequences:
Without a valid Last Will and Testament, obtaining Letters of Administration and appointing an administrator, can take months or sometimes even years. In the meantime your surviving spouse or partner has all the usual: household, weekly, monthly, and daily expenses to find and they will probably be on a reduced income, plus it will be at a time when they most need reassurance. Also, it would be difficult for the surviving spouse to withdraw the money from the estate.
The consequences:
Without a valid Last Will and Testament, obtaining Letters of Administration and appointing an administrator, can take months or sometimes even years. In the meantime your surviving spouse or partner has all the usual: household, weekly, monthly, and daily expenses to find and they will probably be on a reduced income, plus it will be at a time when they most need reassurance. Also, it would be difficult for the surviving spouse to withdraw the money from the estate.
Wednesday, September 29, 2010
Limitations of a Will
Wills are the most well-know way for people to legally define their choice about their assets after their deaths. Wills are the smartest way to express the deepest sentiments for their family and close ones. Being a legal document, will provides a defined channel for people to ease the transition for survivors by awarding them their properties, assets such as jewelry, cash etc quickly and without any liable tax burdens.
However, the presence of some legal restrictions prevents a testator from giving full effect to a person’s wishes. There are laws that state that prohibits disinheritance of spouses or dependent children. A married person cannot disinherit the spouse without his or her concern. Also, it should be a pre-nuptial agreement. In most jurisdictions, a surviving spouse has a right of election, which allows the spouse to take a legally-determined percentage (up to one-half) of the estate when he or she is dissatisfied with the will. Non-dependent children may be disinherited, but this preference should be clearly stated in the will in order to avoid confusion and possible legal challenges.
However, the presence of some legal restrictions prevents a testator from giving full effect to a person’s wishes. There are laws that state that prohibits disinheritance of spouses or dependent children. A married person cannot disinherit the spouse without his or her concern. Also, it should be a pre-nuptial agreement. In most jurisdictions, a surviving spouse has a right of election, which allows the spouse to take a legally-determined percentage (up to one-half) of the estate when he or she is dissatisfied with the will. Non-dependent children may be disinherited, but this preference should be clearly stated in the will in order to avoid confusion and possible legal challenges.
Subscribe to:
Posts (Atom)
