When assets pass through probate, lots of fees are incurred. Besides Solicitor’s fees in circumstances where your estate is subject to litigation after your death, other named fees are generally set by law and are usually based on the size of the estate being probated rather than on the amount of time and work involved. All of these can substantially
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Last week we examined the requirements for setting up Minor’s Trust. This week we take it further, looking at Dependent Trust. Your dependents are people who materially rely on you for financial support and may include your children, aged parents, less privileged individuals and/or incapacitated adults (who you desire to cater for) and who require resources for health, maintenance, support
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A Minor is a person who has not attained the age fixed for entering into a legal contract or for making himself legally liable for his actions. Therefore, a Minor is a child. Whilst as a parent, you may wish to provide for your children financially, you may not want them to have access to the money as your children
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Having come this far, we believe its time to address the issue of choosing a Trustee for your Estate Plan. Selecting a Trustee can very complicated and you will not generally find individuals ready and willing to assume these fiduciary responsibilities, even where cost is not an issue. Remember that the Trustee is responsible for distributing assets to beneficiaries and
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Estate Planning can be quite exciting especially if you know what to do. The need to consider where your money would go, who will raise your children and what your children will want to do with their
inheritance is equally of paramount interest. Remember that it is what you do not know that can get you into trouble. Here are
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