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Is a document that someone puts in place to express their wishes about the distribution of their estate and who they want their assets to pass onto after they have died.
Is a document that appoints a person(s) to deal with their affairs if they are unable to or if they lose mental capacity.
An Executor is someone that deals with a person’s affairs when they have died. This person will be appointed in the deceased Will and is responsible for arranging the funeral and distributing the assets.
A Trustee is similar to an Executor however the Trustee is in charge of holding the inheritance in trust until it is ready to be distributed to the beneficiaries.
A Beneficiary is the person(s) named in someone’s Will that they would receive a possession or share of their estate.
A residuary estate is everything that is remaining after the funeral and debts of the deceased have been paid off. For example this could be any cash left in a bank account, personal assets or property.
If you don’t have a Will it will pass to intestacy rules which means it will be down to the deceased next of kin to deal with their estate and receiving of inheritance. If there is no next of kin or immediate family members a search will be carried out to find if any family members come forward to claim the deceased estate, otherwise it will be dealt with the local authority.
There are two forms:
Once the documents are registered with the office of public guardian. However the donor will have to give their consent to their appointed attorney if they still have mental capacity for the attorney to deal with their affairs.
The attorney is responsible for dealing with the donor affairs. For example selling or buying property, paying bills and medical decisions.
A grant of probate has been issued by the probate office to allow the probate process to commence.
If probate is required the executor will need to apply for probate for the deceased in order to sell any assets. For more information on the Probate process please click here
An LPA is only effective during a person’s lifetime whereas a Will only takes effect on death.