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Even at a certain age or after acquiring a certain amount of property in our lives, a lot of us fail to educate ourselves on the importance of wills, trusts, and probate. You might think that it is easier if you just directly go to will and probate solicitors or an asset protecting the planning company and get help whenever required. That works for most people. But having a certain amount of knowledge about what you are getting yourself into or what will happen after a point if you have a will, or assets to protect or trust disputes that might arise.

Property lawyers london will prove to be quite helpful, but you need to do your homework as well. The first step to learning about wills, trusts, probate, and asset protection is to get any wrong knowledge or misconceptions out of the way. That is exactly what we are going to do today in this blog, discuss trust disputes, wills, asset protection planning, how private wealth lawyers can be of help, etc.

Will can avoid probate

Probate is a legal process where the Court identifies the authority of a person to administer the deceased person’s estate. But your will doesn’t have to go through probate if the estate is ranked below a certain threshold. The Will is basically a document informing the Probate Registry about how you wish to distribute or divide your assets.

Your probate lawyer or personal representative will have to prove to the Probate Registry about the ascertainment of your assets and liabilities and whether the taxes have been paid or not before any distribution action is taken on your assets. If you want more information, you can get in touch with a Probate solicitor london.

Will Trust can avoid probate

The trust created at the time of your death according to what your will says for a specific purpose is called a Will Trust. No matter what, your will and your estate are still required to go through the probate process.

Your will can remain private

Once your will is lodged and submitted to the Probate Registry, it officially becomes a public document and anyone who wishes to check it out can apply for a copy. But in case a Grant of Probate is not required, then the will remains private between the beneficiaries named in the will and the executor.

Lasting Power of Attorney can work after death

After the death of a person, the Lasting Power of Attorney loses all and any authority and rights it possessed during the time the person was alive. Any kind of Lasting Power of Attorney expires upon the death of the person. The documents do not allow anything to be done after the death. These kinds of decisions remain under the authority of the person who executes the will or a trustee.

Your partner gets everything, if there is no will

This is definitely not the case, especially if there are children involved here or are living in the same house. In the case of a person expiring without a proper and valid will, the intestacy laws of the country apply here. The intestacy laws determine how the property or assets are to be distributed upon the death of the person who owns it.

Next of Kin can take action

Nobody can really take any action on your behalf even if you lack the mental capacity, until and unless the person is legally authorised to do that.

Only the wealthy have a trust

You will often come in touch with a trust at some point in your life, sometimes even without realising it. A trust simply provides you with a solution for asset protection planning and also controlling how your assets are being utilised after they have been given away to the trust. Having a trust is kind of an asset protection planning.

Assets abroad do not count

Even if you live in the UK and you die in UK, any of your property, no matter where it is situated in the world is potentially taxable upon your death.

Having a will doesn’t require Lasting Power of Attorney

A will states what will happen to your estate and property after you die. The Lasting Power of Attorney deals with what will happen in case you are no longer capable of making decisions for yourself while you are still alive. But the will and the Lasting Power of Attorney are two completely different documents that have different effects and uses in different circumstances. But both the documents are required equally to protect your assets.

The costs with probate can affect the assets

If you go according to this misconception, you will end up believing that your heirs might not get a single penny once the wills and probate lawyers and courts are finished arguing and making a decision about your estate. In case the value of the deceased person’s assets is not too large then the family can get benefits in the form of probate shortcuts. Probate shortcuts often tend to cost much less. But if the estate requires formal probat, then the cost is always less than 5% of the total value of the assets.

Probate process takes ages

This is not completely true. It can be true in certain situations. The situations have to be either about family disputes about not agreeing to the division of the assets, or if the estate itself is large and complicated which means making decisions about it is going to be even more complicated, or if the property or estate is still generating income.

These kinds of cases often tend to last long, other cases usually don’t take that long to come to a conclusions. Private wealth lawyers or private wealth solicitors have experienced this and they can definitely assure you about it.

Conclusion

Now that you have the information about some of the basic misconceptions relating to wills, probate, and trusts, next time you have to discuss these with your Will and Probate Solicitors or your Probate Lawyer, you will have some kind of knowledge to back you up.

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