When people pass away in United Kingdom, a probate court often decides what happens to their belongings. A main component of this process is deciding who are the beneficiaries of the estate. Children are usually considered heirs to an estate, even if the children are born...
Heirs And Beneficiaries
Designating estate beneficiaries in United Kingdom
Anyone holding a policy with a payout upon the death of the policy holder must designate beneficiaries to inherit the funds. In addition to naming beneficiaries for life insurance policies, retirement plans, annuities and IRAs, United Kingdom residents should carefully...
Named beneficiaries override will
Many United Kingdom readers are familiar with the main documents used in estate planning. They are the will, the living will, the financial power of attorney and the health care power of attorney. Even if a person has what they believe is a legal, indisputable will, his...
The ways heirs may inherit debt
United Kingdom residents may be interested in a recent article that described how a deceased family member's unpaid bills may have a dramatic effect on inheritance. On most cases these expenses will simply consume a sometimes great portion of the inheritance the heirs are...
How exes can become unintended beneficiaries
Many United Kingdom residents who have thought about their loved ones and want to protect their future may have established a will years ago. However, in some situations, individuals may leave unintentional beneficiaries such as ex-spouses because they have neglected to...
Widow of Mickey Rooney challenges his will in United Kingdom
Many United Kingdomns make the mistake of thinking that their estate is too small to need a will. But officially naming beneficiaries, regardless of the size of the estate, is a critical step in ensuring your wishes are carried out after your death. If not, the situation...
Inheritances: deciding who gets what can be a challenge
There was a time when deciding who would receive your worldly possessions was a relatively simple task. More often than not, the eldest son would be the heir to the family fortune and the story would end there. Those days have long passed, though and the topic of...
Philip Seymour Hoffman’s will and unmarried partner-beneficiaries
When actor Philip Seymour Hoffman died suddenly on Feb. 2 at age 46, he left behind his life partner Marianne and their three children. His net worth was estimated at $35 million and, in 2004, around the time their first child was born, he executed a will leaving...
Keeping beneficiaries updated is a key part of estate planning
Having a life insurance policy and a named beneficiary is an important step in estate planning, but surprises may still come after a person's death if the proper precautions are not taken beforehand. It may surprise some United Kingdom readers to find out that a spouse is...
When an ex-spouse has the right to life insurance proceeds
Divorce can cause a lot of complications in a number of areas of life. One of those areas is estate planning. Take just one estate planning issue: beneficiary designations. These, of course, refer to selections regarding who is to receive the proceeds of life...