Law Offices of Alhayat Solicitors Estate Planning Lawyer in Woodland Hills, United Kingdom | Alhayat Solicitors 2022-12-08T22:03:16Z https://www.salvolaw.com/feed/atom/ WordPress /wp-content/uploads/sites/1201627/2019/10/cropped-site-icon-1-32x32.jpg by Pfaff, Gill & Ports, Ltd. <![CDATA[Can You Sell a House in Probate?]]> https://www.salvolaw.com/?p=54650 2022-11-22T22:03:29Z 2022-12-08T22:03:16Z Selling Probate Property In most cases, the court will appoint an administrator for the probate estate if the decedent does not have a trust established. In accordance with the Independent Administration of Estates Act ("IAEA"), which can be found in the United Kingdom Probate Code, the administrator could be given either full or limited authority. Both public auctions and private sales are options for the administrator when selling probate property.

Notice to Interested Parties

If an administrator is granted complete authority, he or she is exempt from the requirement that they seek judicial confirmation of the transaction. If an administrator is only granted limited authority under the IAEA, he or she will be required to seek confirmation from the court of the sale. In any event, the administrator is required to give adequate notice of the sale to the heirs and other interested persons.

Interested Parties May Raise Objections

Beneficiaries and other interested parties have 15 days to raise objections to the sale, after which it will be determined whether or not to proceed with the transaction. After this, the transaction may be moved forward to escrow if the administrator possesses complete authority over the sale and the court is not involved. However, if an interested party objects, then the sale will be put under the supervision of the court and will be subject to a process in which the public will have the opportunity to participate in an overbid procedure. This will ensure that the property is sold at the highest possible price during a hearing to confirm the sale. In situations where the administrator has only limited authority, the court is required to hold a hearing to certify the sale. The overbid procedure will also be carried out during this hearing.

The Court Will Confirm The Sale

Once the court has issued an order confirming the sale, a certified copy of the order is normally delivered to the title company or escrow as the order needs to be recorded with the conveyance. This happens once the court has issued the order.

England Estate Planning Attorneys

As you can see, this process is far more complex than your average real estate transaction. However, if you make use of the appropriate instruments for estate planning, there are alternative methods to avoid a drawn-out process of probate sale when transferring property upon your passing. Contact the estate planning specialists at the Law Offices of Alhayat Solicitors. We will discuss your wants and help you create a unique plan to bring peace of mind to you and your family. To schedule a free consultation, call +4420718382404 or easily fill out our online contact form.  

]]> by Pfaff, Gill & Ports, Ltd. <![CDATA[How Long Does Probate Take in United Kingdom?]]> https://www.salvolaw.com/?p=54644 2022-11-22T22:02:41Z 2022-12-01T22:02:27Z The Probate Process Step-By-Step When trying to get an idea of how long it takes to go through probate in United Kingdom, the first thing to know is the sequence of events that must occur within the legal system after the passing of a loved one. Every will that goes through the probate process in the state must go through a series of processes, even if everything goes according to plan and the will is legitimate.

Step #1: Petition for Probate Filing

If everything has been planned out and the person in charge of managing the estate, known as the executor, is aware that he or she is performing in this role, then the executor will file the Petition for Probate in the county where the person who died, known as the decedent, resided. As soon as the court receives the petition, it will set a hearing for a period of time up to a few months weeks later. A petition can be submitted by a close relative even if there is neither a plan nor a will.

Step #2: Notice of Probate

Once the petition has been submitted, the executor (the estate’s personal representative) is responsible for publishing a Notice of Probate in the newspaper. This individual is also responsible for informing any beneficiaries of the estate as well as possible heirs about the situation that has arisen. Notification is also required to be given to anyone who owes money to the estate.

Step #3: Making Sure the Will Is Binding

During the hearing, the executor will have the opportunity to demonstrate that the will is legally valid and drafted properly. This means that he or she will have to convince the court that the will should be enforceable. In order for this to take place, there are a few prerequisites that need to be satisfied, including the following: The drafter of the will must be an adult; and if handwritten, it must have the drafter’s signature; and if it is typed, it still needs to be signed, but in the presence of two witnesses (who must also sign).

Step #4: Asset Gathering & Distribution

The court will issue letters testamentary to the executor of the will once it has determined that the will is valid and binding. These letters allow the executor to gather the estate's assets and prepare them for administration. In most cases, the executor will also need to obtain a tax identification number at this point, as taxes may need to be paid on the estate. In addition to this, the executor is responsible for settling and paying liabilities and preparing for any potential taxes due.

Step #5: Paying Liabilities

Creditors notified of an estate going through probate must claim any debt they are owed. If all of this is taken care of in the right way, the executor will be able to clear the estate of these obligations by paying off these liabilities. Certain estates will be subject to both federal and state tax responsibility, and both of these types of tax obligations need to be satisfied as well.

Step #6: Request to The Court to Close the Estate

When all of these things have been completed, the executor can make a request to the court to close the estate. If the court grants the request, the assets of the estate will be dispersed to the heirs who were designated in the will. This brings an end to the matter. * The above steps are what a normal probate looks like when there are no wrenches thrown into the process. Errors in the will that subject it to challenges, improper notification to creditors, or creditor claims that you believe to be invalid are examples of circumstances that will prolong the probate process.

Estate Planning Tailored to Your Objectives

Fortunately, with proper planning, you can save your loved ones the headache and stress of a long, complex probate process. Alhayat Solicitors is an estate planning, trust and probate law certified specialist by the United Kingdom State Bar. This prestigious certification ensures you of excellence regarding these legal matters and has been earned by only a select few prominent United Kingdom probate attorneys. When you’re ready to take control of your legacy, contact us! Your initial consultation with a Woodland Hills, United Kingdom estate planning attorney is free.      ]]> by Pfaff, Gill & Ports, Ltd. <![CDATA[How Long After Probate Can Funds Be Distributed?]]> https://www.salvolaw.com/?p=54640 2022-11-17T22:51:16Z 2022-11-24T22:51:06Z What Does It Take to Close an Estate? To close a probate estate, the fiduciary (the executor or trustee) must file a final account of the estate and petition for final distribution, set the petition for hearing, notify interested parties of the hearing, and secure a court order granting the final distribution when the probate procedure is completed. The United Kingdom petition for final distribution provides a full history of the probate matter to the court. It explains the fiduciary's justification and reasoning on why they believe the estate is fully prepared to close and details the payouts to beneficiaries. This final petition is typically a tailored pleading that tackles specific legal difficulties with the probate estate's initial administration.

When Does The Executor Petition for Final Distribution in United Kingdom?

The administrator has to wait at least four months from the date the court issued letters of administration to submit a petition for final distribution of the decedent's remaining estate assets. If the estate administrator can't file a petition for final distribution of the estate within (1) year after receiving the court's letters, they must produce a verified report on the estate assets. This should be completed before the administrator considers making a closing statement. This report is mean to serve as a documented representation detailing why the administrator has not been able to close the estate and how much time it will take to do so. The court will then schedule a status report for the hearing. At this point, the administrator must serve a notice of hearing on all interested parties. The court will determine whether to keep the estate open or close it during the hearing.

Creditor Claims in Probate: Acceptance or Rejection

For each claim made through a legal process, the administrator must prepare and file an allowance or rejection of claims. Then, creditors will have 60 days after receiving notification to submit a claim, or four months after receiving notice of letters. When a creditor submits a claim, the administrator has 30 days to pay, allow, reject, or fight the claim. Claim payments are made in the following order of priority:
  • Administrative costs
  • Secured creditors
  • Funeral costs
  • Family disbursements
  • Financial institutions' claims
  • Unsecured creditors
If the estate does not have enough money to fulfill the claims, its real estate must be sold (by a legal notice) to meet outstanding debts such as estate taxes.

One Last Step Before Inheritance is Distributed

Most of the time, the decedent's real estate or other assets are not to be dispersed until a court order is issued. As a result, the court will schedule a formal hearing date once the administrator files a United Kingdom petition for a final distribution. If the petition for final distribution is granted by the court, the administrator must file an order for the final distribution of assets at this time. The administrator might then divide the remaining assets as needed. After the probate process is completed, heirs and beneficiaries must sign a receipt of distribution indicating the allocation of estate assets. The signed receipts must then be filed with the court by the administrator. When the estate has been distributed completely in accordance with the order, the administrator may request a final discharge & order. Finally, once the administrator has divided the estate's assets in accordance with the court order, the court will release the administrator from any liability. However, the administrator may be called upon to distribute any assets that remained unaccounted for after the estate was closed.

Create an Estate Plan as Unique As You Are

Wherever you are in life, making a proper estate plan should be a top priority. Estate planning is key to creating a lasting legacy and making the process as smooth as possible for your loved ones. While you may be tempted to use a one-size-fits-all online service, only an expert estate planning attorney can manage your individual and unique circumstances to give you total assurance and peace of mind. Call +4420718382404 or use our online contact form to schedule a meeting.  ]]> by Pfaff, Gill & Ports, Ltd. <![CDATA[How Long After Probate Is Granted Will I Get My Money?]]> https://www.salvolaw.com/?p=54630 2022-11-17T22:50:48Z 2022-11-17T22:50:48Z Here Are Five Key Events to Keep in Mind
  1. Petition for Probate has been filed. The court hearing date has been set for about six to eight weeks.
  2. Hearing Day: On the hearing date, the petition is heard by the Court, and the Judge grants the petition, allowing the administrator to begin taking control of the estate.
  3. Administration letters have been issued. A four month time frame for creditor claims begins.
  4. A Petition for Final Distribution is filed, with a hearing date scheduled in about eight weeks.
  5. Hearing Date for Petition for Final Distribution: On the hearing date, the Court hears the petition, grants the petition, and the administrator distributes the estate's funds and other assets.
As you can see, the above schedule is roughly eight months, assuming no delays and complete completion of all probate steps. In a perfect world, this would be every probate timeline. In practice, however, there are more complicated factors that skew the timeline. Getting the help of an experienced estate planning attorney is key in making sure this does not drag out for an unreasonably long period of time.  

Non-Probate Assets Can Help Heirs Avoid A Long Probate Process

Owning non-probate assets gives you access to one of the simplest ways to sidestep the probate process entirely. The probate process can be pretty costly and time-consuming, so your heirs and beneficiaries will undoubtedly appreciate this. Non-probate assets are often made available to specified beneficiaries shortly after the decedent's death and receipt of a valid death certificate. By operation of United Kingdom probate law, any type of property that is not personally owned by the decedent is deemed non-probate property. These are common assets. They can range from automobiles to personal goods, life insurance policies, real estate, and transfer on death accounts. The benefit of non-probate assets is that they skip the probate process entirely. When the decedent dies, they are almost instantly transferred to the selected individual. Let's examine some of the most typical kinds of non-probate assets.
  • Real estate can be a non-probate asset since it can be held in joint ownership with the right of survivorship, such as by a spouse. This means that upon death, the person transfers ownership to the other living owners or a relative (entirely isolated from the probate process). When entering into a joint ownership situation, it's important to run your idea by an experienced estate planning attorney. Every family dynamic is unique, and this may not be the best option for some.
  • Financial accounts or life insurance policies: Financial accounts or life insurance policies with a chosen beneficiary are another type of non-probate asset. This is significant in estates where a "pay on death" beneficiary designation or section is included to exclude an asset from the probate procedure.
In this type of estate planning, an individual transfers sole ownership of property and titles it in the name of the trust. The designated individual has access to the asset and its benefits but no legal title to the trust asset. This ownership is never transferred, not upon death, and not during the individual's lifetime.

Expert Estate Planning in England, United Kingdom

The Law Offices of Alhayat Solicitors highly advises the executor to retain the services of a law firm to assist in estate administration. An experienced probate and estate planning attorney should draft the documentation needed to open and close the estate, as well as counsel you through this legally complex process. We take satisfaction in being able to help with every aspect of estate administration at the Law Offices of Alhayat Solicitors. Call us or fill out the client form here!]]> by Pfaff, Gill & Ports, Ltd. <![CDATA[How Long Does Probate Take In United Kingdom?]]> https://www.salvolaw.com/?p=54638 2022-11-17T22:50:11Z 2022-11-10T22:49:57Z Why Does Probate Have a Reputation For Being So Slow? Assume you're dealing with an average-sized estate. Even then, the executor of the estate must delay starting the probate process until after the funeral. Following that, the executor is responsible for discovering all of the decedent's assets, gathering those assets, contacting the decedent's creditors, ensuring they are current on their taxes, and only then can the process of distributing the estate to their heirs begin. While this may not appear to be a lot, each of these processes necessitates the executor going through paperwork, tax records, bank statements, and locating all of the decedent's assets. It is a time-consuming and exhausting procedure. There is a significant amount of documentation required. There are time constraints that must be satisfied. Most executors would benefit from the assistance of an estate planning attorney who can help them avoid unnecessary delays.

What Causes Delays In Probate?

A variety of factors can cause a delay in the proper processing of an estate in probate: Delay Factor #1: There Are Various Beneficiaries Even if all of the documentation and payments to creditors and the state go smoothly, the number of beneficiaries can drag down the process of transferring assets to heirs. The longer the process takes, the more benefits there are. If you have to communicate across state borders, probate will also take longer.   Furthermore, the more beneficiaries there are, the more likely there would be a disagreement over the distribution or management of the estate. In fact, these beneficiaries can hire their own attorneys to oversee the probate process. If they suspect something is wrong, they can submit motions that require a court ruling to advance. Delay Factor #2: There Are Issues with a Will Beneficiaries have every right to contest a will. However, the court will almost never find in their favor. They must be able to demonstrate that the decedent was not of sound mind or that the decedent's will was somehow coerced. If one of the beneficiaries opposes the will, expect significant delays in the proceedings. Delay Factor #3: There Isn't A Will At All If no will exists, the first item of business will be for one of the parties to ask the court to act as executor of the estate. If more than one party is interested, the court must make a choice based on their qualifications. After debts are satisfied, an algorithm known as intestate succession governs the process of allocating assets. When there is no will or no legal will, each step in the probate procedure takes longer (if the last will and testament has been invalidated). Delay Factor #4: Estate Assets Are Extraordinary Not all assets are straightforward. In other circumstances, the decedent held a portion of a firm or owed money on real estate they purchased. In that instance, the executor will be left with the task of distributing equity in a property or business endeavor. This can be highly complicated and may necessitate the services of an appraiser.

Contact an Estate Planning Attorney Near You

Every estate plan is unique; therefore, every plan needs individualized attention and careful drafting to be as effective as possible. The Law Offices of Alhayat Solicitors will assist you with starting your estate plan right now. We are here to help you through the process and ensure that your voice is heard loud and clear in your estate planning paperwork.  If you need assistance drafting an estate plan that accounts for your family’s unique needs, contact us.          ]]> by Pfaff, Gill & Ports, Ltd. <![CDATA[How Long Does Probate Take in United Kingdom Without A Will?]]> https://www.salvolaw.com/?p=54636 2022-11-17T22:49:41Z 2022-11-03T21:49:25Z intestate. In general, the assets of a person who dies intestate are distributed to their closest relatives. However, there are certain restrictions to these principles, such as the sorts of property subject to United Kingdom's intestacy laws (known as probate assets), what the decedent's spouse is entitled to, how assets are divided among the decedent's children, and the order in which the estate is to be distributed. The remainder of this blog will provide an overview of what can happen in United Kingdom if you die without leaving a will. You should seek the guidance of a local estate lawyer if you need more information on a specific intestate situation.

What Assets Are Subject to Probate?

Only assets that may have gone through a decedent individual's will (if they had one) are subject to intestate laws in United Kingdom. In general, this refers to property and/or assets that the decedent entirely owns, such as a registered automobile or personal goods that no one else can claim. This also means that any property or assets held in trust, jointly owned, or with identified beneficiaries will not pass under United Kingdom intestate succession laws. They will instead be passed in conformity with the rules governing those specific types of property. For example, the proceeds of a life insurance policy will be dispersed to the beneficiaries designated in the policy. Payable-on-death bank accounts, retirement account funds, and shares kept in a transfer-on-death account are examples of valuable assets that do not generally pass through a will and hence are not affected by intestate succession laws.

Decedent Was Married When They Passed

If the decedent was married when they passed, the surviving spouse will receive 100 percent of their community property (community property often constitutes the majority of a married decedent's possessions). The following is how the decedent's separate property will be distributed by the court:
  • If the decedent had no children, grandkids, parents, siblings, nieces or nephews, or other heirs, the surviving spouse will inherit all of the decedent's separate probate assets.
  • If a parent or their issue has just one surviving lineal descendent, the separate property is split 50/50 between the spouse and the lineal descendent, parents, or their issue.
  • If the decedent has more than one lineal descendant, the surviving spouse receives one-third of the inheritance, while the surviving lineal descendants of the oldest generation share the remainder.
  • If the decedent passed without a spouse, children, or grandkids, the rules become more complicated.

Decedent Was Unmarried When They Passed

If a decedent was unmarried when they passed, the following property will be distributed by the court:
  • The probate property will be divided among the decedent's children. If any of the decedent's children dies before the decedent, the offspring of that child will share their decedent parent's estate.
  • If the decedent has no spouse or direct descendants, the regulations get more complicated.
The intestacy of someone close to you may have an impact on your rights. For example, you could be someone who would most likely inherit under a legitimate will but not under United Kingdom intestacy law. On the other hand, you could be the type of person who inherits under intestacy rules but not under a valid will. In any case, you will most likely require the assistance of a United Kingdom probate lawyer to help you make the best of your situation.

Estate Plans Tailored to Your Objectives

At the Law Offices of Alhayat Solicitors in Woodland Hills, United Kingdom, we offer quality, service-oriented representation in elder law and estate planning. We are dedicated to helping elders and families throughout England and the San Fernando Valley effectively plan and protect their future. As we age, there are going to be a number of choices we have to make that involve our well-being and our family’s financial security. These are tough choices, but with our guidance, together we can better understand what options fit your needs. Are you ready to take your legacy into your own hands? We’re here to help. Contact us by calling +4420718382404 or by filling out a client contact form.    ]]> On Behalf of Law Offices of Alhayat Solicitors <![CDATA[What should you take into account when choosing an executor?]]> https://www.salvolaw.com/?p=54619 2022-10-11T04:28:48Z 2022-10-15T04:26:02Z Think about available time According to Kiplinger, you may think of several people who all meet the basic expectations for being your executor. However, they could have many other responsibilities in everyday life that prevent them from dedicating the needed time to this role. Some of your children or any other choices may live far away. While this may not matter much if they are willing to take on the duty of executor, the time spent traveling or dealing with legal processes in another state is an important factor they should take into account.

Take into account personalities

When choosing between several similar options, it could help you to think seriously about which choice's personality would work better as an executor. Someone who is good at remembering deadlines and does not mind talking professionally with a court could settle into the role quickly. This kind of attentiveness can also help prevent any preventable errors from happening, especially since this person is in charge of your debts and assets.

Explore all options

While you may feel tempted to choose the oldest of your children just because of their age, do not get too focused on just one trait. Allowing yourself to look at all of your choices can help you find the best person for the job of executor.]]> by Alice Salvo <![CDATA[Pre-Estate Planning Checklist to Make Life Easier]]> https://www.salvolaw.com/?p=54596 2022-09-12T21:54:17Z 2022-10-06T21:54:05Z What do people gain from their estate plan? Setting objectives for yourself and ensuring that your inheritance is divided according to your preferences is an individual and necessary element of life. Some frequent and important goals to consider before consulting with an estate attorney include:
  • Providing for family and loved ones after your death
  • Making sure the correct beneficiaries are included
  • Asset and estate tax management
  • Designating a fiduciary (executor/trustee)
  • Designating a guardian for minor children
  • Business succession planning
  • End-of-life care or incapacity medical requests
  • Estate payout instructions
  • Other objectives you want met once you are no longer here

What counts as my estate?

Unless otherwise stated, all of your assets—everything you own—become part of your estate after your death. Make a list of all assets you possess:
  • Bank accounts
  • Real estate holdings
  • Stocks
  • Bonds
  • Investments
  • Digital assets (online accounts)
  • Permanent and vacation residences
  • Automobiles
  • Business interests
  • Retirement accounts and annuities
  • Insurance policies
  • Death benefits
  • Other items that will have value at your time of passing

What debts are subject to my estate assets?

Unfortunately, outstanding debts do not die with us, but are paid from our estates. Knowing what will most likely need to be paid following your death can allow your attorney to plan more efficiently. Examples of debt you may have are:
  • Mortgages
  • Credit card debt
  • Home, auto, or business loans
  • Outstanding court judgments/settlements
  • Duties to current or previous spouses
  • Other debt owed for which you are personally responsible
 

Who will benefit from my efforts?

In the absence of a final will and testament, a probate court will decide how your inheritance is distributed in accordance with their state's intestacy statutes. Choosing who you want your assets to go to—and how they are distributed—is led by designating and prioritizing beneficiaries in your will, such as:
  • Family
  • Loved ones
  • Friends
  • Charities
  • Trusts

Is medical care and decisions part of the estate planning paradigm?

If you become disabled or become too unwell to make choices for yourself, it is critical to have explicit instructions in place to guarantee that your wishes and preferences regarding healthcare and treatment are followed. A living will containing s your instructions for your care and treatment (for example, you want or object to being placed on a feeding tube or ventilator, etc.), granting someone healthcare power of attorney to act as your agent, and plans for long-term nursing care would be incomplete without careful consideration of these vital concerns. Questions you may ask yourself include:
  • Do I want to be placed on a ventilator or other lifesupporting device?
  • Do I want to receive medical treatment for an incurable condition?
  • Do I want to prolong an inevitable death, or is quality of life more important to me?
  • Who do I want making these decisions, family or licensed physicians?
Asking yourself the above questions and gathering the above information before meeting with an estate attorney may assist alleviate your concerns about the procedure while simplifying the attorney's job. That’s what we call a win-win! We understand that these are difficult things to consider, no one wants to face their death. Planning for your death, on the other hand, may safeguard you, your loved ones, and the assets you've spent a lifetime accumulating.

Contact an Estate Planning Attorney Near You

The Law Offices of Alhayat Solicitors will assist you with starting your estate plan right now. We are here to help you through the process and ensure that your voice is heard loud and clear in your estate planning paperwork.  If you need assistance drafting an estate plan that accounts for your family’s unique needs, contact us.  ]]> by Alice Salvo <![CDATA[How to Avoid Children Fighting Over Inheritance]]> https://www.salvolaw.com/?p=54594 2022-09-12T21:52:55Z 2022-09-29T21:51:43Z Proactivity is the key to sibling disputes Often, inheritance conflicts arise when siblings disagree over what their parents meant to leave to them following their death. To avoid this, employ an experienced estate planning lawyer who can sit down with your parents/family to go over how they want their estate distributed. The lawyer will discuss various estate planning options, such as whether to form a will or a trust, and how to correctly express certain bequests so that it is obvious who receives what. Another advantage of estate planning is that it encourages parents to discuss inheritance problems with you and your siblings before their death. This is especially true if your parent wishes to leave a kid out of their will, which is perfectly lawful.

Financial account co-ownership

A will protects property that is exclusively in the parent's name. Shared property, on the other hand, goes by operation of law to the joint owner upon the death of one of the owners. If your parent wants you to have full ownership of a financial account, he or she may want to explore establishing the account in your and your parent's joint names. Of course, anyone thinking about planning should only do so after consulting with a lawyer, as joint ownership of an account has risks and may result in unanticipated tax consequences.

Appointing a Personal Representative or Trustee who is impartial

The impression of prejudice or undue influence is the most typical cause of sibling inheritance disputes. If your parent predicts that inheritance conflicts may arise after their death, they may decide to designate a third-party personal representative or trustee (if they establish a trust) who is not connected to individuals who will inherit or benefit from the estate.

Create an Instruction Letter

While a letter of instruction is not binding (an enforceable document), it can be useful in explaining a parent's desires for how their property should be divided to their children. Writing such a letter may be very useful in communicating how they want their assets handled.

Purchase or Liquidation

If siblings who are in conflict inherit property together, one sibling may buy out the other. However, many siblings cannot afford to do so, particularly if the shared property is big, such as a primary dwelling or vacation home. In that instance, liquidating the property and dividing the money may be the best alternative. However, before selling any big assets, consult a professional to evaluate the tax consequences of the transaction.

The Law Offices of Alhayat Solicitors

If you suspect a family inheritance dispute, you should speak with an estate planning attorney about your choices as soon as possible. Call us or fill out the client form when you’re ready to take your estate planning into your own hands. We can determine the best approach to avoid any inheritance disputes in the case of your death or the death of a family member.    ]]> by Alice Salvo <![CDATA[The Importance of a Power of Attorney]]> https://www.salvolaw.com/?p=54592 2022-09-12T21:53:00Z 2022-09-22T21:51:08Z alive. Most people believe that a spouse or adult family member may simply step in and manage your finances and assets, but this is not the case. Someone would have to convince a court to decide that you are legally incompetent in order for them to take over your financial affairs. You can execute a legal instrument called a power of attorney to prepare for a situation where you will need someone to manage your affairs for you. Though the word "attorney" appears in the title of the instrument, it refers to the power the person will have once the power of attorney is in place. The person you identify as your agent or attorney-in-fact will become your representative. A power of attorney is an important aspect of complete estate planning. You should not only arrange for the care of your loved ones after you pass away, but you should also have the legal tools in place to handle financial concerns while you are still living but unable to do it yourself.

Powers of Attorney Generally

A power of attorney is a legal instrument that allows someone else to handle your financial affairs and assets, either entirely or partially, immediately upon execution of the document or only when a certain event or condition occurs. Issuing a power of attorney does not mean simply giving someone else complete control. You can handle your own finances as long as you are alive and physically capable. The agent, or attorney-in-fact, named in your power of attorney might be a family member, friend, or acquaintance, but it must be someone you completely trust. You can also choose a successor (alternative) agent to take over if the primary agent is unable or unwilling to do so.

Classifications

Power of attorneys are classified into three types: durable, general, and limited. This is how they differ:

·      Durable Power of Attorney

This instrument grants the nominated agent complete authority over your financial affairs. The term "durable" alludes to the fact that it continues to be effective even if you become incapacitated.

·      General Power of Attorney

The agent is given wide powers over your financial matters, similar to a durable power of attorney, with the difference that such powers expire if you become incompetent.

·      Limited Power of Attorney

This power of attorney might restrict the rights granted to the agent. For example, you may simply want the agent to manage your rental properties while you're away on business or vacation, or you may simply want the agent to pay your bills while you're away. A limited power of attorney might set time limits in addition to limiting the powers granted. For example, you might specify that the grant of powers will be available just from a start date until a finish date. A power of attorney can be canceled at any moment as long as you have all of your faculties. If you are disabled, you cannot withdraw a power of attorney. Power of attorneys also automatically expire when you die. Your agent has no authority to alter your will or trust.  

Medical Durable Power of Attorney

Healthcare wishes and options comprise another sort of power of attorney. The three forms of power of attorneys only cover the payment of medical costs and do not cover the hospital stay. If you want someone to speak on your behalf on medical treatment alternatives if you become incapacitated, you must acquire a healthcare power of attorney If you are incapacitated in a hospital, the person nominated in this sort of power of attorney has the authority to convey your preferences. You can, for example, select "do not resuscitate" or "do not put me on life support," or you can still choose to have such medical measures performed. Palliative care and even organ donation are an example of other important decisions covered by the medical power of attorney. The Advance Health Care Directive and the Durable Power of Attorney for Health Care (DPAHC) are two separate documents: the first states your end-of-life medical wishes, the latter authorizes a trusted individual to speak on your behalf. Thus you should have both of these legal documents as part of your estate plan. Any estate plan should include a power of attorney, or possibly a combination of powers of attorney. Comprehensive estate planning considers not just your loved ones' well-being, but also your own financial and medical requirements if you become handicapped or otherwise unable to carry out your own financial duties or advocate for yourself.

Estate Planning Law Firm in England

Contact the estate planning specialists at the Law Offices of Alhayat Solicitors. We will discuss your wants and assist you in creating the legal documents that will bring peace of mind to both you and your family. To schedule a free consultation, call +4420718382404 or easily fill out our online contact form.    ]]>