Forum Home
PC World Chat
Thread ID: 97764	2009-02-26 22:00:00	Wills.	rob_on_guitar (4196)	PC World Chat

Post ID	Timestamp	Content	User
751717	2009-02-26 23:59:00	The only problem with the Public Trust as executor is they are required to follow the terms of the Will to the letter, whereas someone you appoint as executor can use common sense and negotiate a little if there are any unfairnesses or oversights in a Will. However I believe they are free, which may be a consideration.... But from memory, a solicitor doesn't charge a lot for a bog-standard will anyway. The tricky bit is choosing your executor so you can be sure that he/she will still be around in the unfortunate event that you're not... The public trust is very very expensive to use. They charge for every little piece of correspondance and transaction, so I wouldn't recommend. There are many cheaper alternatives. PS. Make sure that you trust account isn't accessable by a lawyer, as we had a lawyer near us who stole a lot of cash from their clients trust accounts, and used it for gambling.	robbyp (2751)
751718	2009-02-27 00:06:00	I want to do a will, I think i queried about it last year but never followed up. Now i would like to leave my vast empire :lol: to my lil girl should anything happen to me. Now in saying that can I set it so she recieves it at a certain age? Say i left (For arguements sake) $100,00.00 to her in my will, I die today but i had set an age for her to recieve the money when she is 18. (17 years away on the 7th of next month) Where does the money sit til then? Does it get intrest while sitting there? Also do I just go to publictrust thingy place? You can do your own Will cheaply, and you can get DIY kits. As long as you have got something written down on paper. You can setup a trust account with most banks, and it will still get the same interest, although I think it is taxed at 30 or 33%.	robbyp (2751)
751719	2009-02-27 00:33:00	A will can be contested. Any person whom thinks they have a legitimate claim can take it to Court if they want to. The word "whom" isn't just a fancy word that can be used in place of "who," they are completely different words. People that just use whom to try and sound smart end up looking like morons. Just saying.	roddy_boy (4115)
751720	2009-02-27 01:40:00	A will can be contested. Any person whom thinks they have a legitimate claim can take it to Court if they want to. Very true. And the claim can take years and cost thousands. I know from personal experience. Put it in a trust with you as the trustee. In that way it does not belong to you or your daughter, so no-one can claim it. In the deed you say what you want done and when. In your will you should put a clause which refers to the memorandum of wishes contained in the trust documents. Any changes you need to be made to your will can be made in that memorandum and therefore be made at no cost. I would also strongly suggest that you transfer your house to a family trust as well. Later in life you may become sick and/or infirmed and may have to go into a home for care. You will pay for that - which may include selling your house - until you have little left which may mean that you have no inheritance left to pass on. Putting your house in a family trust can take many years - it took us eight years - and so you should think about it very quickly. If your assets are owned by a family trust, you have no assets, and so the government will pay for your care and your assets will remain safe, assets that will consist mainly of your house. Trusts can be a good thing later in your daughter's life. If she shacks up with someone, then splits, that someone may want to take some (half?) of her assets. If those assets are in a trust and he is not named as a beneficiary then he cannot touch any of it. Great idea! I have heard it said that the government may change the laws concerning trusts but as many MPs have family trusts I would think that any changes would only be advantageous. Have a look at http://www.estateplanning-trusts.com/ for info.	Roscoe (6288)
751721	2009-02-27 02:42:00	The word "whom" isn't just a fancy word that can be used in place of "who," they are completely different words. People that just use whom to try and sound smart end up looking like morons. Just saying. Sweepo are you a grammar or spelling policeman?	prefect (6291)
751722	2009-02-27 03:11:00	Make a will and the sooner the better.(snip) A significant reason for making a will NOW, and making sure people know you have done it and where it is, is that it speeds up distribution of your estate, and creates certainty. If you die intestate (i.e. without having made a will), someone has to apply for Letters of Administration to tidy up your affairs and distribute the contents of your estate. The administrator first has to prove that you did not leave a valid will. Now you know how hard it is to prove a negative. It involves a lot of things that cause the administrator's meter to tick over, so that your estate can become burdened with costs. You don't want that happening to the light of your life - she may be in great need of your estate (e.g. your savings, your cheque account, title to your house etc), and she cannot get hold of them whilst your administrator is faffing around getting the Letters of Administration sorted out. This can take months, whereas in my experience probate for a valid and simple will can take a very short time indeed. I note someone has warned you against letting your money end up in a lawyer's trust account. That is what I meant by my reference to the Renshaw Edwards situation. Whilst the Law Society has an indemnity scheme, I would never let my own funds get into a lawyer's trust account if I could avoid it. I wouldn't want my beneficiaries to have to fight with the Law Society and other defrauded parties to get their legacy out of the law firm or indemnity fund! But go ahead and get a will written NOW if you have dependents.	John H (8)
751723	2009-02-27 03:30:00	A will can be contested. Any person whom thinks they have a legitimate claim can take it to Court if they want to. True, but the legal costs would start at about $20,000 in nearly all cases so it has to be worth it - and you'll still get the bill if you lose. The filing fee payable to the High Court alone is over $1000, for instance - and that's just the start of it.	Deane F (8204)
751724	2009-02-27 03:55:00	Sweepo are you a grammar or spelling policeman? First of all I try to communicate. I am not a grammar or spelling policeman because it is supposed to be a police person these days thus not cutting out the females of this world. I also do not add an "o" to the end of a name as that would require me to add an extra letter. Secondly my name is not Sweepo. Much like your name is not prefecto. Unless of course you actually come from Australia in which case you can get an Ambo to take you back. whom pron the objective form of who: whom will you tell?, he was devoted to his wife, whom he married in 1960 [Old English hwām] USAGE: It was formerly considered correct to use whom whenever the objective form of who was required. This is no longer thought to be necessary and the objective form who is now commonly used, even in formal writing: there were several people there who he had met before. Who cannot be used directly after a preposition – the preposition is usually displaced, as in the man (who) he sold his car to. In formal writing whom is preferred in sentences like these: the man to whom he sold his car. There are some types of sentence in which who cannot be used: the refugees, many of whom were old and ill, were allowed across the border. Collins Essential English Dictionary (www.thefreedictionary.com) 2nd Edition 2006 © HarperCollins Publishers 2004, 2006 I managed to get 95% correct in English when I was at school. Sorry for using the old english. Surely I do not use words like the original meaning of "gay" anymore either for example. If I mean homosexual or lesbian then that is what I write. Sorry to have bothered you on this.	Sweep (90)
751725	2009-02-27 04:18:00	True, but the legal costs would start at about $20,000 in nearly all cases so it has to be worth it - and you'll still get the bill if you lose. The filing fee payable to the High Court alone is over $1000, for instance - and that's just the start of it. The legal costs alone would prevent me from getting into a legal battle. I have never had do do this as when my Mother died I received part of the Estate as did my two siblings. The cost of a lawyer is almost prohibitive in any event. Some lawyers will work on a percentage of funds recovered. So the average person can go to the CAB and you have free advice there. And I do not want to set up a trust account either mostly as I have no trust in some lawyers. Much like I do not trust all Politicians or all sales people.	Sweep (90)
751726	2009-02-27 11:08:00	I note someone has warned you against letting your money end up in a lawyer's trust account . That is what I meant by my reference to the Renshaw Edwards situation . That is the one I was referring to too .	robbyp (2751)
1 2 3 4