A ?Legal? Problem

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Bryn Mawr
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A ?Legal? Problem

Post by Bryn Mawr »

I find myself in a position where I need to write a new will - the last one is thirty years old and no longer fully appropriate.

Herein lies the problem, I can easily write a program that expresses exactly what I want (and, indeed, I have it on the screen in front of me). What I can't do is to write it down in a way that satisfies me that it's unambiguous and legally binding.

Do you think that the probate office would accept the code?
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spot
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Post by spot »

I'm quite certain that it would, yes. Though I still prefer wills with superfluous and olsolete introductions - maybe it could go in as a comment?

// In the name of God, Amen.

// I declare this my last will and testament, being of sound mind though weak in body

etc.
Nullius in verba|||||||||||
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Ahso!
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Post by Ahso! »

What is UK law on wills? Are trusts recognized? Just curious?

In the US wills are often used for less valuable property while trusts (living mostly) are used for the higher value items like money, expensive jewelry and the like. The difference is that trusts are passed directly along to the holder without any interference and a will must pass through probate court, which can be costly in both time and monetary value. Wills are also easily contested.
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Bryn Mawr
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Post by Bryn Mawr »

Ahso!;1504656 wrote: What is UK law on wills? Are trusts recognized? Just curious?

In the US wills are often used for less valuable property while trusts (living mostly) are used for the higher value items like money, expensive jewelry and the like. The difference is that trusts are passed directly along to the holder without any interference and a will must pass through probate court, which can be costly in both time and monetary value. Wills are also easily contested.


I know you can set up trusts but I honestly know nothing about them - maybe I should investigate.
Ahso!
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Post by Ahso! »

Bryn Mawr;1504658 wrote: I know you can set up trusts but I honestly know nothing about them - maybe I should investigate.Yes, I definitely recommend you do. Attorneys in the US go to great lengths to advise against living trusts because they don't make money off them. And trusts are very simple to do.
“Those who can make you believe absurdities can make you commit atrocities,”

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Bryn Mawr
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Post by Bryn Mawr »

Ahso!;1504659 wrote: Yes, I definitely recommend you do. Attorneys in the US go to great lengths to advise against living trusts because they don't make money off them. And trusts are very simple to do.


Thanks for the heads up
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Post by Ahso! »

I just looked at Legal Zoom's website. They make it seem like trusts are difficult and expensive which just isn't true unless you hire an attorney to set it up of course.

A living trust is a simple document that you list accounts and property in. Legal Zoom describes that as an expensive process of funding the trust. Just plain poop.

What one might expect from OJ's former attorney Robert Shapiro.
“Those who can make you believe absurdities can make you commit atrocities,”

Voltaire



I have only one thing to do and that's

Be the wave that I am and then

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Bryn Mawr
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Post by Bryn Mawr »

Ahso!;1504662 wrote: I just looked at Legal Zoom's website. They make it seem like trusts are difficult and expensive which just isn't true unless you hire an attorney to set it up of course.

A living trust is a simple document that you list accounts and property in. Legal Zoom describes that as an expensive process of funding the trust. Just plain poop.

What one might expect from OJ's former attorney Robert Shapiro.


It looks as though a living trust is unlikely to help but a will trust should do exactly what we want.
Ahso!
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Post by Ahso! »

What's the difference between the two?
“Those who can make you believe absurdities can make you commit atrocities,”

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Bryn Mawr
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Post by Bryn Mawr »

Ahso!;1504665 wrote: What's the difference between the two?


The first takes effect as soon as it's enacted whilst the second only takes effect at death.
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Bryn Mawr
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Post by Bryn Mawr »

Ha! It turns out that the legal profession have been there before me and, having seen the problem before, have invented an expression just to cover it.

Of course, being the legal profession, it has to be in latin - per stirpes.

Not a phrase that trips off the tongue but useful nontheless.
gmc
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Post by gmc »

Bryn Mawr;1504654 wrote: I find myself in a position where I need to write a new will - the last one is thirty years old and no longer fully appropriate.

Herein lies the problem, I can easily write a program that expresses exactly what I want (and, indeed, I have it on the screen in front of me). What I can't do is to write it down in a way that satisfies me that it's unambiguous and legally binding.

Do you think that the probate office would accept the code?


They might not and you will need to get lawyers involved at that point anyway so why not get one to write it - the cost is minimal anyway and make sure it's done properly. It's also open to being challenged there are certain catagories you can't write out of your will such as children and wives. You also need to decide who will be your executors and whoi will succeed them if you npredecease them

Life insurance policies can be written in trust by the companies concerned who will provide the forms and loidge it for you . Good idea keeps them out of your estate and payout is immediate, will trust are only necessary iof you are planning to avoid inheritamnce task

I can never understand why people don't just ask a lawyer in the first place, the good ones will talk to you without billing you, and prefer to trust sources that might not actually know what they are talking about. Not usimng a lawyer is a damn sight more expensive than using one right from the beginninmg.
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Bryn Mawr
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Post by Bryn Mawr »

gmc;1504739 wrote: They might not and you will need to get lawyers involved at that point anyway so why not get one to write it - the cost is minimal anyway and make sure it's done properly. It's also open to being challenged there are certain catagories you can't write out of your will such as children and wives. You also need to decide who will be your executors and whoi will succeed them if you npredecease them

Life insurance policies can be written in trust by the companies concerned who will provide the forms and loidge it for you . Good idea keeps them out of your estate and payout is immediate, will trust are only necessary iof you are planning to avoid inheritamnce task

I can never understand why people don't just ask a lawyer in the first place, the good ones will talk to you without billing you, and prefer to trust sources that might not actually know what they are talking about. Not usimng a lawyer is a damn sight more expensive than using one right from the beginninmg.


Your right and we will go to a solicitor in the final instance but I do like to know what I'm asking for and what to expect the result to be.

In this case it's complicated by having foreign property to consider and fitting in with Greek law etc.

Will trusts do have other uses than avoiding inheritance tax - they can also be set up to ensure that your half of the estate goes to your children rather than the children of a second wife or to a care home for example.

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