Wills and Probate
A Will can be as simple or as complex as you wish but by drawing up even a basic Will you are in control of what will happen to your estate. It helps remove the uncertainty for those that survive you. Intestacy is where there is no Will and all your assets or estate will be divided up according to statutory rules. These rules may mirror your intention but only if you wish your children to inherit at eighteen a relatively immature age. Similarly an intended relative may not inherit upon the death of a spouse if not in the direct blood line.
A Will can provide for the young by means of trusts. It can determine who inherits assets of your estate so there is no confusion or feuding and yours wishes and choices may be fulfilled as you desired. There may be ways of reducing the inheritance tax on your death by means of gifts or potentially exempt transfers (PETS). After seven years these do not form part of your estate.
Trusts are another means of ensuring that minors are provided for. The trust can be setup during life or upon death to look after the vulenerable. The trust is managed by trustees appointed by you to look after the trust for the beneficiaries.
A Will must be executed in accordance with the regulations. Most Wills that are declared void are on account of incorrect execution. It requires the right people to be present to testify to the valid execution of the Will and show no undue influence.
Debt Satisfaction
Certification of Satisfaction
Quite often a company will require a debt to be satisfied and a certification of satisfaction obtained particularly if buying or selling the company or seeking finance. Any lender can look at the County Court Judgement (CCJ) register when deciding whether to provide credit facilities. If the register shows an unsatisfied debt it may prove more difficult to obtain funds or else they may be at less favourable terms.
An application may be made to the court for a ‘Certificate of Satisfaction’. The court will require proof of all attempts to clear the debt and details of the efforts made to satisfy it.