Archive for the ‘Wills and Executries’ Category
Monday, December 31st, 2007
Firms are set to use 2008 to solve their pension problems, according to Deloitte.
The financial services company voiced the prediction as it revealed that the final salary pension schemes offered by Britain’s largest 100 companies will have an aggregate surplus of £15 billion at the end of 2007.
Over the year, the surplus will have improved by more than £55 billion, according to Deloitte, reflecting both positive investment returns and falls in the prices of government bonds following the subprime mortgage panic.
“Over 2008 companies will be looking to solve their pension problems for good,” commented David Robbins, a pensions partner at Deloitte.
Critics of the assessment point out the role the credit crunch has played in the improvement, claiming that the core strength of the UK’s final salary pension schemes remains in doubt.
In related news, talks are scheduled later today between BAA and air transport workers unions aimed at avoiding strikes over the company’s closure of its final salary pension scheme to new employees.
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Friday, November 9th, 2007
The widow of a well-known figure in Edinburgh law circles has been left more than she may have bargained for in her husband’s will.
Gladys Corbett is allowed to carry on living in the family home she shared with her late husband Ian, but may have the property taken away from her if she remarries.
Mrs Corbett has no legal ownership of her husband’s share in the Edinburgh property as it has been left to her as a life-rent.
Should she remarry, the executors of Mr Corbett’s estate would be left to decide what to do with the share, which could include awarding it to a third party.
Aside from the Edinburgh house, the remainder of Mr Corbett’s estate was left to his wife directly, meaning that she owns it outright.
Consumers may wish to seek legal advice when considering writing a will to gain a fuller understanding of intricacies that they may be unfamiliar with.
The late Mr Corbett represented his friend Sir Sean Connery in a number of legal matters.
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Thursday, November 1st, 2007
Almost four-tenths (39 per cent) of retirees would be prepared to release equity from their home to improve their finances.
Such is the result of a recent study by equity release firm Home & Capital Advisers, which found that other means considered by senior citizens to improve their financial situation included downsizing their home (21 per cent) and selling valuable possessions (12 per cent).
Nigel Hare-Scott, managing director of the company, stated that rising costs of commodities such as energy, council tax and food put pressure on day-to-day finances, reports the Press Association.
"Many of them live on a limited income with little or no scope for an increase, particularly since the state pension has not kept up with inflation," he said.
Consumers may find that it is advisable to obtain legal advice prior to releasing equity from their home, to find out their position in the eyes of the law.
A recent study by Norwich Union indicated that one in ten retirees cut back on heating costs, clothing and socialising as they worry about bills.
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Wednesday, October 17th, 2007
Recent research has indicated that one in ten retired people cut back old holidays, socialising, clothing and even heating costs as they worry about bills.
A study by Norwich Union has also indicated that two-thirds of people over the age of 60 survive on less than £10,000 per year.
The survey suggested that of all the regions in the UK, Scotland ranked last in the list of those most likely to make changes to their lifestyle to finance their retirement with only 26 per cent of respondents indicating that they would do so.
Dominic Fraser-Smith, group product manager at Norwich Union Post-Retirement Products stated that senior years should be enjoyed by older people and they should not have to resort to methods such as cutting down on heating.
Mr Fraser-Smith identified equity release as "an option those approaching retirement should consider as part of their retirement planning".
It may be advisable for consumers to seek legal advice before carrying out any form of significant financial transaction - such as equity release - to ensure that they are fully aware of any possible ramifications the process might involve.
Last month, research by Prudential indicated that people over the age of 65 in Scotland have some £41.6 billion of property equity.
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Monday, September 17th, 2007
The process of dividing up the estate of a deceased person is helped by having a will, an independent financial advisor said today.
Managing director for Paladin Financial Services Tim Purdon stated that although not having a will is rarely a major obstacle to dividing up the assets of someone after their death, if on is in existence it makes the process easier.
Mr Purdon added that taking into consideration what you wish to happen to specific contents of your estate when making out a will - such as expensive antiques or collections - can prevent them being split up among the family and reducing their value.
He also recommended that even though planning for death is often difficult for consumers, consumers should update their wills and life assurance "on a regular basis".
Insurer LV= recently advised consumers to add their valuable items - which may include possessions to be left in wills - to their home insurance policies to protect them.
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Monday, September 10th, 2007
Consumers should examine their will every five years to ensure that people who will benefit from it are still alive and living at the same address, according to an independent financial advice firm.
Paul White, spokesperson for Belgravia, commented that it is "very difficult" for an individual to get probate if they are not physically in the country, noting that administration could be a "nightmare" when nominated executors live abroad.
He added that new additions to a family may also require changes in a will to be made.
If there were no second generation people in the family at the time of a will being written then a rewrite may be required in order to take them into account or to allow benefits to be passed on should their parents predecease them.
Recent research from Barclays Wealth indicated that 63 per cent of people in the UK have no will.
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Wednesday, September 5th, 2007
Scottish life expectancy has improved in the past ten years, according to a new report by the Registrar General for Scotland.
At birth, men in the country can now expect to live to the age of 74.6 and women can plan for a 79.6 year-long life.
In news that may interest those considering making a will, the report also indicated that average life expectancy in the country at age 65 is 15.9 years for males and some 18.6 years for females.
Men in Glasgow are now living past the age of 70 for the first time, according to the report.
Registrar General Duncan Macniven commented: "Our calculations show that people throughout Scotland are likely to live longer now than they did ten years ago."
It was recently reported that the Scottish Law Commission was considering the idea of an overhaul in succession laws in the country to take into account modern developments in society such as civil partnerships.
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Thursday, July 12th, 2007
Seeking advice from a solicitor when writing a will can help to ensure that your wishes are carried out as intended, one charity spokesperson has stated this weekend.
Speaking on Wednesday, Gordon Lishman, director general of Age Concern, suggested that writing a will was an important issue and should be carried out with proper diligence.
"Advice from a solicitor will help to ensure that your wishes are carried out as you intended," he contended.
He added that setting out ones wishes could give peace of mind while avoiding later stress for friends and family, who will not need to handle "reams of paperwork" at a later date.
Earlier this month, Age Concern launched a Take Control campaign intended to provide advice to older people about heating and insulating their homes, coordinating efforts for the project with the Home Heat Helpline.
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