Firm closing

[GD4ELI]

3 minutes ago, mad_manx said:

I was thinking of making  a will..I can understand how you can leave property etc in will to your loved ones but how do you actually put in details of funds held in a bank account on the will..  Do you put in an account number and branch name ? or is it  a case of all funds held with say IOM  bank IOM .

With savings / flexible/ fixed  etc  everyone will have multiple account numbers in the same bank 

Your will is just a list of who gets what. Keep a list of bank accounts etc. somewhere where your executor / family will find it. I have no family, a cousin is my executor, I keep her updated all the time and will soon sign a POA.

You must be aware of what happens if you die without a will - in the UK it's not good. I have half-sisters (sired by my rogue of a father) who would inherit were I not to have a will.

Also, let people know what sort of funeral you want.

And NEVER use a bank or advocate as executor, you'll be charged a fortune.

Edited March 30, 2023 by GD4ELI

[John Wright]

1 minute ago, mad_manx said:

I was thinking of making  a will..I can understand how you can leave property etc in will to your loved ones but how do you actually put in details of funds held in a bank account on the will..  Do you put in an account number and branch name ? or is it  a case of all funds held with say IOM  bank IOM .

With savings / flexible/ fixed  etc  everyone will have multiple account numbers in the same bank 

You don’t have to identify and list every asset. In fact that’s dangerous if you then move assets.

Occasionally people will leave a specific insurance policy, bank account contents or investment product.

The more practical way is to add everything up and then divide and distribute by percentages or shares.

[GD4ELI]

1 minute ago, John Wright said:

You don’t have to identify and list every asset. In fact that’s dangerous if you then move assets.

Occasionally people will leave a specific insurance policy, bank account contents or investment product.

The more practical way is to add everything up and then divide and distribute by percentages or shares.

Don't leave a percentage to some charities - a few well-known UK charities demand audited accounts. In my case (UK) I just have a non-binding wish list.

 

[GD4ELI]

2 minutes ago, John Wright said:

You don’t have to identify and list every asset. In fact that’s dangerous if you then move assets.

Occasionally people will leave a specific insurance policy, bank account contents or investment product.

The more practical way is to add everything up and then divide and distribute by percentages or shares.

Ah,

If you have shares in a family business you may want these shares to stay in the family. I was involved in a horrible situation in Switzerland where a member of a family died young (43) without a will, we had to get these shares valued and reallocated by a court.

[John Wright]

1 minute ago, GD4ELI said:

Don't leave a percentage to some charities - a few well-known UK charities demand audited accounts. In my case (UK) I just have a non-binding wish list.

 

There is no requirement for estate accounts to be audited. And an executor should do a simple receipts and payments account.

But, yes, for residuary gifts to charities a degree of executor trustee discretion is acceptable.

[GD4ELI]

3 minutes ago, John Wright said:

There is no requirement for estate accounts to be audited. And an executor should do a simple receipts and payments account.

But, yes, for residuary gifts to charities a degree of executor trustee discretion is acceptable.

RSPCA has (had) a bad reputation for this. Similarly the National Trust I believe. If they get (say) 10% then they'll want to know that everything J. Bloggs owned is properly valued etc. Total PITA, hence the wish list.

Edited March 30, 2023 by GD4ELI

[John Wright]

8 minutes ago, GD4ELI said:

RSPCA has (had) a bad reputation for this. Similarly the National Trust I believe. If they get (say) 10% then they'll want to know that everything J. Bloggs owned is properly valued etc. Total PITA, hence the wish list.

I’ll make sure, from now on, that I refer all my clients, wishing to make wills, to you.

[Roxanne]

11 minutes ago, John Wright said:

I’ll make sure, from now on, that I refer all my clients, wishing to make wills, to you.

I'll stick with you thanks.

And, I guess that I really should be updating mine...

Edited March 30, 2023 by Roxanne

[Happier diner]

39 minutes ago, John Wright said:

But the court requires an original signed hard copy for probate. Go talk to the court!

Not like you to have a whoosh moment. It's very early though. 

Being serious, if the world of banking where billions of pounds are held and transferred securely. Surely the courts and solicitors could have a system where 5 sheets of A4 could be securely scanned and electronically signed then archived. Not exactly rocket science. 

It could of course lead to a loss of income for the advocate businesses and we wouldn't want that. 

[Passing Time]

Anyway, back on topic - Junkbox has been lacking in customers for quite a while now. I know the guy that owns it and he's not short of a bob or two. I always thought this was his hobby rather than a business.

[Happier diner]

22 minutes ago, John Wright said:

There is no requirement for estate accounts to be audited. And an executor should do a simple receipts and payments account.

But, yes, for residuary gifts to charities a degree of executor trustee discretion is acceptable.

What if a beneficiary thinks they are being diddled?

[John Wright]

Just now, Happier diner said:

Not like you to have a whoosh moment. It's very early though. 

Being serious, if the world of banking where billions of pounds are held and transferred securely. Surely the courts and solicitors could have a system where 5 sheets of A4 could be securely scanned and electronically signed then archived. Not exactly rocket science. 

It could of course lead to a loss of income for the advocate businesses and we wouldn't want that. 

I actually don’t know of any advocates firm charging for storing a will securely.

Im all in favour of wills, once executed, having to be filed in a central registry.

Relaxed about it being electronic.

That'd need legislation. Go lobby.

[Passing Time]

2 minutes ago, Happier diner said:

Not like you to have a whoosh moment. It's very early though. 

Being serious, if the world of banking where billions of pounds are held and transferred securely. Surely the courts and solicitors could have a system where 5 sheets of A4 could be securely scanned and electronically signed then archived. Not exactly rocket science. 

It could of course lead to a loss of income for the advocate businesses and we wouldn't want that. 

You should start a separate topic "The Law - Good Advice v Bad Advice

[Banker]

Business people want more help but don’t say how it should be funded eg higher taxes, more borrowing, cut services/benefits?

https://www.manxradio.com/news/isle-of-man-news/current-economic-climate-more-difficult-than-during-covid/

[John Wright]

2 minutes ago, Happier diner said:

What if a beneficiary thinks they are being diddled?

They're entitled to request a copy of the estate accounts if they are a residuary beneficiary. And when you apply for probate you sign up to file a copy of the accounts.

They aren’t entitled to audits or valuations.