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Why Make A WILL. A Daily Express article explained;- "It has emerged that Peter Sellers did not leave an upto date will, and therefore his estranged wife Lynne Frederick inherited nearly £5million, although he wanted to cut her out of his will altogether and leave most of it to The British Heart Foundation. His children received £750 each. In the same article it has been revealed that author Stieg Larsson who wrote "The Millenium Trilogy" and who died 6 years ago, did not leave a will. At the time of his death he was not a rich man, but since his death the books have made millions. He had lived with his partner for 32 years, but because of the laws of intestacy she received nothing, the fortune going to his father and brother. -------------------------------------------------------------------------------------------- Mr & Mrs X, had been married before, and had children from their first marriages and wanted to protect themselves and their respective children. In the event of one spouse dying the estate passes to the other, and on the second death, passes to the children of that spouse only, leaving nothing to the first partners children. The answer was to put the property into a tenancy in common making each 50% owners and then placing their share into a trust for their repective children.Within the trust there is a clause which entitles the remaining spouse to a life interest in the property. This also protects when one partner needs to enter a care home as only 50% can be used by the local authority. ---------------------------------------------------------------------------------------------- Debt Advice saved the day. A young couple who asked for advice about their financial problems;- At the time they had remortgaged their home and also taken out a secured loan, this to consolidate other debts. A baby arrived and this meant a loss of regular income and credit cards were used to keep things going. It wasn't long before the credit card payments became too high and arrears started to mount up. A debt management plan was introduced to stop the creditors from pestering the couple and allow for an affordable monthly payment to be made. During a 3 month period it was felt it would be beneficial to all concerned if an IVA was proposed. This means that an affordable monthly amount is paid to the creditors over a 60 month period, and writes off the balance. Although this has a detrimental effect on the credit rating and makes further borrowing very unlikely, it can be the best answer in some circumstancies. -------------------------------------------------------------------------------------------- |
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