Latest news with #intestacy
Independent Singapore
a day ago
- General
- Independent Singapore
No will, no plan, no problem? — 'My dad's "leave it to fate" mindset could leave my mom in crisis'
SINGAPORE: When an aging parent needs major surgery, the last thing you want to argue about is estate planning. However, that's exactly what one daughter in Singapore experienced, and it's a situation many people face. In a candid Reddit post, she voiced out her fears about her father not wanting to draft a will. Notwithstanding his forthcoming operation and his substantial possessions, he asserted that he would 'leave everything to the laws of Singapore' rather than consulting a lawyer. He believed it was pointless to spend money on legal services, thinking that the intestacy rules would handle everything impartially. For his daughter, this attitude seemed troubling. Her father not only faced a medical procedure delayed by the public health system (despite her offer to pay for private care), but she was also increasingly concerned about the administrative and emotional burden that could fall on her mother—and herself—if her father passed away without a will. Why dying without a will isn't simple In Singapore, if someone dies without a will, their estate is distributed by the Intestate Succession Act. For a family with a spouse and two children, this usually means: 1) 50% of the estate goes to the surviving spouse, 2) 25% to each child. See also Zoe Tay spends time with 3 sons in midst of Covid-19 pandemic While this might seem straightforward, Reddit users quickly pointed out that the reality is much more complicated. 'All accounts, joint or not, will have to be closed,' one commenter explained. 'Cash inside needs to be distributed to new accounts. It's not as simple as the surviving owner just keeping the funds.' Another noted that probate, the legal process of handling estates, can take a lot of time and money, especially without a will. The Public Trustee's Office (PTO), which manages intestate estates, also charges a fee based on the estate's total value. 'That's how much it will cost your family if there's no will,' someone wrote. 'So if he's worried about lawyer fees, he should be more worried about that.' A matter of control and care For the original poster, the issue isn't just legal or financial. It's emotional. She wants to protect her mother from the bureaucratic mess that can come with being locked out of joint accounts, unsure of property rights, or waiting months for court approvals, especially during such a difficult time. Her father, however, seems to have a more fatalistic outlook, which some commenters suggested might come from a fear of conflict or decision-making. 'Maybe he just doesn't want the hassle of family being unhappy with how the estate is divided,' one commenter suggested. 'You could tell him he can draft a will to reflect exactly what intestacy laws dictate—if that's what he really wants.' Others highlighted that even in close, unified families, not having a will can lead to unnecessary delays, stress, and costs. A will isn't just about distributing assets; it's about making things easier for those left behind. 'Remind him that the will is to help the surviving members,' another user advised. What can be done? Although the daughter hasn't succeeded in convincing her father yet, she is not alone. There are others confronted with the same challenges. Here are a few strategies that surfaced in the conversation: Speak to practicalities, not just emotions – If your parent is watchful about money, clarify the cost and consequences of not having a drafted will, particularly the fraction that PTO might take from their estate. Use familiar examples – Narrate stories of other people who went through validation and were met with delays accessing funds or resolving property-related problems. Provide a clear, straightforward solution – An uncomplicated will can be simple and inexpensive. If the planned distribution ties with Singapore's intestacy regulations, inform them, and be sure to put it in writing to avert hitches. Highlight the gift to the living – Set the will as an ultimate act of love for the surviving partner or children. It's not about the demise or bereavement; it's about easing out anxiety and confusion during a painful period. The bottom line As Singapore's population ages rapidly, more households will find themselves in identical circumstances, harmonising respect for a parent's wish with the necessity of safeguarding the future. A will might appear a sensitive or morbid topic to discuss or a redundant cost, but as this daughter's experience demonstrates, it's an act of compassion. Sometimes, the most loving thing people can do is plan for what's bound to happen, so that those who are left behind won't have a difficult time figuring it out alone.
Telegraph
03-06-2025
- Business
- Telegraph
What is probate of will and how it works
Understanding what probate of will entails is crucial when dealing and distributing someone's assets when they die, but it can be a complex and complicated process. In this guide, we will aim to demystify the topic of probate, and provide you with what you need to know to navigate its intricacies with confidence. We will cover the following: What is probate? When is it needed? The probate process: A step-by-step guide Common probate challenges and how to overcome them FAQs What is probate of will? Probate, specifically probate of will, is the legal process of managing a deceased person's estate, typically by named executors. This includes: Handling assets Paying any outstanding debts Ensuring that beneficiaries receive their inheritance Before any inheritance may be passed on, probate ensures that all financial and legal obligations are met. In order to meet these requirements, executors are granted access to the deceased's bank accounts, investments and even property. Who are the key players in probate? There are several different stakeholders involved in the probate process and it can be confusing without an understanding of them. The most important roles are: Executor: the person or persons named in the will to manage the estate. Executors are responsible for collecting and distributing the deceased's assets, completing any legal documentation and paying off outstanding debts. Administrator: in the event of no will (known as 'intestacy') or the executors being unwilling to act, the court appoints an administrator to manage the deceased's estate. Beneficiaries: those people or organisations in line to inherit from the estate. Probate registry: the UK government office that processes probate applications. HMRC: responsible for collecting any inheritance tax. When is probate of will needed? Probate of will is required when dealing with a deceased person's major financial assets. In many cases, you won't be able to take charge of and distribute assets of significant value until you have a 'grant of probate' – so it is a very important task for executors, and can be a lengthy process. Financial companies and institutions will typically freeze accounts once a person dies, and you will need probate to access assets such as savings and investments or to be able to sell their home. Banks, investment firms and the Land Registry usually require legal proof before releasing funds or transferring ownership. Some banks may pay out small sums without the need for probate, ranging from £5,000 to £50,000, depending on the provider, but you will need other documentation, such as a death certificate, to access this money. If the deceased had no property and an estate worth less than £10,000, you may be able to avoid the stress of getting a grant, but the vast majority of executors do require one. If the deceased owned property solely in their name, probate is usually required. However, if most assets were jointly owned, probate may not be necessary due to ownership transferring directly to the surviving joint owner. What is a grant of probate? A grant of probate is the legal document that you will receive once you have been given authority to access and distribute a deceased person's assets. It is not a quick process. There have been reports of widespread delays with the probate system due to staff shortages and a shift to remote working. This has left some families having to wait months longer to gain control of their late loved one's finances, which can make it harder to pay inheritance tax bills, funeral costs and to sell a property. The probate process: A step-by-step guide Applying for probate of will can be overwhelming; however, following the steps below should make the process less stressful and time-consuming. There are seven steps you'll need to go through: Register the death Find the will Arrange the funeral Contact official organisations and financial providers Value the estate Apply for probate Pay inheritance tax 1. Register the death A death needs to be registered within five working days in most of Britain (eight in Scotland). Once this is done you will receive a copy of the death certificate. Make sure you order multiple copies as financial institutions will require one when you register the death with them and there could be lots of accounts to access. Each copy will cost you £12.50 in England and Wales. Confusingly, banks will sometimes ask for an 'original certificate', but this just means a certified copy. You can order more at a later date if needed. 2. Find the will The will should name an executor – the person responsible for dealing with the finances. If there is no will, then you will need to apply for Letters of Administration. This process is virtually identical to applying for probate in all but name, but can take longer. Once you have the will you should notify all the beneficiaries and place a notice in the Gazette, the official public record, asking potential creditors to come forward. This may sound excessive, but it is necessary to show you have carried out your legal duties as executor. Joe Cobb, of the law firm JMW Solicitors, said: 'Should the executor fail to take the correct measures in identifying the potential creditors and then one comes forward after the assets have been distributed, the creditor may pursue the beneficiaries for the outstanding amount.' 3. Arrange the funeral The deceased may have left instructions for their funeral in their will. Funeral costs are notoriously varied, but on average you should expect to spend £4,285 on a 'simple' attended service, according to the insurer SunLife. Luckily, some banks will pay out funeral expenses before probate is granted. If not, you can later recover the fees from the estate. Simon Hancox, of estate planning service Kings Court Trust, said: 'Executors or administrators can be reimbursed for reasonable expenses from the estate, which could include probate registry fees, funeral expenses, property maintenance, postage costs, the cost of death certificates, property insurance costs, clearance costs, valuation fees and so on.' 4. Contact official organisations and financial providers Government departments such as HM Revenue & Customs and the Department for Work and Pensions will need to know about someone's death to resolve tax or benefit issues. But you don't need to wait for hours on hold. You can use the Tell Us Once service to register the death with the various government departments in one go. You should also contact the banks, pension providers, investment firms and other companies the deceased held funds with. If the deceased held accounts with any of the following firms, then you can use the Death Notification Service to make things easier for yourself by notifying multiple organisations at once:
The Independent
09-05-2025
- Entertainment
- The Independent
Liam Payne died without a will. Here's what that means for his fortune
Singer Liam Payne died without a will, leaving his £24.28 million estate to be distributed according to UK intestacy laws. His ex-girlfriend and mother of his son, Cheryl Tweedy, along with music lawyer Richard Bray, will administer the estate. The estate's assets will likely be held in trust for the pair's son, Bear, until he reaches adulthood. Payne, formerly of One Direction, died in October 2024 at age 31 after falling from a hotel balcony in Buenos Aires. He and Tweedy first met on the X Factor in 2008 when Payne was 14, and confirmed their relationship eight years later.
Forbes
08-05-2025
- Business
- Forbes
What Happens To Your Estate If You Retire Without An Heir?
What happens to your estate when you retire without an heir? It's up to you. When we think about estate planning, it's natural to picture passing our legacy on to children or grandchildren. But what if you don't have any heirs? Maybe you never had kids, or perhaps you're estranged from family—or you just want your estate to go somewhere meaningful. Whatever the reason, retiring without an heir doesn't mean your legacy ends with you. In fact, it opens up a world of options. Here's what you need to know about estate planning without direct heirs—and how to make sure your wishes are honored. First things first: if you don't have a will, your assets could end up being distributed according to your state's intestacy laws. That usually means they'll go to your closest living relatives, even if you haven't spoken in decades. If there are truly no relatives, the state could take control of your estate. Bottom line? It's better to make your own plan. Creating a will gives you the power to decide where your money and belongings go. That might be to a friend, a cause, or even your favorite local diner (hey, no judgment). One popular option for folks without heirs is charitable giving. You've worked hard to build your nest egg, why not leave a lasting impact? You can: Not only does charitable giving feel good, but it can also come with some tax benefits (for your estate or beneficiaries). Talk to a financial advisor or estate attorney to explore what makes the most sense for your situation. Maybe you don't have children, but you have a godchild, a niece, or a lifelong friend who feels like family. You can absolutely name them as beneficiaries in your will. You can also make gifts during your lifetime, whether that's helping someone with college tuition or giving them a financial leg up. If you want to manage how your assets are distributed, a trust might be the right move. Trusts give you more flexibility and privacy than a traditional will, and they can help avoid probate court altogether. You can use a trust to: Again, this is where working with a professional can really help. No kids? No problem. But don't forget about the furry family members. You can set up a pet trust or name a caretaker in your will to make sure your beloved dog, cat, or parrot is cared for after you're gone. Whatever you decide, the most important thing is to put your wishes in writing. Make sure your estate plan is clear, up to date, and legally sound. That includes: This not only ensures your legacy is carried out, it gives you peace of mind. Retiring without an heir doesn't mean your estate has nowhere to go. On the contrary, it means you get to decide exactly what happens with the wealth you've built. Whether that's supporting a cause, helping someone you care about, or just ensuring your wishes are respected, a little planning can go a long way. If you're not sure where to start, that's okay. Reach out to a financial planner or estate attorney who can walk you through the options and help you create a plan that feels right. After all, your legacy is about more than just money. It's about making a mark that matters to you.
News.com.au
08-05-2025
- Entertainment
- News.com.au
Liam Payne's $50 million fortune goes to one person after singer died without a will
Liam Payne's legacy has been revealed after the One Direction star died without writing a will – leaving behind $50.21 million. The One Direction singer tragically passed away in October last year at the age of 31 after falling from a hotel balcony in Argentina. Court documents obtained by The Sun show Payne left $59 million, which after expenses and debts were paid saw the figure reduced by $9 million. The singer died intestate, which means he didn't leave a will stating what should be done with his money. However, documents show the court has granted power of administration of his estate to Cheryl Tweedy, his former partner and mother of his eight-year-old son Bear. Also named as an administrator is top music lawyer Richard Bray, partner in a London-based legal firm. Under UK's rules of intestacy, it's likely that the money will be placed in trust for Liam's son, while his girlfriend at the time of his death, Kate Cassidy, will receive nothing as they were not married or in a civil partnership. This comes after the singer's haunting final words were revealed by his girlfriend Kate, six months after his death. The US influencer, 25, has been candidly documenting her grief since the tragic event in interviews and on social media. She had been with him until two days before his passing. In an appearance on Jay Shetty's On Purpose podcast, heartbroken Kate shared the comfort she finds in their final exchange. Recalling the moment she left Buenos Aires to return to their home in Florida, Kate described the deeply emotional goodbye the couple shared. 'I remember sitting there with him and I was going on and on and on about how much I love him,' she said. 'And he laughed and interrupted me and was like: 'Kate you're gonna miss your flight, your car is in the driveway.'' Liam then added, 'You're acting like this is the last time you are ever gonna see me again.' At the time, Kate said she laughed, unaware of what was to come. 'But to look back in time and know that was the last time I was ever gonna see him again is just so chilling,' she continued. 'I am so blessed that it was that heartfelt goodbye. Our last goodbye – I wouldn't have wanted it to be any differently. I am so glad we had that beautiful time together and I wouldn't change that.' Liam is survived by his son Bear, who he welcomed with singer Cheryl in March 2017 after they had been dating for a year. When they split the following year, Liam wrote: 'We still have so much love for each other as a family. Bear is our world.' He was co-parenting with the former X Factor judge, whom he met on the hit ITV1 talent show, and said he saw his son up to two to three times a week. Liam walked hand-in-hand with his son in a final post with the lad he had once described as a 'mini me'. In the video, the singer ruffled his boy's hair and, alongside a bear and a teary-eyes emoji, he wrote, 'Bear is so tall.' In a separate video in August, he said, 'He's getting so big now. He's a big boy and he looks like a mini me. As if we needed any more me in the world.' Meanwhile, in and interview with People in 2022, Liam gushed: 'I make sure when I see him, he has 100 per cent of my time and I'm not d***ing around. 'I like to give him those moments and it's important. 'He needs his dad in his life and I'm happy he looks at me like a superhero. I'm hoping to keep it that way.' This comes as Liam's tragic finals hours before he fell to his death were released in court documents earlier this month. Rogelio 'Roger' Nores and two staff members at the hotel had been charged with manslaughter but were cleared, it was revealed in February. Liam James Payne was born August 29, 1993, and was an English singer and songwriter. He shot to fame as a member of the global boyband phenomenon One Direction. Liam made his debut as a singer when he auditioned for The X Facto r in 2008. After being eliminated as a solo artist he auditioned again in 2010 and was put into a group with four other contestants to form One Direction. The band went on to sell 70 million records worldwide, making them one of the most successful boybands of all time. They group parted ways in 2015, when they went on a hiatus. Liam has amassed his fortune through being in One Direction, his solo career and touring.
