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2011
What can you do to beat the recession? Can you protect your assets and your business? Is there a fast and low cost way to plan the sale of your property? You always have a choice - make sure you make the right one! Ring us and we will provide you updates on the most recent changes to regulation and to markets.

Tenancy
Rules for landlords to follow and to protect tenants regarding deposits details

Combatting Money Laundering
New and detailed amended rules to combat money laundering are in force As a result professional advisers must ask more questions and in some cases require more information and documentation from clients before they can accept instructions to act or advise. We will need to ask for more information in connection with acting for companies, partnerships, trusts, other bodies of people (such as clubs) and anyone who is acting as agent for another person. We may also need to go through the identification and verification procedures for shareholders, directors, managers, partners, trustees, beneficiaries, club members, anyone acting under a power of attorney, a receiver, administrator or insolvency practitioner or anyone appointed as an agent or broker of any kind. In addition, the exemption under the old rules for existing clients from the procedures for identification and verification has been removed. As a matter of policy we operate the new rules in relation to all clients and all matters. All we ask is that you attend at our offices with - your passport or picture driving licence - an original council tax, gas or electricity bill addressed to you and dated within the last three months For Data Protection Act purposes, we must also advise you that we are required to retain this information for at least five years.

HIP
The new government has kept one of its manifesto promises by suspending the HIPs legislation with immediate effect. EPC’s remain though under EU law but they are changing too: The EPC has to be commissioned before the start of marketing Commissioning means the Inspector has been asked to prepare the EPC and it has either been paid for or payment has been promised The person acting for the seller on the sale must be satisfied commissioning has taken place The seller and seller’s agent must make reasonable efforts to get the EPC within 28 days Penalties will be imposed for breaching these relaxed requirements The EPC will have a life of 10 years, not 3 years as at present or 3 months as originally envisaged. This brings it in line with EPC’s for rented property. Let marketing begin

Will
Did you see the Panorama programme on BBC 1 on 9th August? If you do not have a Will you need to know what to look out for so why not pop in for a chat. Link to the programme at www.bbc.co.uk/i/tfqqj or http://www.bbc.co.uk/iplayer/episode/b00tfqqj/Panorama_Wills_the_Final_Rip_Off/


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 Wills - a Plan for Life


    Wills - a Plan for Life

‘Where there is a will there’s a way’ – goes the expression and in the case of your Last Will and Testament it is just one of the ways to ensure that your wishes relating to your posessions assets and property as well as other personal matters are administered and distributed after your death. 

If a person dies without a valid Will then assets and possessions will be distributed under the intestacy laws. his can be complicated and depends upon what family members are surviving. Inheritance may not follow the direction the deceased would have wished.

• You can make a specific gift to a persons or a charity of any of your possessions or a sum of money.
• You may leave specific instructions for any of your assets and possessions to be sold and for the sale proceeds to be divided as you specify.

There are certain types of well known Will formats:

• a mutual will for spouses or partners
• a will in contemplation of marriage (in contrast to the type of prenuptial agreement recently considered by the courts}.

Many people make a Will once and then forget all about it but Wills can go out of date. As life moves on, you should review your affairs. A gift of a fixed amount might require adjustment or consider a gift of a percentage of the total which may offer an alternative method of division.

A major event like a new addition to the family, remarriage, a death or divorce are all times to take stock.  It is never too early to make a WIll or take advice generally about yoru perosnal matters. it is a chance to plan and consider how you would like to shape your life. As active lives are getting longer there is greater risk from intervetion of accident or other incapacty. Where you are alive but want to make arrangements for stewardship of your business, property and invetsments then there are ways of managing this convenient to you and the trusted person you appoint.

The responsibility for ensuring that your wishes are properly carried out under yoru WIll falls on the executor(s) you appoint. A younger family member and a professional often act together as executors. Many appoint their spouse or partner. Make sure the executors you plan to name are happy to take on this role. Professional executors are paid fees for acting. Your executors can make the application for probate and administer the estate personally or they can instruct solicitors to do so for them. Executors may also have the role of trustees where for example you are leaving a fund to be divided between current and future grandchildren.

Unless there is a large amount of cash in your estate, either from savings or from an insurance policy, assets usually have to be sold so that tax and liabilities can be paid.


Appointment of professional executors and trustees
Clients can request the partners in Kagan Moss to act as Executors and appreciate the independence that we can bring to personal and financial issues.

Letters of Administration
If there is no Will, a close relative can apply for a grant of Letters of Administration to the intestate estate as a personal representative. This can be complicated and take longer to administer the estate. The entitlement to administer the estate and who benefits follows a legally fixed hierarchy. Once the Letters of Administration are issued, the person named becomes the Administrator and the Letters are proof of the power to deal with the deceased’s assets.

Administering an estate
We live in a complex world of both paper and online accounts and administration. Even the simplest estate can generate numerous letters and requests for information. If you have asked a solicitor to carry this out for you make sure you are clear on the costs and what input you are required to give. A plan for reducing the routine correspondence costs will be worthwhile in many cases. If it looks as thought the estate could be insolvent with insufficient value to pay all debts and expenses then the estate will proceed as an insolvent administration.

Estimates and professional valuations are used for valuing assets and liabilities and can be adjusted. Sometimes, pensions and insurance polices fall outside the scope of the estate.

Empty buildings and property can be problematic in relation to both security and upkeep and general outgoings. Clearance and then sale of a property may have to be arranged to a timetable. Beneficiaries tend to be anxious for progress and no payments to them can be made before the estate has funds and the executors are sure of the financial position relating to debts and liabilities.

We have many years experience in administration of small and complex estates.

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