Wills and Estates: Practical Hints
February 11, 2017
To finalise the estate, you have to be certain to follow the procedures correctly. Should you have any queries in this respect, please check with the Executor who is there to help you. If the beneficiary does not have a bank or a savings account. We will strongly advise them to open one. You may deposit your cash inheritance directly into the beneficiaries account. This will protect you against the risk of theft. Continue reading to know more about wills and estates.
Wills and Estates – Regarding Mortgage or Loans
Interest payment on mortgages, loans, or any other continuous expenses do not stop in the event of death, and interest payments should be continued where possible. It is also advised that beneficiaries continue to pay municipal and telephone accounts to prevent services from being discontinued. It can happen that there is a delay in the estate process. This could be because of incomplete documentation of the estate or other factors. This could also be due to an unnatural death of the person and could delay the process.
What can cause a delay?
The cause of additional delays can also be due to the transfer of property and the sale of assets. Impracticable wishes, complex asset structures, business interests, and dealing with foreign assets are further examples of processes that may be time-consuming because of complex administrative formalities. We advise giving notice to the pension fund in case of changes. You can only transfer vehicles and firearms on a receipt of the Letter of Executorship. This is only if the establish the solvency of the estate beyond a doubt. Firearms must be in safe custody at all times. This is a basic outlay of what you should know regarding wills and estates.
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All info was correct at time of publishing