There are many special circumstances that are in place when a person makes his or her will, especially when it comes down to what others may receive from them. One thing that should be kept in mind is Law of Inheritance, which typically describes the rights a person has when it comes to property of a spouse or relative who has passed away. They vary from area to area, but these laws sometimes operate when the deceased doesn’t even have a will.
When it comes to the relation to the deceased, if you are related by blood or marriage, then most laws will cover how you will receive your inheritance and when. However, if you are listed in the deceased will then you will receive whatever has been left to you.
If you are a spouse of someone who has recently passed away, then there are a few things that might happen. It will depend on whether a will is involved, whether your state follows either community property or common law property rules, or if you and your spouse have been divorced. In a community property state, the spouse gets half of the marital property that is obtained during the marriage. In common law, inheritance is determined by ownership of the property based on titles.
Many are concerned however when it comes to their children- what will they receive? If you have created a will or a separate trust, then they will receive whatever you put in it. The inheritance otherwise, however, does not always automatically include children. They may be entitled to a portion, but it does not always go right to them. It may go to the surviving spouse first. If a will is left, inheritance laws might also include more distance relatives, such as nieces and nephews.
It makes sense to have questions about how your family will receive their inheritance. Give First Anguilla Trust a call today and understand just how your family could be affected.
There are many reasons why people would consider using an offshore company for trusts. Two of the biggest advantages are reduced tax and increased confidentiality. Offshore companies in general are flexible, so they can be integrated into many different business arrangements.
There could be some taxes of course, but many find that they get a sizable tax break on their trusts when they take advantage of offshore jurisdictions. You will always want to make sure that you’re well educated of the process and decisions, particularly when it involves another country that you may or may not know all the laws of.
When it comes to having a trust, you want to ensure that no matter what it is you are protecting (valuables, assets, shares of a company), you are leaving it with someone you trust, and who knows the business well. The advantages of someone having property or shares of a company outside of their own county are simple: there would be many legal fees and publicity that would be avoided.
If you have property overseas, there are many difficulties and expenses that can be avoided if you were to use an offshore company to hold the title. Not to mention, if the property were to be sold in the future engaging in a company like First Anguilla Trust would make it much easier.
Working with First Anguilla Trust would ensure that you will be able to keep personal property with us, but that you can leave your business assets to us as well.
Even after you have taken all the correct steps you needed in order to set up your will and trusts, you might still be concerned that your wishes will not be carried out the way you want them to be.
Even if you have someone who you know and trust, there are certain circumstances that could get in the way. You could find that they are not as trustworthy as you thought, they could pass away, or the laws surrounding estates may change. What you need is a third party that could be known as a trust protector.
With the laws constantly changing and evolving, you want to make sure that you are able to pass on your valuables and assets to whomever you choose. Once you have set them up, you can’t change them. However, a trust protector could tweak them for you so that they would keep in accordance with new laws.
Not only this, but if there was a dispute over anything in the trust, then the trust protector could make changes without having to go to court. On your behalf, the trust protector could change your trust to maximize tax benefits along with other important decisions, depending on the changes that need to be made.
Within the trust however, you would need to outline exactly what a trust protector would and would not be allowed to do.
It would be a smart move to appoint a third person party to handle protecting your trusts and making sure that your wishes are granted. Contact First Anguilla Trust today.