Where are you going to end up?
Most people when making their will include a statement of their wishes as to what they would like to be done with their ' mortal remains '. They might say that they wish to be buried, cremated, or even sometimes buried at sea or to have their ashes scattered at a favourite place. They often think that such a wish is going to be binding on those dealing with their funeral and administering their affairs but this is not the case. The law as it stands does not make what is in effect only a statement of wishes legally binding.
These simple and perhaps obvious answer to what is a trust is a ‘settlor’ places money, land or other assets in the hands of trustees. The trustees are the legal owners of the property but are obliged to hold and manage the property for the benefit of a person or a group of people, who are called beneficiaries.
There are various different types of trusts.
Nasty shocks can be in store for cohabitees when one of the partners dies without making a will. The late partner’s estate will not automatically pass to them in the absence of a will made in favour of the survivor. The rules of intestacy will be applied which will entitle the relatives of the deceased rather than his or her partner to the deceased's property.
A power of attorney is the formal authority under which a person gives authority to another to act on their behalf.
There are 2 main types:
A General or Ordinary Power of Attorney.
A general Power of Attorney authorises the attorney (the person being given the power) to carry out any act that the donor (the person giving the power) could have carried out personally (though there are some minor exceptions to this), or it can be given for a specific task.
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