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My Mum Died Without Leaving a Valid Will – Now What?

LilyKing

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It is heartbreaking and devastating to lose a loved one whatever the circumstances, but it can become even more distressing to find out that that person did not leave a Will behind to protect their loved ones after their passing.

If your mother has died without leaving a Will, the government will step in and delegate your mother’s estate using the rules of intestacy. The first thing you need to do in this circumstance is to determine how to deal with the estate in order to handle your mother’s affairs. Even without a Will there are one or two things you can do before the state takes over.

Visiting will writers at this point will not help you at all, but it is still a good idea to talk to a lawyer so they can advise you on what steps you can take in your individual circumstances.

Intestacy

When a person dies without leaving a will, according to the law, that person died intestate, which means there aren’t any written instructions to give direction, and neither is there an executor to carry out the deceased’s instructions.

The state will then substitute itself into the role of executor or trustee, until such time as they are able to appoint one on behalf of the estate. An executor’s main function is to distribute the estate and they are therefore extremely important in the process.

A representative appointed by the court

In cases of intestacy, the court may appoint either the husband, a sibling or one of the children of the deceased, where they exist, to act as a trustee or executor. It is common for the state to name a close relative for these functions.

If your mother has died and you are having disagreements or arguments with someone who could potentially be named as the trustee, then, the state will decide how to handle the affairs of the estate without naming any executor.

Taxes and Creditors

Even before your mother’s estate can be distributed to her heirs, the court-appointed representative will have to first settle any debts your mother had, and deduct the assets used from the estate. These debts should also include the funeral expenses for you to bury your mother.

The representative will also file your mother’s final tax returns, and if she owed income tax, this amount will also be deducted from the estate. If she is entitled to a tax refund, the representative will file this as well, and if granted, it will become a part of her estate.

The laws of succession

After settling the taxes and your mother’s debts, the court representative will then embark on the task of distributing your mother’s estate to the rightful heirs. Each estate has its own rules when determining who should inherit or not.

Here is what the law states:

The spouse

The spouse is normally the first beneficiary and will usually get the largest share of the estate if your mother has died intestate. They will get all personal possessions regardless of value, and the first £250,000 of the estate.

A spouse also means any partners they may have separated with. Under the laws of intestacy, they are entitled to inherit a part of the estate. If your mother was cohabiting with a partner, who is commonly referred to as a common-law partner, by which it means they were neither married nor were they in a civil partnership, that person is not entitled to inherit anything from the estate.

Close relatives

Children – As a child of your mother, you and your siblings are entitled to equal ownership of the property. However, if there is a surviving spouse, you will only inherit a part of the estate if it is worth at over £250,000.

If there is no spouse, the estate of your mother will be inherited by her children in equal amounts.

Adopted children, which includes step-children as well, have all the same rights to inherit the estate under the laws of intestacy.

Grandchildren and great-grandchildren;

A grandchild, or a great-grandchild, cannot inherit your mother’s estate, unless;

  • Their parent – your mother’s child, or grandparent has already died.
  • Their parent is alive when your mother dies, but becomes deceased before they reach 18 years of age.

In any of the above situations, the grandchild, or great-grandchild will inherit equal measures of the estate.

Conclusion:

This is just a simple guide to what actually happens if a person dies without leaving a will. The entire process can become much more complicated and can take years and years. As an adult of sound mind, it is advisable to leave a will so that everyone you care about will be well taken care of.

Hi. I am Muhammad Mubeen. I am SEO Expat and Wordpress Websites Developer &  Blogger. 27 years old. I help entrepreneurs become go-to in their industry. And, I like helping the next one in line. You can follow my journey on my blog, All Note AbleB2B Guru PlanCross ArticleDj Soft WorldFinance PressHufforbesLife Health Press BusinessStrong ArticleThe Top StoriesUS Update ZoneBusiness TodayScience NewsEssay Writing AcademicElite Guide Health If you need any post so you can email me on my this Email: [email protected]  

Finance

8 Marketing Tips Your SME needs to reach its full potential

LilyKing

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not the same as advertising

Marketing is often equated with advertising. Advertising is just a tiny part of marketing. So if you feel that you have few customers, no repurchases, too little profit, too much cost or no thoughtful offering. then start with the following points.

As you become aware of the opportunities that are available to your business, the uncomfortable feeling that something must finally happen will quickly dissipate!

2. Build up a satisfied regular clientele

Why look for new customers when you already have enough “fans” in your own ranks? Blind customer acquisition overtakes the sense that you already have existing customers. Maybe they have not consumed your offer for some time, or you buy too seldom?

To encourage these customers to buy again is much cheaper, faster, and more promising than acquiring new customers. Treat every customer like a king.

3. Spend your time well

If you work in the service sector, you usually can not “produce in reserve.” You can not cut your customers’ hair if they’re not there yet. When your workforce is needed, you should be on hand.

Opportunity cost is the magic word. So think about what others can do faster or better and outsource these activities. That’s how you focus on yourself and your limited hours on the core business.

4. Employ a conventional resource planning

Every company has limited resources. It would be great if you had a large downtown shop and four assistants would read the customer’s every wish and you could run big advertising campaigns all year round.

However, the reality is very different. The idea is to divide your resources well. For this, you need to know who (keyword: target group) you want to achieve something (keyword: target).

For example, today it is said that every business needs a website. In my opinion, this is only partially true. For instance, if you offer medical foot care and your target group is mostly over 70, a website may not be the first drug of choice.

In this case, regular visits to the retirement home with flyers could bring significantly more success. So if you have to limit yourself to one or two marketing communication activities for cost or time reasons, think about where you’re most likely to meet your target audience.

5. Maintain a good relationship with your employees

Yes, they cost a lot. Sometimes you get upset about them. But then you laugh with them again. And yes, finding good employees is not always easy. That’s why you should nurture your employees.

When was the last time you just acknowledged a colleague? A little attention here, a friendly word there or the short-term holiday wishes – only these little things show your employees how much you appreciate them.

By the way, numerous studies prove that satisfied employees have a lasting positive effect on your company through “Word of Mouth,” i.e., verbal recommendations.

6. Acquire new customers through online marketing measures

Online marketing offers many instruments for new customer acquisition. New customers can not only be acquired via the website but also via e-mail marketing measures. The strategy to be followed always depends on which target groups you are targeting.

The focus should be on getting potential customers where they happen to be. Young consumers are best reached via mobile devices and location-based services.

B2B customers are more likely to be reached with PR measures via online press portals and through a target group-oriented SEO strategy.

7. The good old newsletter

As mentioned in point 2, existing customers are often more lucrative than new customers. Depending on the nature of your business you will not be in constant contact. Creating a newsletter here helps to bridge the gap.

Therefore, ask each customer right at the beginning whether you may send them occasional news. Do not spam your customers, but inform them regularly about news, offers, and background information.

Important: If you have a very wide range, you may have to set up several newsletters with different priorities. This prevents you from informing customers about topics they are not interested in. The preferred topics can also be queried during data acquisition.

A newsletter is always a good way to get feedback. Be open for suggestions for improvement. So you’ll build in a flash – not just in the social media – a fan base.

8. Invest wisely

With all the love for the “Do it yourself” mentality: A professional marketing cannot be replaced by anything. It would, therefore, be a great pity if you invest a lot of money in your business, perhaps a good location, further education, etc and then fall into a do-it-yourself mentality in marketing. You should invest in commercial finance so that you can employ the experts needed to help you.

Yes, a marketing professional will cost you some money. But if he has some idea of his trade, this is one of the best investments you will ever make for your SME.

A few years ago, online marketing was a “nice-to-have” for some small and medium-sized businesses, and now such failures are likely to avenge bitterly.

The rapid increase in Internet usage finally speaks an unequivocal language. As print media find it harder to reach audiences, offline marketing will become less important.

SMEs that want to prepare themselves for future challenges will not be able to permanently ignore this trend and sooner or later have to invest massively in online marketing measures.

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Finance

Here’s How You Should Avoid Becoming an SBA Loan Defaulter

LilyKing

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There are many problems that are faced by applicants when they are applying for specific programs and requests. They can be disqualified of the request, are unable to meet the specifications of the demands or the applicants get what they need but become defaulters and create crisis not only for themselves but also for their family members.

The biggest trouble is experienced by SBA loan defaulter. A loan defaulter is someone who has borrowed money from either a private lender or government institute but is unable to pay it back. You can miss a single payment or several ones. It is the most initial stage that can easily lead to bankruptcy where you can lose all of your money and assets.

Types of Loan Defaulters:

People think that there the term is for only one type then they are mistaken. There are basically four types of loan defaulters that are either not willing or incapable of paying the amount borrowed by the lender.

Debit Service Defaulter:

He is a person who is the most common type of loan defaulter. He/ she are a typical individual who has the tendency to miss a loan repayment schedule. Although, one time fail to refund the loan is not considered s the defaulter will pay it. But if non-payee is consistent and unfit to pay for several months only then it will be considered default in the right sense.

Sovereign Defaulter:

When countries that have taken loans from various organizations all around the world. But the terms and conditions are a lot different from a normal default. If a country fails to repay the loan amount within the time frame given to them then no legal action is taken and the regulations are bargained.

Technical Defaulter:

The person who doesn’t meet the requirements of a loan is known as a technical defaulter. He/ she are technically unfit to apply for the loan. Do people often have a question as to why there are many terms and condition to a loan application? The answer to this is that it is a type of security that the business and the lender must have because they are risking their money.

Strategic Defaulter:

If the defaulter intentionally misses a loan payment whereas, he/ she have the capability to repay it then they are known as strategic defaulters. They have with careful planning avoided to give back the loan amount.  This situation happens very often as borrowers may do fraud and leave everything as it is.

Avoiding SBA Loans Default:

No one feels good if you are far behind on your payment schedules and especially if you have to repay the loan amount. Various guidelines are being given by different organizations that are helping both lenders and borrowers. Orumfy is one such company that is assisting people on how they can avoid becoming defaulters.

Keep in Touch with the Lenders:

The first thing you can do is keep contacting the lender from time to time. The lender is the only person who is able of providing the correct information regarding the loan progress. You have to trust the lender fully because he is the only one who has the power to change the terms and conditions of the loans.

Pay Minimum as Possible:

Sometimes the lenders demand to repay the loan in full but the borrower is not capable of repaying it as a whole. So what can be done? One solution is that the borrower can pay a minimum amount but only after informing the lender first. As the lender has the right to know everything.

Get help from Lawyer:

No one can guide you better in legal matters more than a lawyer. So it is wise that you hire the help from a professional having all the knowledge and experience required to guide you from the start till the end of the loan application.

Due Date Reminder:

The main reason that people forget to pay their loans amounts and are labeled as defaulters is that they don’t remember the due date. One thing that can be done is to have reminders in all of the electronic devices of a few days prior to the actual date so that recollecting the date is easier.

Have Collateral Ready:

There are several lenders who have a policy to accept property and other valuable items as collateral. An intelligent borrower is the one who is always prepared with a second plan to repay the loan amount, so collateral must be readily available in case of default in payment.

Don’t Exceed your Needs:

Be very sure of what amount you need for the loan because the right amount will determine the terms and conditions that will be between you and the lender. So if you want not to become an SBA loan defaulter then it is essential that you don’t exceed the limit of your capacity.

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Business

How to upscale your growing business this year

LilyKing

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Upscaling a business can be a daunting task, but it is certainly doable, and in spite of all of the challenges, it is perfectly possible to be successful in taking your company to the next level.

Remember that if you have taken some start up finance, you must repay it, and it is up to you to do everything possible in order to ensure that your business makes a profit even in challenging circumstances. Your partners and investors will also require a report on how the business is fairing.

 

Here are some tips on how you can upscale your business and increase your profit levels;

Focus on the main business

It is important to ensure that you do not lose your focus and get distracted. Let others deal with your other business ventures, but, your main business activities must be your primary concern.

As a manager, you shouldn’t be too concerned about who is answering the telephone, but you must always keep your focus on the main business activities such as, how to increase your clientele, how to build your brand, how to ensure your products are selling, and how you can improve on your service delivery.

When you concentrate on the core business values, you are able to clearly see where there are problems and how you can sort them out early enough so that they do not mess up your sales figures and customer satisfaction levels.

Consider outsourcing some of the office duties, and even hiring consultants to give advice and also deal with other tasks so as not to waste time when you could be putting all of your energy into the business venture.

Add expertise into your organisation, and not just anyone

The clue is in the name – what an expert brings on board is expertise. If you want to know how to increase sales, look for a sales expert, if you want to know how to maximize your profits look for a business strategist, if you want to know how to hire the right staff, look for a Human Resources expert.

Do not hire people based on feelings, or emotions, and most especially, do not hire your family members out of a sense of obligation. Ensure that you only look for people who will add value into your organisation.

Consider asking advice from people who have made it, and find out how they went about finding the right people for their company, because at the end of the day, what you want is for your business to grow through maximum profit maximisation.

Create a business structure that promotes growth

Your business is your brainchild, and for most people, it takes blood, sweat, and tears to bring their ideas into fruition. You, therefore, need to ensure that whatever you do is geared towards more growth, more success, and more sales.

However hard it may be to delegate tasks, it is for the good of the company. Ensure you first choose the right people, and then that those people understand not only the company vision but the way in which you see the vision being realised.

You must create a structure that will ensure a company is able to grow and upscale.

Keep your circle of advisors small, and also ensure that they understand the core business values.

 

Marketing

 

They say that marketing is the cornerstone of every organisation. You cannot be successful unless your customers know that you are out there. Come up with a marketing strategy, and decide whether to employ a marketing department or outsource marketing services.

Whichever you choose, ensure they understand the core business values and marketing goals. This will include what you want to achieve, where you want to go as an organisation and how you are going to achieve your goals.

Funding

There is nothing wrong in adding on to your start-up finance. This could be in order to expand your business or to venture into areas you may not have ventured into already. Find good partners and people who can promote you, in order to ensure that you have enough to venture into new and unchartered territories.

Every business venture is a risk, and if you have already risked and started a business previously, you can always risk again by taking on a new venture, or expanding on what you already have. Money lenders are always willing to refinance an already existing business.

Conclusion

Upscaling your business must be your priority. Do not be comfortable at being in the same place year after year. You need to grow and move from one place to another so that you can maximise your profits.

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