Dealing with a loved one’s will can be a difficult and emotional process, even more so if we feel people feel that they have been treated unfairly in that will. Recently, more and more of us are finding ourselves caught up in disputes over inheritances. While calling in the lawyers can seem like the only way to resolve things, that too can affect how much money people end up with. Legal fees can eat away at an estate – sometimes leaving families with no inheritance to speak of at all.

Straight from the pages of a novel

A plot point in Charles Dickens’ novel Bleak House centres on a family at war over a will. The Jarndyce’s eventually spend more in legal fees than the entire value of the estate that they are fighting over. When Dickens wrote his novel, it was an observation of the flawed Victorian legal system. While this particular dispute was born from a man’s imagination, real families are finding their selves in legal battles that are all too similar.

Cases like this have made it into the news

Just a couple of years ago, it was revealed that the family of Peter Ustinov were still battling over his estate nine years after his death. It’s hard to think there would be much left for them after almost a decade of lawyer’s fees and other costs. One can also imagine the huge emotional strain it would put on a family too.

Dealing with a will often comes hand in hand with the loss of a loved one, an emotionally charged situation at the best of times – so it’s not surprising that disputes can happen. Could a family such as Ustinov’s ever recover from almost a decade of warring with each other though? Sadly, it’s hard to imagine their relationship being able to withstand that kind of strain. It’s not just the rich and famous getting caught up in these kind of disputes though – it’s happening to more and more normal families too.

Protecting yourself

An estate that seems simple can still throw up some problems, especially as the laws surrounding wills are so complex. An executor of a will can find themselves being targeted by beneficiaries, estate creditors and other officials. So how can people protect themselves from such costly legal battles? Executor’s insurance grants protection to the executor of a will. Covering you in a wide ranges of scenarios, it can halt a potentially costly legal battle in its tracks. This will then allow you to get on with the task at hand without the worry of facing legal action.

Don’t throw it all away

It’s human nature to fight for what we believe is rightfully ours, and a dispute such as the one regarding Peter Ustinov’s estate proves no differently. What some of us are doing though, is throwing any potential inheritance away by getting caught up in lengthy and costly legal battles; battles that not only ruin bank balances, but family relationships too. With the right protection though, these kinds of battles can be avoided. Losing a loved one is hard enough – so it seems ridiculous that so many of us are then going on to squander their last gift to us in the courtroom.

Peter Collins is a director at LFC Risk and Insurance, an Essex company that provides business and individuals with bespoke insurance and risk management solutions.

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As you’ve probably heard, the economic climate is harsh at present. Due to the rising prices of many goods, lots of families are feeling the squeeze and putting a lid on their spending. With all this going on, the last thing you might be thinking about right now as a young family is putting money aside for your children’s future – but there’s no guarantee that things will be any easier by the time your child leaves home to go to university, or search for work. No matter how bad things may seem, it’s always a good idea to at least consider putting money into a Children’s ISA.

But with an already squeezed budget, you might be asking yourself: How can it be done? How can I trim our household outgoings any more than I already have?

Here are some ways you can free up money if you’re finding it a struggle to put funds aside:

Cut Down on Unused Luxuries

We all have them: gym memberships we never use; digital channel packages we don’t watch; subscriptions to cookery or gardening magazines we never read but which seemed like a good idea at the time; the list of extraneous luxuries goes on. So, before you make a purchase or a commitment to something which requires a monthly payment plan, stop and think: Do I really need this? Can I live without it? There’s nothing the matter with indulging yourself every now and again, but if you’re going to spend money on a hobby, make sure it’s worthwhile. Remember that this is money you could be putting to better use elsewhere. 

Be Thrifty With Your Utilities 

You might think that switching off the lights in the rooms you’re not in, and not leaving the TV on standby overnight might not make much of a difference – but it all adds up. Being clever with your energy use will not only help to reduce your carbon footprint but will also reap you rewards when you receive your next utility bill – and in turn free up more money to put into your savings.

Eat In More

We all deserve a nice meal out every now and then, especially after a tough week. But it can be easy to cave in to temptation and let this become a regular fixture. Having a meal in a restaurant can seem like such an appetising prospect that we’re often blinded to the cost of it – which doesn’t hit us until we’ve got the check after a round of desserts. If you find yourself eating out regularly, this is a cost you can easily cut out. Treat yourself to a nice meal by all means – but remember that taking out and eating at home, or even cooking a special meal yourself instead of eating out regularly will almost always be cheaper. 

Take Advantage of Deals

In your household, a holiday might be a non-negotiable fixture of your year – and understandably so. We all need to take time out from our busy lifestyles every now and then. But if you’re looking to save money, it pays to seek out deals and offers and get in there early. If you’re booking a summer holiday, try and plan it in January or even before if you can, and the chances are there’ll be a host of early bird price deals on offer.

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Nobody likes to pay extra fees and, unfortunately, a lot of people fall victim to hidden fees when they first open an account. This can be avoided by reading all of the fine print, but it’s best to start with a bank that has no fees or minimal fees. Whether you’ve just gotten your first checking account or just setup a new bank account for a job that you just landed, you’re bound to run into some fees. This can come as a surprise to a lot a people and often times it leaves them financially crippled.

It’s understandable that banks have to charge fees, they do offer quite a bit of services that can take up resources, and you’ve got to admit that a lot of banking features can come in handy. The ability to pay bills online, manage your accounts and transfer funds can be very helpful to a lot of people. Even so, a lot of the fees seem to be a bit pricey. The increase in fees has drastically increased within the past couple of decades, and it really makes you wonder how they’re determining the costs. It’s really no fun to check your bank statement and see a bill of $200 just for doing your normal banking routine.

The best way to avoid this is by finding a financial institution that has no or minimal fees. If you’re the type of person who just uses a bank to cash your paycheck, you can avoid a lot of fees by just getting a basic account. A good portion of banking fees come from accounts that have various bells and whistles. If you’re only going to be taking out money once a week, or even just making debit transactions, you should choose a banking account with basic features.

Now, I realize that nobody likes to read a wall of text about a bank’s fees or service agreements, but it can save you from many headaches. Looking through the fine print will allow you to be familiar with all of the types of fees and how to avoid them. If you feel that the terms and conditions print is too complicated, you should give your financial institution a call and have a representative thoroughly explain all of the fees to you. If you’re still unsure which type of account you should choose, tell the representative what kind of features you’ll be using and ask them to find an account type that suits you.

You can also find a lot of lower cost banks by researching online. A simple Google search of a bank’s name along with the word “review” will yield pages and pages of information. Read through some opinion and base your decisions off of what other users have to say. You’ve got a lot of options, so there’s no need to go with the first bank you come across.

Larry Gray has worked with Cyprus offshore banking for 10 years and is educated in various financial aspects. 

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In the world of property and real estate, there are plenty of myths surrounding the purchase of a new home for your family. Some people believe that homes are consistently overvalued; others won’t touch auctions no matter how much their life depends on it. However, one of the biggest myths out there is that there is no optimal time to buy a new piece of property.

When it comes to getting the best price for your property, timing isn’t everything but it certainly is a crucial component – if you play your cards right, you could save thousands, or even tens of thousands, on your next property.

Want to know more? Here are the best and worst times during the year to buy property.

Christmas Cheer

Christmas is the season of giving, and this is just as applicable when it comes to real estate. If you’re trying to drive a bargain and the sellers seem to be as negotiable on price as Louis Vuitton, the best time to make your move is about a week before Christmas. Sellers are very aware that people often go away for Christmas and the New Year, and therefore their property won’t get as much attention as it has during previous weeks. Plus, people tend to let their softer side come out during the silly season – do the words “honey, let it go – it’s Christmas” ring any bells to you?

Jubilance in January

It seems that no matter which country you’re in, January is one of the best times in the year to buy property. Why, you ask?

After spending money on Christmas presents and vacations, many families spend January lying low with minimal spend – and this means people who are considering relocation to a new home will be waiting a few months until their bank accounts have bounced back from the holidays. Many sellers don’t want their homes left sitting on the market for an entire month, therefore many will be more negotiable on the asking price. This gives you the perfect opportunity to swoop in and nab your dream house.

Tuesdays are a winner

Yes, there is even a best day of the week to make an offer on a property. After an open home during the weekend, many buyers will make an offer on a property immediately if they are seriously interested. By the time Tuesday rolls around, if a property hasn’t had an offer, the seller will be more likely to consider your offer seriously – after all, if they decline, the property will be stuck on the market for another week at the least.

Avoid putting a spring in the seller’s step

When spring comes around and tax returns are flowing into buyers’ pockets, many are more willing to pay full price for a property they love. Spring is quite possibly one of the worst times to buy a property – there is plenty of competition on the market, but also plenty of competition for buyers who want a new home before the holiday season.

Hayley Frances is a writer who is currently looking for houses for sale in Epping. She’s in love with all things real estate and can’t wait to decorate her new home. 

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Let’s look at what options there are in the financial world and that will give you the foundation to leap from when asking yourself; “What finance Option is right for me?”

Secured V’s Unsecured

When a loan is secured, it means that you are putting up a piece of property against the value of the loan. This means that should you fail to pay back this loan, the lender is entitled to claim that property as their own in forfeit or enforce the owner to sell the property and surrender the proceeds of the sale. A mortgage is the best known example of a secured loan type; second loans taken against the value of a home are often home improvement loans used to build extensions, modernise or renovate the property. Credit history affects your ability to acquire a Secured Loan.

An unsecured loan, often known as a personal loan, will often be for a much lower amount of money and the interest rate will be higher. It will also be paid off quicker and often with no penalties for early settlement, allowing the borrower to accrue little interest with astute financial management. No property is secured against the value of the loan so failure to pay will be pursued in the courts and through debt collection agencies. The red tape associated with this gives the borrower ample time to negotiate a method of payment to suit both parties. The amount of the loan and the payment plan is calculated on a current ability to pay back what is owed, projected income and expenditures; credit history is rarely important.

Guarantor Loans

A guarantor loan is a type of unsecured loan where a third party agrees to pay off part or all of the balance if the person taking out the loan is unable to meet the debt. They are also repayable over a shorter period of time and for similar amounts of money and interest rates as the unsecured loans above. They are particularly suitable for those with a poor credit history or none at all and therefore suitable for young people purchasing their first car for example. It is important that the guarantor has a good credit history, home owners are preferred and their ability to pay is just as important as the person taking out the loan. Failure to pay means that the guarantor becomes legally responsible for the debt.

Payday Loans

A very recent phenomenon, payday loans are designed to help in the very short term. If you are still a few days away from getting your wages but are in critical need of money and fast, the payday loan may suit you. Unsecured loans that are supposed to be paid back within days, they can help get you out of immediate difficulty but should not be used for long-term borrowing. As well as the above mentioned loans, as they are unsecured the legal implications for failure to pay are not as severe and credit history is not important, only the current ability to pay it back within the specified time. They can also be useful for the borrower in helping them to build a credit history and encourage good financial practice.

Now Your Interest is Perked

It is very important to understand that the types of loans discussed above will come with a wide range of interest rates. Ensure that you are taking out the right loan for you depending on your personal circumstances and what you are borrowing the money for. A payday loan for example will come with a jaw dropping high rate of interest because they are designed to be paid back within days; they are not a long term solution to financial need. Secured and unsecured loans are taken out over increasingly longer terms, usually counted in months with secured loans being the longest. Mortgages are the longest terms loans and counted in tens of years. With secured loans, the amount of money loaned is usually higher than an unsecured loan and often with a lower rate of interest. When considering taking out a loan of any kind, do take length of time and interest rates into consideration.

Stuart Edge went to university and like many others finished with considerable debts. Therefore he explored the idea of applying for loans to help him to pay it off quickly.

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