What's in a name? Holding assets in several names
You know who you are. Your family know who you are. So why would your estate planning lawyer require any clarification as to who you are?
From the perspective of estate planning/estate administration, potential problems may arise when people hold assets in different names; for instance, where an individual has changed his or her name as a result of a divorce, marriage or because of a personal preference.
Whilst the individual and the individual's family may well be aware of the person's not so "secret" identities, banks, share registries and other asset holding organisations may not be.
Accordingly, problems may arise when it comes to administering a person's estate and either Letters of Administration or, alternatively, probate of a person's Will is granted in only 1 or 2 names as the relevant organisations might not know the deceased by that name or names. Because copies of these Supreme Court-issued documents are often required by organisations before releasing a person's assets, it would make the administration of an estate much more straightforward if the name under which the person holds the asset marries up with the name appearing on the Court-issued document.
To avoid such an issue, before making a Will, it is worthwhile always double checking in what name you hold assets and, if necessary, amending the title to these assets to your correct legal name. Alternatively, raise the fact that you go by another name, or indeed several names, with your estate planning lawyer, so that he or she can make reference to these names in your Will.
When considering what is an alternative name, the presence or absence of a middle name is not normally treated as an alias, nor is the use of a diminutive i.e. if a person is known by the name Sam and his full name is Samuel.
For the purpose of administering an estate, if it becomes apparent that an individual holds assets in several names, it is prudent to apply for a grant of Probate of a person's Will or Letters of Administration in all of the individual's names.
For more information on this matter or estate planning generally, please call either Sarah Walton (direct line 9420 7166) or Rob Durey (direct line 9420 7105).
