PKPA stands for the “Probate, Estates and Trusts Law of 1998,” and is considered one of the most important pieces of legislation when it comes to defining legislation pertaining to the entitlement and distribution of estates after death. This law has implications for a wide range of matters, including estate planning, personal bankruptcy, trust formation, and much more.
What Is the Purpose of the PKPA?
The primary intention of the PKPA is to ensure that all estates are settled in accordance with the wishes of the deceased. The law is designed to provide flexibility and to offer protections against families involved in scrums over the distribution of estates.
In addition, the PKPA ensures that the deceased’s will is respected even if no will exists, by laying down a framework for the distribution of estates among family members. The PKPA also provides guidance and rules for settling legal disputes between family members regarding the estate.
How Has PKPA Changed Over Time?
The PKPA has been in place since 1998 and has seen numerous revisions over the years. These changes have tended to take into account evolving social and economic realities. For example, the 2020 revision of the PKPA clarified the stipulations regarding digital assets, ensuring that access to these assets are provided to the beneficiaries of the estate.
Conclusion
The PKPA is a cornerstone of modern estate planning, offering the necessary legal framework for the equitable and responsible distribution of estates. While the legislation has seen a few minor tweaks over the years, it remains a bedrock of modern estate planning.