Benefits of Making a Will
The digital revolution has transformed the legal landscape so much so that nowadays, we really have no excuse for not creating a will any more. With online legal services like Rocket Lawyer and initiatives like Free Wills Month, creating one is not only affordable (even free) but also far easier and much more convenient when we do come to draw one up. Citizens Advice recently revealed a 62% increase in people seeking online advice about help with legal costs so it is easy to understand the growing popularity of affordable online legal services.
From the 1st October huge changes will come into place, transforming the current intestate (dying without a will) law but common misconceptions that those you love automatically inherit your estate still exist. For example, if you are in a relationship but not married or in a civil partnership, your partner will not be entitled to your estate.
Remember your parents
In the past, for those lucky enough to have an estate of over £450,000, if you didn't have a will, your spouse and blood relatives such as your parents could have received some of your estate. However from the 1st October, a spouse would receive the whole estate - a sad reality for someone who may have actually liked to also offer a widowed mother some security for her retirement. This is why it has never been more important to create a will to ensure that those you leave behind are looked after the way you intended.
Nominate executors
Once you have created your will, you need to appoint 'executors' – people you trust to be responsible for making sure your wishes are carried out. You can appoint up to four executors and they can also be beneficiaries in your will.
The role of your executors include making sure your funeral arrangements are in accordance with your wishes. They work out what your estate is worth and decide whether or not there is any Inheritance Tax to pay on your estate. They apply to the Probate Registry for the Grant of Representation of your will. A Grant of Probate is a document from the Family Division of the High Court which confirms that your will is valid and that your estate can be wound-up in accordance with the terms of your will.
The digital age of creating a will
The rules of intestacy is not the only change surrounding the topic of wills. The introduction of technology to the once traditional process of creating a will now means that more people than ever will have a say about what happens to their finances and assets at a time that is convenient and fitting for their budget. An increasing number of people looking to create a will now do so online as a simpler, more convenient and more affordable means. For example, www.rocketlawyer.co.uk offers a free will service for everyone over 18, just sign up to the one-week free trial and cancel before the week is up, during Free Wills Month and all year round.
Mark Edwards is the General Manager at www.rocketlawyer.co.uk, an online legal service providing businesses and families with easy-to-use, professional legal documents and affordable help from specialist lawyers.
From the 1st October huge changes will come into place, transforming the current intestate (dying without a will) law but common misconceptions that those you love automatically inherit your estate still exist. For example, if you are in a relationship but not married or in a civil partnership, your partner will not be entitled to your estate.
Remember your parents
In the past, for those lucky enough to have an estate of over £450,000, if you didn't have a will, your spouse and blood relatives such as your parents could have received some of your estate. However from the 1st October, a spouse would receive the whole estate - a sad reality for someone who may have actually liked to also offer a widowed mother some security for her retirement. This is why it has never been more important to create a will to ensure that those you leave behind are looked after the way you intended.
Nominate executors
Once you have created your will, you need to appoint 'executors' – people you trust to be responsible for making sure your wishes are carried out. You can appoint up to four executors and they can also be beneficiaries in your will.
The role of your executors include making sure your funeral arrangements are in accordance with your wishes. They work out what your estate is worth and decide whether or not there is any Inheritance Tax to pay on your estate. They apply to the Probate Registry for the Grant of Representation of your will. A Grant of Probate is a document from the Family Division of the High Court which confirms that your will is valid and that your estate can be wound-up in accordance with the terms of your will.
The digital age of creating a will
The rules of intestacy is not the only change surrounding the topic of wills. The introduction of technology to the once traditional process of creating a will now means that more people than ever will have a say about what happens to their finances and assets at a time that is convenient and fitting for their budget. An increasing number of people looking to create a will now do so online as a simpler, more convenient and more affordable means. For example, www.rocketlawyer.co.uk offers a free will service for everyone over 18, just sign up to the one-week free trial and cancel before the week is up, during Free Wills Month and all year round.
Mark Edwards is the General Manager at www.rocketlawyer.co.uk, an online legal service providing businesses and families with easy-to-use, professional legal documents and affordable help from specialist lawyers.