Importance of Writing A Will

Wills 09/09/19 | Superadmin

Estate Planning Philips Trust

It may not be the most pleasant thing to think about, but it is essential that we all have a valid Will in place. This is the only way you can have peace of mind knowing that your final wishes will be adhered to and that your property and estate will be split up between the individuals who you wish to benefit from the inheritance.

In order to prepare a Will that is legally valid and which does precisely what it should, you should speak to an experienced Estate Planner. They will guide you through the will-writing process and will make sure that you consider everything in your estate. To ensure full validity your Will needs to be signed and dated correctly in the presence of valid witnesses. Upon death the legal Will must be followed to the letter. A copy of this legalised will is then created, and this is known as a probate.

Probate is incredibly important and will almost always be required when it comes to dividing up your estate according to your wishes. For instance, the Administrator of the Will may not be able to follow its instructions without the grant of probate. Probate comes in use when there are a few nominated beneficiaries named in the Will for the assets, property, and finances will be divided between. In these cases, there is often a high risk of disputes between beneficiaries. In effect Probate will clarify the terms of the Will and precisely what each beneficiary is entitled to, which reduces the chances of arguments.

Increasingly companies now offer prepaid probate services that many people are starting to take advantage of in their Wills. In order to benefit from one of these schemes, you will need to pay for some or all of the probate in advance. This fee would be agreed between you and the firm who you decide to make a Will with. Once you have paid this amount, then there may be nothing else to pay upon death. Most of the time, probate isn’t paid until after the Will has been read and the estate has been split up. However, as prices can increase over time, probate that is finally paid is often a lot higher than what the will writer anticipated at the time of writing the Will. This can leave those who inherit from the Will benefiting less that initially intended.

The main reason why so many people are now choosing a prepaid probate option is that you can be certain about the amount that you pay for this service. It completely removes the chance of any hidden costs and last-minute surprises and price rises. All of the administration costs will be paid for in advance and it’s one cost that you can then forget about.

As well as giving you peace of mind knowing that all of the administrative costs to do with your will have been paid and no longer need to be considered, paying for your probate in advance also helps to secure the management arrangements. This means that all of the various jobs and responsibilities that need to be carried out in the event of your death so that the Will can be read, and the estate can then be split up are already paid for. These kinds of things include valuing all of your assets and properties, the distribution of inheritance, any final bills, and identifying the Will in the first place.

One further reason why a lot of people now decide to go with a prepaid probate option for their Will is that it helps to take some of the stress away from their relatives and close friends. In the event of your passing, your loved ones will be going through a very tough time. They will be trying to cope with grief and, as a result, are often not in the right frame of mind to carry out such duties. If there is a large probate bill for them to pay, or significant administrative obstacles that must be overcome before the inheritance is split up, then this might only add to their stress further. If you go for a prepaid probate, then your relatives and close friends won’t have to worry at all about any further costs or difficulties.

These prepaid probate plans will have to be taken out from a legal firm or professional. Once you have taken out a plan, your relatives won’t then be able to do any DIY probate in the event of your death. Thankfully, though, paying in advance for the probate is a lot better than trying to take the DIY approach. That is because a legal expert will always be on hand throughout the whole process for your relatives. If they ever have any questions, they will be able to go to them for answers. Not only that, though, but there are numerous potential pitfalls throughout the whole DIY probate process. If any mistakes or errors are made, then it could cause issues when it comes to splitting up the inheritance. To prevent any of these mistakes and errors from being made, you should always opt for prepaid probate.

As you can see then, there are quite a few reasons why a lot of people are now opting for prepaid probate packages when they prepare a Will. So, if you don’t have a Will yet but are interested in creating one, it’s a really good idea to think about prepaid probate as well. It will help to keep the overall costs down and can also save your relatives from a lot of stress in the future.

If you are still undecided, then you can always get in touch with us. Give us a call at the number on our site or drop us a quick email. Our dedicated team will be able to answer any questions you may have.

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