Posts tagged “Executors”

When you lose a close friend or family member you must deal with your grief and many practical issues too. 
 
If you’re an executor for your loved one’s estate this is a very challenging time. Although it’s a necessary administrative process it’s sometimes confusing and stressful. 
As this couple standing in a graveyard know bereavement is difficult.
Using a smartphone and digital account is common but leaves little evidence of your assets when you die
Moving to online banking and turning off paper statements is convenient and popular. However, it’s easy to forget that this means there’s very little to tell your loved ones where your assets are when you die. 
 
If they don’t have access to your digital devices and account details they might never find what you have left behind. 
While most people in the UK believe their affairs are simple, their requirements are often quite complicated when it comes to their Will. 
 
According to recently published research online Will writing services often fail to consider things that can significantly affect the details of your Will such as marital status, children, assets, business and property ownership, overseas property investments and disinheritance. 
creating your Will on your laptop is easy but it might not be valid.
Even photo stored on your phone or in the cloud are digital assets
Social media and email accounts, cryptocurrencies, and photographs stored in the cloud are all digital assets
 
Although they are an important part of our lives, we probably haven’t given much thought to what will happen to them if we die or are unable to make decisions about them. 
 
Joint research by the Society of Trust and Estate Practitioners (STEP) and the Microsoft-funded Cloud Legal Project at Queen Mary University of London has looked at the practical issues surrounding digital assets for estate planning. 
Changes to the online probate service, MyHMCTS, for solicitors and other legal professionals came into effect on 19 August 2021. These changes could simplify and streamline the probate process for executors and administrators. 
 
 
A black gavel use in HM Court and Tribunal service hearings
The Ministry of Justice (MoJ) has launched a consultation on its proposals to increase probate fees. 
 
The new single fee of £273 will apply to professional and non-professional applicants, regardless of the size of the estate. The MoJ says the new fee reflects the cost of providing the service and is not intended to make a profit. 
 
Currently the fees to apply for a grant of probate for an estate valued over £5,000 are £155 for professionals and £215 for individuals. Estates worth less than £5,000 don’t pay a fee. 
 
picture of a gavel representing HM Courts & Tribunals Service
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