The ‘Age of Austerity’ has meant that issues about the cost of living have been in the headlines more than ever. With wages stagnating and prices of everything from food to fuel constantly rising, the pressure on household budgets has increased dramatically for many people.
It isn’t just the day to day things that we spend our money on which have gone up though, as other major life events are not immune from rising costs. Sadly this includes even the most traumatic things such as when a friend or relative passes away.
Preparing for the future
Preparing for the future is essential for good financial planning, whether this involves having a pension plan or making arrangements for their dependants in a worst-case scenario. One aspect of making sure that things are looked after is to make a Will, which means that any money or other assets you own go to the people that you want them to.
Although it isn’t a subject that many people like to dwell on, having a Will can actually bring peace of mind. Depending on your personal circumstances and family history, if you pass away without having a Will in place it could mean that your loved ones don’t receive everything you want them to.
When someone dies the process of making sure the assets they leave behind go to the right people can be quite straightforward if the correct preparation has been made.
How it works
The first step in administering a Will deals with the issue of probate. This essentially sets in motion the actions that are needed for any claims on an estate to be resolved and for the distribution of the assets that make up the estate to be carried out.
The ‘estate’ is everything from savings accounts to all tangible possessions, carrying on right through to intellectual property rights and any other assets.
What Is Probate?
Probate must be granted so that the Will becomes a legal document that is enforceable through the courts and gives an executor the legal power to dispose of the assets as outlined in the Will.
Applying for this is a simple and straightforward process if you use an experienced solicitor. In the UK, legal procedures concerned with this area fall under the jurisdiction of the Family Division of the High Court of Justice and as with all specialised courts or areas of the legal system it can be difficult to negotiate without help. For more information on probate, contact the professionals at The Co-operative Legal Services.