Posts tagged “Executors”

Have you included your digital assets in your Will?

Posted on 24th November 2021

It’s a new question for our technological age – what happens to your digital assets when you die?

People often underestimate what’s in their estate when they start to think about their Will. It’s easy to forget about things that are stored in the cloud or on a laptop or smartphone, social media accounts, online bank accounts and cryptocurrencies.

Coding for a website is a digital asset that you could include in your Will.

Are online Wills worth the paper they aren’t written on?

Posted on 22nd October 2021

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.

How many of your assets are digital?

Posted on 8th October 2021

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

Posted on 23rd August 2021

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

Increases to probate fees

Posted on 26th July 2021

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

Finding family finances

Posted on 30th June 2021

It seems that we are reluctant to talk about our finances, even with our family and closest friends.

A recent YouGov survey showed that people rarely discuss financial matters, even important information that their executors need to know if they die.

Don’t forget your digital assets when you make your Will

Posted on 25th May 2021

The Law Society has urged people to include ‘digital assets’ such as emails, photos, social media accounts, websites and domain names, or cryptocurrencies in their Wills.

The Law Society commissioned a survey which found that more than nine out of ten people who have a Will have not included their digital assets.

Their research showed that three quarters of the 1,000 people questioned didn’t know what happened to their online presence after they die.

What happens to bank accounts when someone dies?

Posted on 11th May 2021

When someone dies, a personal representative (PR) is appointed to manage their estate (money, property, and possessions). If the PR is named in their Will, they are known as the executor. Part of a PR’s role is to close any bank accounts, but sometimes this isn’t straightforward and there can be several challenges.

Executors must keep good records

Posted on 23rd March 2021

If someone asks you to be an executor for their Will you will be responsible for making sure their estate is properly wound up and that their wishes are carried out.

There are legal responsibilities associated with being an executor, including:

registering the death

arranging the funeral

valuing the estate

paying any inheritance tax

applying for probate

resolving finances

distributing the estate

keeping estate accounts.

All the costs of administering the estate and receipts should be recorded.