Pre Paid Probate

JJFE

What advice is there before I sign up for a PrePaid Probate company.
I have read the Law Society does not approve of Pre-paid Probate schemes.  Thanks in advance

RAS

Since you ca do it yourself, or your beneficiaries can, at minimal cost, why are you considering it?

JJFE

I have assetts in both the UK and USA.  I am sure my beneficiaries who both have, like everyone else, have busy lives (one in the UK, one in the USA). Also you read that If they apply for help after my death, the fee is based on the assets but if you apply now its just a flat fee. Over the next few years I will try to drain the USA assets and so probate in the USA will not be such a big issue. I was also thinking of getting a pre paid funeral.  BUT BUT not planning to die soon either  

RAS

The cheap option regarding your UK estate is to make your children/beneficiaries executors, the one in US can reserve powers. IF your executors need legal help, they can buy in what is actually required based on hours worked. Unless it's really complicated, it'll cost a lot less than paying by percentage. In practice, most people can do it themselves. If you have assets in the UK outside England and Wales, you need a separate will there.

The big issue with estates is collecting together the financial and legal information and documents, which the lawyers usually out-source to the family anyway. You can help enormously by storing your will at the Probate Registry and keeping a log of your assets. Maybe go through it with the beneficiaries now. And tell them what sort of funeral you want.

Also get powers of attorney (health and financial) sorted and ensure you nominate beneficiaries for any policies or pensions that pay out on death.