Understanding The Elements of a Will

When making a will, it’s crucial to have a clear understanding of the different elements and legal terms which go together to make a will legally valid.

A will refers to a legal document in which an individual, otherwise known as a Testator, expresses his or her wishes regarding how they want their assets to be distributed when they die. Assets just means everything you own which will need to be redistributed when you die. It could mean money and land and houses, but also your smaller items of property such as books, jewellery and even photos and diaries.

Usually, the subject names one or more individuals as the Executor of the will. The executor refers to the person (or persons) who are responsible for ensuring the testator’s wishes are carried out after their death.  It’ll be up to the individual you’ve appointed to follow your instructions to the letter.

The will should have a record of every detail regarding how you want your property to be shared among your beneficiaries. Beneficiaries are simply those people who will benefit from your will in some way or other. You can name whomever you wish to be your beneficiaries. Most people pass their assets to their spouse, children and other close family, but some people choose others including charities and organisations to benefit from their will.

Why Write a Will

Most people – two thirds of people in the UK in fact – don’t have a will. Perhaps they consider it complicated to arrange, or they don’t feel they have assets worth enough to make a will necessary. More often than not, people put off writing a will because they worry about the costs involved. All of those fears are in fact unfounded.

Writing a will – no matter how small or large your assets are – is one of the most important jobs you will do in your lifetime. Think of how much peace of mind it would give you to know that your loved ones will be well taken care of after your death and that your assets will be going to those whom you know will appreciate them and understand how loved it meant they were by you.

Creating a will has become far easier with the advent of technology and the use of online will writing services. You can now create legal documents promptly and easily, and without any of the expense that used to be involved in paying a solicitor to write your will for you.

Are Online Wills Legal?

Absolutely. It is perfectly legal to take advantage of the many services that help you create a will online. Such websites provide an online will maker who can guide the user to a tailored, finished product, by asking questions and presenting the various options available. The answers to these questions are keyed into a template and enable the will writer to ensure your will is written in the legal way and with your wishes at its heart. Some websites provide forms and step-by-step guidelines so that you can fill out your will on your own, without input from anyone else. Others offer a DIY template which can be downloaded to your computer.

Are Such Wills Different from the Conventional Ones?

Only in the sense of how they have been made. An online will has the same content and legal weight as a will written in a solicitor’s office with you present. This is as long as the will you’ve created complies with the law and is signed and witnessed in the correct way.

Breaking Down the Process of Creating A Will Online

• Step 1

Create and write the introduction to your will. You should begin with the sentence “This is the Last Will and Testament of….”,  followed by your full name as well as the address you’re currently using. You also need to testify that you’re of age and are of sound mind. It’s crucial to state that you’re not making the will under any duress. At the end of the first step, you should state that it’s your last will and that it revokes any will that was previously made. If you’re using software, the program will generate the introductory section for you.

• Step 2

As earlier discussed, you will need an Executor. This person will oversee the implementation of your will. It could be a close friend or a trusted family member. Meet this individual and discuss their willingness to be responsible for execution when you die however, before naming them. Then, if they agree, name them as such in your will. It’s important to select an alternate executor too, in case your first choice is unwilling and unable to perform their duties when the time comes.

• Step 3

In this step, you should identify your Beneficiaries. This could be your spouse, children, or life partner. You can make additional provisions for other individuals. Ensure you identify these people clearly with their full names so that there is no confusion regarding their identities. The names of the beneficiaries must appear on your online portal.

• Step 4

In this step, you should name a guardian for your minor children, if you have any. If you have young children who still need guardianship, choose someone who you feel will be able to take good care of all the children’s needs and is close in terms of beliefs, philosophy and attitude to yourself. Discuss the responsibility of the role with those you wish to nominate before naming them.

• Step 5

Even though you’re creating your will online, you need to have all the details ready thought-out and prepared. As such, you should assess the value of your property and divide it. List all your assets including bank accounts, stocks, tangible assets, bonds, and real estate. Then decide how you wish to split them amongst your beneficiaries. For instance, you can allocate 50 percent to your spouse and 25 percent each to your children. Or you may also make individual gifts of different properties to be allocated to your beneficiaries. The choice is entirely yours but again, it is advisable to discuss your decisions with your beneficiaries if you think any of your decisions may cause confusion or distress after your death.

• Step 6

Have your will witnessed. This is very important or your will won’t be legally valid and could be challenged or nullified after your death. The online will service will have a signing portal. You will be required to have at least two witnesses sign the will, and witness each other sign it. Usually, they should not be the beneficiaries of the will.

In summary, online will making is a great idea for individuals whose properties are below the estate tax limits. It is also great for individuals who have a straightforward estate. If you have an estate that could be subject to large amounts of tax however, or complicated family arrangements, you should consult a lawyer. Otherwise, take advantage of the online will services that are available and give yourself peace of mind knowing that this important task is taken care of.

Lower and more affordable legal fees have been a hot topic of discussion recently, with many people complaining about the unaffordability of solicitors.

Going to court without a legal representative (known as pro se legal representation) is far from easy or recommended but is becoming the only option for many, and courts are spending increasing amounts of time attempting to help people in these circumstances.

So the question arises, why are solicitors are so expensive? And what are the reasonable and affordable alternatives if you find yourself in the position of needing legal representation, but not being able to afford it?

The reasons why solicitors are expensive:

• Limited competition. Due to licensing requirements, the number of lawyers is somewhat limited, though this did change as law schools expanded significantly a few years back. There was then a problem with the oversupply of lawyers however and many law graduates found themselves lacking jobs during the recession, so numbers of practising lawyers decreased and competition for places at law schools again increased. Inversely, the fees qualified lawyers could afford to charge as their numbers were restricted, rose, pricing many ordinary would-be clients out of the market altogether.
• High law school costs. Typically, tuition, board, and living costs for law students are very high. The fees for Law School alone can set you back £9,250 a year and it takes many years of training to become a lawyer and get accepted to the Bar. And things don’t end at passing the Bar exam; a lawyer must invest in keeping updated.
• The legal work’s value. Usually, legal representatives are essential members of corporations, businesses, governments and nonprofit organisations, and individuals rely on the work that lawyers do during some of the most important times of their lives too. They are highly qualified professionals whose work, for the most part, cannot be done by anyone less qualified.  Since there is so much at stake, people are often more than willing to pay for good representation.
• Most of the work done by lawyers consumes lots of time: It is imperative for solicitors to take time on clients’ cases in order to do a good job for them. Too much is usually at stake for it to be a rush-job. Lawyers must learn their clients’ goals and situations and the working out individualised plans which will assist their clients in obtaining those goals.. Dependent on the goals and circumstances of the client, achieving results could require huge amounts of time.   Litigations swallow huge time chunks with court appearances, discovery requests as well as depositions.
• Law firms can be inefficient. Because of the limited nature of the competition, there is often little incentive for lawyers to develop more efficient, cost-saving systems. Legal services delivery could be updated with more investment in state of the art computing systems.

What are the solutions?

For sure, it would very much help if solicitors reduced their fees, but unsurprisingly, most are not keen to see this happen. Therefore here are some options that could make a possible dent in legal services’ costs for those who cannot afford them.

• Will Writing Templates. When it comes to writing a will these days, there are more options available than ever before. Online will writing services and will writing templates have meant that a service which was once only provided by seeing a solicitor in person at high cost, is now available at low cost or even free online.
• Pro Bono. Some law firms and law students are prepared to take on a small number of cases ‘pro bono publico’, which is the Latin phrase for professional work undertaken voluntarily, free of charge and in the public good. If you can find a law firm, or group of law students at university who are prepared to use their specific skills to help you win your case, then you have a chance of seeing your case given all the professional attention and legal understanding required to win a case, with no personal cost, which is obviously a fantastic result. However, most pro bono cases are taken on because they are specific types of case. Typically, they are cases where winning would provide an exceptionally important contribution to society, either by helping vulnerable people – families on low incomes for example, or those at risk of being exploited by a much richer or more powerful groups – or by helping charities or international communities whose legal needs would otherwise be left unmet.
• No Win, No Fee Agreements. Also known as Conditional Fee Agreements, these usually only apply to cases where compensation is being sought but they can offer a great solution to those who wish to pursue legal action but cannot afford legal costs. Under a No Win, No Fee agreement, you only pay your lawyer if your case is won, and only then a limited proportion of the damages awarded to you. In the instance that you lose your case, you are typically not liable to pay anything under these kind of agreements.
• Limited representation. Some solicitors may be prepared to help clients with paper preparations without going to court to represent them. This could lead to a significant reduction in costs, as court costs are often the most expensive part of legal fee bills, but give you the legal knowledge and understanding you might struggle to get on your own. It is a good compromise if you don’t feel confident doing all the legal work yourself, but cannot afford legal representation in court.
• Online legal services. Nowadays many firms offer legal services purely online. This has lead to lower cost services which can be the answer to those who need professional legal assistance but are on a low budget.
• Sliding scales. Other law firms are now experimenting with various charging structures dependent on the income of the clients. Some do these via mentoring and offering office spaces to new lawyers that provide services to clients who have lower incomes. This, in turn, provides a two-way benefit for the new solicitors and the clients. The clients get less costly legal representations while the solicitors get training experience.

Conclusion

The costs of legal fees are still prohibitively high for many people, however there are options available for those who wish to make use of the professional skills of lawyers but cannot afford vast sums of money in costs. Hopefully in the future, more services tailored to those on low budgets will become more available, making the law more accessible for all.

Upscaling a business can be a daunting task, but it is certainly doable, and in spite of all of the challenges, it is perfectly possible to be successful in taking your company to the next level.

Remember that if you have taken some start up finance, you must repay it, and it is up to you to do everything possible in order to ensure that your business makes a profit even in challenging circumstances. Your partners and investors will also require a report on how the business is fairing.

Here are some tips on how you can upscale your business and increase your profit levels;

Focus on the main business

It is important to ensure that you do not lose your focus and get distracted. Let others deal with your other business ventures, but, your main business activities must be your primary concern.

As a manager, you shouldn’t be too concerned about who is answering the telephone, but you must always keep your focus on the main business activities such as, how to increase your clientele, how to build your brand, how to ensure your products are selling, and how you can improve on your service delivery.

When you concentrate on the core business values, you are able to clearly see where there are problems and how you can sort them out early enough so that they do not mess up your sales figures and customer satisfaction levels.

Consider outsourcing some of the office duties, and even hiring consultants to give advice and also deal with other tasks so as not to waste time when you could be putting all of your energy into the business venture.

Add expertise into your organisation, and not just anyone

The clue is in the name – what an expert brings on board is expertise. If you want to know how to increase sales, look for a sales expert, if you want to know how to maximize your profits look for a business strategist, if you want to know how to hire the right staff, look for a Human Resources expert.

Do not hire people based on feelings, or emotions, and most especially, do not hire your family members out of a sense of obligation. Ensure that you only look for people who will add value into your organisation.

Consider asking advice from people who have made it, and find out how they went about finding the right people for their company, because at the end of the day, what you want is for your business to grow through maximum profit maximisation.

Create a business structure that promotes growth

Your business is your brainchild, and for most people, it takes blood, sweat, and tears to bring their ideas into fruition. You, therefore, need to ensure that whatever you do is geared towards more growth, more success, and more sales.

However hard it may be to delegate tasks, it is for the good of the company. Ensure you first choose the right people, and then that those people understand not only the company vision but the way in which you see the vision being realised.

You must create a structure that will ensure a company is able to grow and upscale.

Keep your circle of advisors small, and also ensure that they understand the core business values.

Marketing

They say that marketing is the cornerstone of every organisation. You cannot be successful unless your customers know that you are out there. Come up with a marketing strategy, and decide whether to employ a marketing department or outsource marketing services.

Whichever you choose, ensure they understand the core business values and marketing goals. This will include what you want to achieve, where you want to go as an organisation and how you are going to achieve your goals.

Funding

There is nothing wrong in adding on to your start-up finance. This could be in order to expand your business or to venture into areas you may not have ventured into already. Find good partners and people who can promote you, in order to ensure that you have enough to venture into new and unchartered territories.

Every business venture is a risk, and if you have already risked and started a business previously, you can always risk again by taking on a new venture, or expanding on what you already have. Money lenders are always willing to refinance an already existing business.

Conclusion

Upscaling your business must be your priority. Do not be comfortable at being in the same place year after year. You need to grow and move from one place to another so that you can maximise your profits.