25/04/2023 by Northwood Banks & Co 0 Comments
Game Changing New Idea To Reduce Costs And Complexities When Planning A Will
For many people the idea of making a Will can seem complicated and expensive. However, it has, arguably, never been more important to have Estate Planning in place.
For many people the idea of making a Will can seem complicated and expensive. It can not only be uncomfortable to think about death, but dealing with legal language and high fees is also very off-putting. However, living in a time of widespread home ownership, more blended families, and increased investments it has, arguably, never been more important to have Estate Planning in place.
Since being founded in 2016 Lincoln based legal service specialists, Simpler Law, have made it their mission to simplify the process of making a Will, making it more accessible for everyone. This approach has been successful, with the firm now having in excess of 170,000 satisfied customers. It was by listening to these customers, looking to improve their services, that Simpler Law discovered some very real concerns for the public.
Many people were choosing between either writing a Will or having a Lasting Power of Attorney prepared. The initial costs, particularly where it came to couples, could be challenging. Especially today, budgeting for what may be several hundreds of pounds upfront can be difficult.
They also noticed that for an increasing number of families there was an additional expense each and every time circumstances changed. There are many different family events which can necessitate a change to a will; birth of children or grandchildren, divorce or re-marrying, step-children, even family disagreements. All these situations, and more, require amendments to an existing Will, incurring further fees.
Another issue for families is the painful task of dealing with estate administration after losing a loved one. Applying for probate, dealing with banks and insurance companies, and completing Government paperwork at an emotional time can prove especially challenging. Many Estate Planning businesses, including Simpler Law, offer a professional Executor option which removes this stress by having the work completed by a legal professional. However, due to the time consuming nature of dealing with probate this service attracts an additional fee. The industry average is around 3% of the value of the estate. With average house prices currently around £250,000 these fees could mount up to over £7,500!
With all this in mind, Simpler Law have developed an exciting and game-changing plan to address these issues. Going even further, the new service removes the costs for document updates and estate administration completely. The Simpler Infinity Plan, believed to be the first of its kind in the United Kingdom, is a solution to all these difficulties, available for an affordable set up fee and small, ongoing monthly payments.
The Simpler Infinity Plan does not just include a Family and Estate Will, a Lasting Power of Attorney, and Estate Administration. Included in the ongoing monthly fee are free consultations and advice, Inheritance Tax planning, unlimited changes to the documents at any time, copy documents, and fully insured document storage. This document storage can also be used by customers to keep other key documents safe, including property deeds. With two different types of Lasting Power of Attorney being available Simpler Law have created a second plan which includes both for only an additional £3.00 per month over the standard plan.
“We pay for our car and house insurance monthly, we pay for service plans monthly, and it seemed obvious that we could pay for our Wills, Lasting Powers of Attorney, and Estate Administration monthly too.” said Simpler Law Managing Director Ian Peace, “We believe that the time is right for a plan which covers everything Simpler Infinity does.”
“Making Estate Planning accessible to as wide an audience as possible has been central to everything we have done at Simpler Law, and the other companies in the Group.” added Andy Townsend CEO of HAIG Consumer Group, Simpler Law’s parent organisation. “The Simpler Infinity plan is an affordable solution to problems faced by many today.”
Simpler Law have created a dedicated website, simplerinfinity.co.uk, to outline the benefits of the plans, and how they can help the public at large.
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