What Happens If A Beneficiary Dies Before You? Your Will Planning Questions Answered According to a study conducted by the American Association of Retired Persons, over 60% of Americans do not have a will in place. While creating a will is crucial for ensuring your assets are distributed according to your wishes after your death,…
Welcome to our comprehensive exploration of Wills and Probate. This topic holds immense significance, affecting individuals at their most vulnerable juncture – the point of planning for life’s certainty. In this section, we delve into the unseen web of rules, rights, and responsibilities that come into play when drafting wills and managing probate.
A will is a legal document stating how an individual wants their property distributed after death. Probate, on the other hand, is the often-complex process under which an individual’s estate is administered and distributed after their death. Both concepts go hand in hand, and they work to ensure that your legacy is handled with the foresight, sensitivity and accuracy you would desire.
The field of Wills and Probate is an ever-evolving landscape as it is continually influenced by changes in law, societal norms, and technological progress. The power of digitalisation is greatly felt, seeing that it has enabled the development of bespoke software, apps and web solutions to facilitate the drafting and execution of wills, thereby simplifying probate procedures. The global digital wills market was valued at USD 67.0 million in 2020 and is expected to reach USD 108.0 million by 2027, highlighting the increasing acceptance of such solutions.
The demand for custom solutions is on the rise. Off-the-shelf software may seem convenient, but its lack of specificity may fail to meet intricate needs. In 2019, the custom software development market in the UK was worth over £31 billion. This underscores the increasing preference for finely-tailored digital solutions in managing multiple facets of life, including wills and probate.
Interestingly, the Statista Research Department recorded that in 2014, 55% of people planning to draft a will in the UK preferred doing so digitally. By 2020, this figure had risen to 63%, reflecting the growing trust in digital solutions while dealing with such sensitive and personal matters.
With an array of emerging and innovative technologies, I firmly believe that a holistic integration of AI, Machine Learning, and Data Analytics in will and probate management could propel this sector into unprecedented efficiency. This blend of tech would provide not just personalised outcomes but also predictive insights, thereby offering a seamless and future-forward experience to users.
As we enter this immersive and enlightening world of Wills and Probate, it is crucial to understand all the facets involved. To stay on top of developments and understand the complexities, continue exploring this subject within our blog. Our detailed posts in the Wills and Probate section offer a wealth of knowledge and comprehensive insights on the topic.
Feel free to reach out to us through our contact page if you need to discuss further or are interested in creating a bespoke technological solution addressing your unique needs. Join us as we explore the intricate world of Wills and Probate and the growing intersections between law, technology, and custom solutions.