It is important that you make a will so you can decide what happens to your property and possessions after your death. It is not law that you must make a will but we strongley recommend that it is the best way to make sure your estate is passed on to family and friends exactly as you wish. If you died and you had not made a will, then there is a good chance that all of your assets will be distributed according to the law.
But the big question is 'how much does it cost to write a will' and not forgetting 'what exactly must be included in it?'
Below are a the factors you need to take into account when you start to think about writing a will.
•how much money,property and possessions do I have
•who do I want to give something too
•who will look after my children
•who will be my executor and see my wishes carried out
You can write your will yourself, but we would always recommend that you have a solicitor go through the various legal formalities just to make sure that your will is valid. Plus a solicitor can also advise you about how Inheritance Tax affects you.
Obviously the bigger your estate potentially the more complicated your will may be to write so always seek the proper advice and don't forget there are many voluntary organisations such as Citizens Advice Bureau and Age UK can also help with your will.
The prices for writing a Will based on the cost of basic Wills that covers gifts, appointment of guardians and setting up a bereaved minors trust.
[DIY Will kits – from £2 - £25]
Online Wills – from £50 – £300
Unqualified Will Writer – between £70 and £200 for a pair of mirror Wills
Qualified Will Writer – between £100 and £275 for a pair of mirror Wills
Solicitor – between £175 and £500 for a pair of mirror Wills *
STEP Qualified Solicitor from £250 * (but can be lower if you are not asking for the STEP qualification)
As always get a complete price for your Will before you commit.
A word of warning about very cheap offers to write your Will.
There are some firms who advertise a home visit wills service at very low fees. These can be as low as £50 for a pair of mirror wills. Do treat these offers with extreme caution as they are too often a way of up-selling to expensive and unwarranted probate products costing perhaps £2,500 to £3,000.
If you think about it the price is just too low to make any sense commercially so there must be a catch.
Useful links that may also help:
www.direct.gov.uk
www.citizensadvice.org.uk/
www.ageuk.org.uk
