From the outset, it’s worth pointing out that writing a Will should be something that you take your time considering. There are lots of ads online about getting a Will written for £10.00, for something so sensitive we couldn’t think of anything more reckless.
The simple answer to the question about the cost of writing a Will is anywhere between £100-£600.00 depending on the complex nature of your estate.
Different Types of Wills
- A Simple Will should cost between £150 – £250.00, but the cheapest option is not always the best option
- Complex Will – anywhere between £150 – £300.00 and the complex nature will depend on the size of your estate and more importantly if children are involved, and you have been divorced.
- A specialist Will – These prices can range from £500 – £700.00 depending on the full nature which will probably involve trusts, overseas property, some businesses and some additional tax planning
- A Mirror Will – These are usually the cheapest option if you are essentially copying what has already been drafted from your partners or spouses Will.
Over half (60%) of UK adults don’t have a will, according to research from Unbiased.co.uk. This is an all-time high, passing the previous peak in 2011. Over 31 million now run the risk of dying intestate and having their estate distributed solely according to intestacy law.
Writing a Will, What You Need to Consider
But there are a few things you need to take into consideration before agreeing on the price.
- Who is the company that is writing the Will?
- Should I be using a solicitor?
- Who do you want to inherit your property?
- What should happen to your estate when you die?
- How can you protect yourself if your circumstances change
You see, writing the Will is the easy part of the process, gathering all the information and make informed decisions is the tricky element. Let’s look at these individually in more detail.
Who Is the Company That Is Writing the Will?
There are lots of Will writing companies throughout the UK, and most of these companies are regulated by ‘The Society of Will Writers’. So, before you decide on the right company, it’s certainly worth doing some research of their register to make sure your desired company is registered.
You can find ‘The Society of Will Writers’ register here .
Will Writing: Should I Be Using a Solicitor?
Now, this depends on the complex nature of your Will. Do you have overseas property? Do you have a trust? Do you need additional estate planning?
You need to ask yourself these questions – if the answer is yes to the majority of these questions, then the likelihood is you should be speaking to a solicitor to put the Will together.
However, remember, solicitors, are usually more expensive.
Will Writing: Who Do You Want to Inherit Your Property
Sadly you hear lots of horror stories of people who have sadly passed and have not made any arrangements about who or which children should inherit their estates and property.
A long-running family dispute over your estate is certainly not what any family wants.
Making sure you identify exactly who is going to get what is vital, and there shouldn’t be any ambiguity.
We then come on to one of the essential questions.
Will Writing: How Can You Protect Yourself if Your Circumstances Change?
Every year in the UK there are over 100,000 people who have a stroke that is one every five minutes – read more about these stroke statistics.
Sadly of the 100,000 people, a proportion is then not able to make decisions for themselves, which is where ‘Lasting Power of Attorney’ comes into play.
Lasting power of attorney means you allocate one person to look after all your personal and financial affairs; this person is then responsible for making these decisions on your behalf.
Please note other illnesses can cause people not to be able to make decisions; using a stroke was just an example.
It would be best if you made a personal decision about what is the best approach based on your circumstances.
Quick Wills FAQs
You have worked hard all your life, you have purchased a house, you have a few investments you might even have property overseas. By putting a Will in place you are in control of what happens to your estate.
The cost of a LPA can vary between £400 – £1000 depending on the type of LPA and what is involved based on personal circumstances.
A Lasting Power of Attorney (LPA) is a legal document that people sign granting another person the legal right to make decisions on their behalf.
Making a Will is a good idea so you can understand and be in control of what happens to your estate.
How Can Money Savings Advice Help You With a Will?
Here at Money Savings Advice, we have partnered with one of the UK’s leading Will-writing companies, and they are members of The Society of Will Writers, and they have already helped thousands of our readers get the right Will in place.
Choosing an independent adviser means they won’t recommend a scheme unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.
If you would like to speak to them, click on the button below, answer the very straight forward questions.