How Much Does it Cost To Make A Will?
Making a Will is one of the most important things you can do to secure a financial future for your loved ones. It’s estimated that one in three people die every year without having a Will.
Protecting your assets for your family is crucial, regardless of how stressful or upsetting you think it may be. Even if you consider yourself to be in good health, writing a Will is still necessary. Knowing your family is protected and that your assets will be distributed to your command can bring reassurance and peace of mind.
Family means everything and taking the time to organise your Will is beneficial for both you and your loved ones. Communicating your wishes after death is impossible, so dealing with them in the present time is the best thing to do. If you’d like to find out more information about writing a Will and how much it costs, continue reading.
What is a Will?
A Will is a legal document that allows you to organise your affairs and distribute your assets after death. Communicating your wishes is vital whilst writing a Will. Writing a Will lets you decide what happens to your money, possessions and properties.
Without a Will, your assets are distributed to your beneficiaries according to the law. Finding out your family members haven’t written a Will can cause much upset, leaving you in a difficult position.
Contents of a Will include who’ll be carrying out the provisions of the Will, who’ll be inheriting the assets, instructions on how the beneficiaries will receive their assets and guardians for any children.
If you die without a Will being made, rules will dictate how your assets are distributed. This may not be the way you want your assets to be dealt with, but it’s often the only option if you fail to write a Will. Let’s take a look at some of the main reasons why it’s so important to make a Will.
- Unmarried partners or partners who haven’t registered a civil partnership simply can’t inherit from one another unless a Will has been made. If your partner has died whilst you’re unmarried, serious financial issues can arise.
- It’s vital to make a Will if you have children. Arrangements must be in place for children in case one or both parents pass away.
- Writing a Will can potentially reduce the amount you need to pay in inheritance tax.
How Much Does a Will Cost?
The cost of a Will can vary depending on several factors. If you choose to write your Will yourself online, the cost will be significantly less expensive than having a professional solicitor help you.
The cost of writing your own Will can begin from £30 upwards, whereas working with a solicitor can reach up to £700 in costs depending on the firm you choose to work with and if there are any complexities involved.
Cost can be impacted by the Will services you decide to use and the difficulties of your affairs. If a person only has a few assets, it’s more than likely that you won’t have to spend as much money as someone with greater assets or a large property portfolio.
Making a mirror Will is also an option to consider. As a couple, you can create a mirror Will if you have the same wishes as your partner, but a mirror Will is not mandatory. In most cases, a mirror Will requires legal advice and assistance from a trained solicitor.
This makes the cost of making a Will as a couple slightly higher than an individual one. Depending on the complexity of both your and your partner's affairs, you can expect the price of a mirror Will to vary anywhere between £350 to £1000.
Should You Use a Solicitor?
Whether or not you decide to use a solicitor to write your Will is up to you. Although you don’t legally need a solicitor to draw up or witness your Will, it’s beneficial to go down this route.
Solicitors are trained professionals who have a wealth of experience and knowledge under their belt. It’s recommended to have expert help and advice throughout the process of making a Will instead of dealing with your financial affairs alone.
It’s generally advisable to use a solicitor. It can be easy to make mistakes, especially if you’ve not dealt with anything like this before. If errors occur in your Will, you could potentially cause challenging problems for your family after your death.
If your close relatives end up having to deal with disputes once you die, the amount of money you leave could be reduced due to legal costs.
It’s particularly advisable to talk with a solicitor if your permanent home address isn’t based in the UK, there’s a business involved in your Will, you own overseas properties, there are family members who could claim your Will or you wish to make a provision for someone unable to take care of themselves.
How Bell Lamb & Joynson Can Help
At Bell Lamb & Joynson, we have years of extensive knowledge within the industry. Our solicitors are trained specialists, playing important roles in their respective fields of work. We assist our clients and lead them in the right direction, ensuring they take the necessary steps regarding their legal matters.
Despite our longevity, our team uses the latest technology and case management systems to provide top-quality legal services. We understand how upsetting it can be to make a Will and touch on the subject of death.
Our friendly team remains on hand at all times to answer any ongoing questions or concerns, as well as a shoulder to cry on in times of worry or stress whilst providing advice.
Making a will can be seen as a daunting task, often put off for long periods. You can expect us to provide bespoke guidance, reply quickly to calls and offer clear fixed costs that allow you to stay in control of your finances.
Our five-star reviews are testimony to our hard work and dedication, proving our Wills and Probate services are delivered at the highest standard. If you’re on the search for a reliable solicitor, look no further than Bell Lamb & Joynson.
If you’d like to speak directly with a member of our team, feel free to contact us today at 03444 124348. We look forward to hearing from you soon.