It is not an easy or comfortable thing to think about, let alone actually do. But writing a will is vitally important and will help protect your loved ones, or those which you support, after you die. When confronted with writing a will, the biggest question is always: how much does a will cost? Fortunately, Beyond Legal, who have a team of expert wills & probate lawyers, are here to help guide you through the process.
What is a will?
Simply, a will is a legal document which outlines your wishes in relation to the distribution of your estate when you pass away. Otherwise known as a Last Will and Attorney, writing a will does not just cover any finances you may have, it also includes family matters and personal requests. For instance, if you had any particular wishes after death they will be outlined in your will. Likewise if you had any living thing under your care.
According to research taken out by Canada Life, a staggering 59% of UK adults have not written a will. This leaves their estates in control of judges and the courts to distribute.
How much does it cost to write a will?
There is rarely a flat rate fee for a will, they are after all very important legal documents. If however, you are looking for a simple will you could expect to pay anything in the region of £75-£200. More complex wills do naturally come at a greater cost. For example, should you be looking to write a will preventing one of your children from getting any money until a set age, you might be paying upwards of £300.
Ultimately the cost of a will is determined by who you choose as your lawyer. You can contact Beyond Legal’s experienced team of wills and probate lawyers to help give you peace of mind when it comes to settling your estate. Alternatively, why not book a free consultation with a member of the team today, where you can discuss your situation and circumstances with us, to ensure you get the best possible outcome.
While it is not necessary to use a legal expert when writing your will, it is most definitely recommended. Perhaps you have overseas assets, or you may have inheritance tax to pay, or if you have a complicated family situation. Hiring a quality lawyer will help make this process as smooth as possible.
Why you should avoid free or template writing services.
You may be considering cutting the costs and writing a free will. Naturally, the lack of cost is tempting for most, but comes with some risks. As mentioned above, you may have some complicated assets to consider in your will. Not just inheritance tax – which kicks in at £325,000 for a single person leaving an estate to someone other than a spouse. There is also divorce to consider, insolvency or bankruptcy, any long term care fees and more.
When using a free will writing service you are not protected like you are with lawyers. Should something go wrong, they are not held to the same standards or regulations that a lawyer is. Similarly, your will may not even be stored safely and securely as it would with a lawyer.
Ultimately this is a very difficult and sensitive topic. Which is why you need the very best legal support on hand to guide you through the process.
Image Credit: Aaron Burden