How Much Does a Will Cost?
Each year, 1 in 3 people die without writing a Will. A Will is one of the most important things you can do to protect your assets for your families and friends.
Not having a Will can make what is already a difficult time, harder and more unpleasant due to there being no set document to specify who gets what.
Although making plans for after you die is often an unpleasant consideration, making a Will is very important, no matter your age. Having a Will assures that your family and friends are protected, and your assets will be distributed in the way you desire.
What is a Will?
A Will is a legal document where you leave instructions for how you want your money, home, and assets to be divided once you have passed away.
It is an important part of estate planning and can help assure that you’re not paying more inheritance tax than necessary.
Why a Will is Important
It’s important to have a Will in place even if you are young and healthy. This is because a Will gives you the peace of mind that your family members and loved ones will be looked after if you pass away.
Over 70% of people in the UK below the age of 64 have not yet drawn up their last Will and testament. Although more people aged 65 and over have a Will, still 40% have not yet obtained one. Many people don’t leave a Will as they don’t believe they have enough to leave or simply don’t wish to contemplate the future.
Research conducted by Royal London in 2018 shows that 59% (30 million UK residents) of people don’t have a Will or their Will has expired.
Although many people may believe that their assets can be sorted out easily after their death, this is often not true. Not having a Will can cause many issues for your bereaved family who may have to apply to the court to gain access to your money or to pay funeral costs, mortgages, and other important expenses.
Benefits of Having a Will
Having an Executor
Having a Will means you can appoint an executor who will administer your affairs.
Protect your Children
If you have children, in the case that you die, you will want to name someone who will act as a guardian. If you don’t have anyone named, the government may get involved and your wishes for your children may not happen.
Have a Say in Your Burial Preference
If you want to choose between burial or cremation a Will allows for you to express your burial preferences. Additionally, if you have a cremation, you can state where you would like your ashes to be scattered.
Have Your Say in How Your Assets are Divided
A Will ensures that your wishes for how your assets are divided are met. Additionally, if you wish your assets to only go to your grandchildren if their parents predecease you, a will can assure this happens.
Protecting Your Assets
If a dreadful event leads to all your family passing away in a single event, your assets may be passed onto a person or family member that you do not know. A Will allows you to think about whether you will want your money to go to charity if this happens.
Protecting a Family Business
A family business heirloom may not be able to stay in your family if you were to die. When you own something of significance such as a business, it is important to make plans to avoid potential conflicts.
A Will allows you to include and exclude beneficiaries.
What To Include When Writing a Will
When writing a Will, you will need to consider the following:
- Who the beneficiaries of your estate are (to whom you are leaving certain assets)
- What happens if all the beneficiaries die before you
- Who the executors of your estate will be (the people managing your estate)
- Who will look after children under 18 years old
When making your Will, your solicitor will help and advise you to make sure that your Will reflects your wishes. A solicitor can help you make important decisions and check your Will for errors and discrepancies that may invalidate it.
How Much Does a Will Cost UK?
The cost of making a Will varies depending on whether you write a Will online, yourself or enlist the help of a Will-writing solicitor. The cost can range anything from £30 if you write the Will yourself through to £500 if you have a solicitor’s help and there are some complexities involved. On average the cost of a Will is £150 – £250.
Will Writing Solicitor
Getting a Will-writing solicitor is recommended to make sure that your Will is legal and valid.
Typically, Will prices start from £250 upwards, depending on the complexity of your affairs.
Writing a Joint Will
When making a Will you have the option to make it a joint Will. This is where you create your will as a couple.
As a result, the cost of a joint Will is slightly higher than a single Will. A joint Will requires a Will-writing solicitor, as the Wills are more complex than a single Will.
The cost for a joint Will is usually on estimate at around £250 – £700, depending on the complexity of your affairs.
Will and Power of Attorney
If you make a Will for just yourself using a Will-writing solicitor, the costs will typically start from around £150. If you additionally set up a Power of Attorney, the total will usually start from around £350.
However, if you set up a Will, power of attorney for health and welfare and property and financial affairs, you may be eligible to get a discount on the overall cost. Typically, this would cost around £500 – £600.
Get in contact with our Wills and Probate solicitors to discuss the costs of your affairs.
Getting a Quote From Our Will Writing Solicitors
The above prices are there to give an estimate of the price of your Will, however, the price of writing a Will depends on the specifics of your case.
The Benefits of Using Will Writing Solicitors
The benefits of using a solicitor to write your Will are:
- Our Will-writing solicitors know how to navigate the law and rules. This includes complicated laws on inheritance tax. This means that you can make informed choices and avoid paying any unnecessary taxes.
- A Will-writing solicitor will be able to assure there are no mistakes in your Will. Having a mistake in your will can invalidate the will, causing stress to your loved ones after you die.
- Will-writing solicitors have to follow professional standards. At Cartwright King, our solicitors are authorised by the Solicitors Regulation Authority (SRA). Therefore, you are protected if something goes wrong as you can complain to the solicitor’s firm followed by submitting a complaint to the legal ombudsman.
- There is a low risk of losing your Will because our Will-writing solicitors will store the original Will for free.
- A solicitor can act as an executor, managing the estate after your death, if desired. The solicitor will charge a percentage or your estate as an executor or for their time. They will take a fee out of your estate after you pass away. If you want to appoint Cartwright King’s Will-writing solicitors as your executor, get in contact with our friendly team to discuss.
- A solicitor provides protection and regulation that a Will-writing service does not provide. A Will writing service will be unlikely to store a Will for you and cannot give qualified legal advice.
Frequently Asked Questions
What Happens if You Die Without Writing a Will?
If you die without a Will this can cause some issues for your surviving family. By not leaving a Will you can put your family and loved ones at risk of not having a right to access funds. This could be because the person was not married to you, or the Will that was drawn up was not legally valid.
Under the Rules of Intestacy, only married or civil partners (and on some occasions other close relatives) are entitled to benefit financially from your estate if you don’t leave a Will.
When you die, whoever is dealing with the estate will have to apply for probate. You can read about the costs of probate link here.
Changing Your Will
Once your Will has been written, it’s important to check it regularly to ensure it’s up to date and valid. You should also review your Will after any big life events such as:
- Having a child
- Getting married
- Death of a beneficiary
You can make some minor changes to your Will. This includes changing the names of certain properties by using what is known as a codicil.
Any codicils should be overseen by a solicitor and kept alongside the original Will.
If you wish to change a lot of parts of your Will, it may be best to get a new one drafted.
Cartwright King’s Will Writing Solicitors
Our Will-writing solicitors are happy to advise you on the most suitable type of Will for you, and how to go about appointing Executors. We can also hold a copy of your Will so that you don’t have to worry about keeping it safe.
To get a quote for your will, get in contact today and our solicitors will advise you.
All advice is correct at time of publication.