FAQS
This is one of the most common questions I get asked! Without having the relevant information about your situation first, it is impossible to give an accurate quote.
The value of your estate does not necessarily affect the cost of your will, but the type of will that is needed does. e.g., a couple with a high value estate but no additional complications could choose to have standard “mirror wills” (base cost Wills). However, a gentleman with a much lower estate value that wants to leave his house to his children but provide a “right to occupy” for his new partner would need a trust will and this would be an additional charge..
This is where using a professional estate planner is worth the cost because we know the right questions to ask and know how to legally achieve the outcome you want. You have worked hard for it and want to make sure it gets to your loved ones without problems. This can be the danger of DIY wills.
My prices are generally cheaper than solicitors as they have offices and staff and high expenses to cover. Also, I do not charge VAT, which helps keep your bill down.
The quickest and easiest way to get a no-obligation accurate quote is to call us or use the contact form. Once you have had your quote, if you decide to go ahead, an appointment can be booked for you to meet in person or virtual. We look forward to hearing from you.
DO I NEED A WILL?
You may own a lot or a little, either way it is important that your choice of beneficiaries receives it. If you die intestate (without a will), your estate may pass to people you don’t wish to inherit!
There are many other good reasons to have a will here are just a few:
EXECUTORS (Legally appointed persons who will follow the instructions of your will)
You can appoint them in your will. If no will, somebody appoints themselves!
GUARDIANS
Make sure you appoint your choice of guardians for children under 18, otherwise the state could decide who looks after your children!
EXCLUSIONS
You may need to ensure somebody does not benefit from your estate or you may be leaving your assets in unequal percentages; you need to get this in writing.
RIGHT TO OCCUPY
You may wish to create the right for someone to live legally In your home without inheriting it.
BLENDED FAMILY
Children from previous relationships? Stepchildren? These types of situations can be complex. A well-written will can help clarify your wishes clearly.
VULNERABLE BENEFICIARIES
If any of your beneficiaries has additional needs or lifestyle behaviours that give you a concern about leaving them money directly; you can have a trust will to cover this situation.
FUNERAL WISHES
Get your wishes down so people don’t have to guess what you would want.
Last and certainly not least, having a well-written will is far less stress and cost to your loved ones and disputes are less likely to arise.
You can write your own will or choose to have it professionally written. Please see FAQs “Why have my will professionally written?”
It is possible to write/type your own will using guidance from the internet, possibly using a template. However, it may be worth bearing the following in mind; a will is a legal document and if it is not attested properly, it is invalid. Also, if it is poorly drafted, it can cause problems after your death. It may not protect your assets properly. It may be contested. We are only as good as our own knowledge, that’s why I don’t do my own plumbing! Let’s have a look at some examples of common mistakes and see how they could have been avoided using a professionally drafted will.
- Mr S leaves everything he owns in his self-drafted will to his grown children. He verbally tells the children to allow his partner to live in the home if he dies. He dies before her and then his children force his partner out, she’s not legally protected.
This may have been avoided with a professionally drafted will using a right to occupy.
- Mr and Mrs T own a home worth £300,000 They have standard mirror wills leaving everything to each other and then on second death to their two children Sally and tom.
Mr T dies and then 1 year later Mrs T can no longer cope at home and she has to go into a nursing home. Mrs T is assessed financially by the local authority. She is now the sole owner of the full value of the house. The local authority take her pension and cash assets and sell the house /put a charge on it for her care which costs £45,000 per year. Mrs T is in the nursing home for 5-years at a total cost of £225,000. After her death the total amount of the house value Sally and Tom receive is only £75,000 between them.
This may have been avoided with a professionally drafted will using a protective property trust.
- Mr and Mrs P have two sons. One is married with a job. The other has drink and drugs dependencies they love them both and write their own wills stating that after they both die; the sons get 50/50 with immediate effect. The son with the dependencies now has a lot of money to hand which could be catastrophic given his lifestyle.
This could have been avoided with a professionally drafted will using a discretionary trust.
- Mr J writes his own will leaving 50% of his estate to his wife and 50% to his son and daughter. It is a fairly large estate and as he did not take any professional advice at the time, this may have inheritance tax implications when his wife dies; it could create an inheritance tax bill that could have been avoided.
This is why a professional assessing your estate and your wishes can save time, money and stress after you die.
These are just a handful of many examples. When you use a professional to draft your documents, you are not just paying for pieces of paper, you are paying for their experience and bespoke advice to you. Money well spent to get it right!
Liane Papadopoulos
