As soon as you have a serious partner or children come on the scene, you really do need the two most important legal documents in place. If you are at that position, the next question you need an answer to is “how much does it cost to make a Will and Power Of Attorney?”. In this article, we look at this and the available options to you.
The Difference Between A Will And A Lasting Power Of Attorney
Whilst a Will decides what happens to all of your property and other assets when you pass, a Lasting Power Of Attorney protects your estate and your wishes for your treatment/health while you are still alive but unable to deal with matters yourself.
This means that you really should have both a Will and a Lasting Power Of Attorney to protect your interests while alive, and to provide for your family when you pass.
Where Can You Buy A Will And A Lasting Power Of Attorney?
There are now several options to for you to buy your Will and Lasting Power Of Attorney, including:
- Solicitors – the traditional location to buy these documents. Click here to find Will Writing Solicitors Near Me.
- Will Writing Service providers.
- Estate planning companies.
Choosing The Right Wills And Lasting Power Of Attorney Provider
Whilst any of these providers can help you, you need to ensure that you are choosing specialists who have appropriate insurance in place should anything go wrong with your Will or Lasting Power of Attorney.
All Solicitors are required to have professional indemnity insurance, so you know you are protected.
If you are asking a Will Writing Service provider or Estate Planning company to help you, if they are Full members of the Society Of Will Writers they are compulsorily required to carry at least £2million of insurance cover, so ensure that you ask about insurance when you make your enquiry.
In addition to Insurance, look to see if the Solicitor, Will Writer or Estate Planner you are talking to is a member of STEP (the Society For Trust & Estate Planners), as this shows that they have undertaken further training in this specialist are of legal services.
Do It Yourself Will Writing & Lasting Power Of Attorney
Of course there are now many do it yourself Will Writing kids. You can also write your own Lasting Power of Attorney (LPA), then file it with the Office of the Public Guardian, paying a fee in the region of £80. There are two types of LPA, one for your health needs and one for property and financial matters. The fee is payable for both on filing them (and they must be filed to be valid).
Our view is that you should seek professional advice for both of these documents for the following reasons:
- You will receive professional advice and be questioned about your wishes and needs. You may well be asked questions that you have not considered which may be important to how each document is drafted.
- You will be asked questions about your estate which may well lead to you receiving some tax advice. The savings you make with this advice in paying tax could well cover the cost of having these documents professionally drafted for you.
- With a Lasting Power Of Attorney, serious responsibilities are passed on to the person or people you choose as your Attorney. If the LPA comes into effect, they have complete control over decisions on your health and your finances. This is clearly a serious role, so your legal adviser will ensure that you are making the right decision and that the Attorney fully understands the power and responsibility of their position.
- If there is any problem with either document, insurance is in place to protect your family and loved ones should they need to take legal action against the business that drafted your Will and Lasting Power of Attorney.
How Much Does It Cost To Make A Will And Power Of Attorney
Onto the key question.
We have waited until now to discuss this as we felt it was vital that you understand the importance of both of these documents. If you have skipped forward to this part of the article, please look at the bullet points above to realise the importance of both a Will but, perhaps, more importantly, the Lasting Power of Attorney.
A professionally drafted Will can cost from as little as £99, but you should usually expect to pay around £300, with a discount for a second will if you are a couple having Wills saying largely the same thing.
With a Lasting Power of Attorney, remember that there are two of these documents, so two drafting fees and two filing fees with the Office Of Public Guardian.
One Lasting Power of Attorney will start from around £3-400 plus VAT, with two costing anything from £700 plus VAT. If you are doing this as a couple, these costs will be just under double (usually a discount is offered for couples).
Whilst you might look at these as expensive documents, the peace of mind that they provide, the potential tax saving and the fact that they put the power of your health and finances into someone else’s hands, we believe that in fact they provide excellent value for money.
Once you have purchased them, and registered the Lasting Power of Attorney, you are unlikely to need to change them, so it is a pay once and forget about it service.
Your Will may need updating, but only if your circumstances change substantially in the future.
Summary Of Costs For A Will And Lasting Power Of Attorney
These prices include VAT which will be payable in most cases.
- Single Will (£118.80-360) plus single LPA (£420 – £900) = £538.80 to £1,260
- Mirror Wills (couple) (£237.60-720) plus single LPA (£840 – £1,800) = £1,077.60 to £1,520. Discounts are likely to be available for couples.
- Single Will (£118.80-360) plus two LPAs (Health and Property) (£840 – £1,800) = £958.88 to £2,160.
- Mirroe Wills (couple) (£237.60-720) plus two LPAs (Health and Property) (£1,680 – £3,600) = £1,917.76 to £4,320. Discounts are likely to be available for couples.
Ask A Solicitors Near Me UK Solicitor For A Quote For A Will And Lasting Power Of Attorney Now
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More About Wills & Lasting Powers Of Attorney
- How Much Does It Cost To Make A Will And Power Of Attorney
- How Much Does It Cost To Make A Will With A Solicitor?
- Lasting Power Of Attorney Solicitors Near Me
- Lasting Power Of Attorney Guidance
- Will Writing Solicitors Near Me
- Who Can Make A Lasting Power Of Attorney?
- Why Should I Make A Lasting Power Of Attorney?