Having a valid Will in place not only ensures that your estate will pass to your choice of beneficiaries, but it can also effectively reduce any eventual Inheritance Tax bill as well as help your family avoid any misunderstandings or disputes following your death.
Using a solicitor to draw up your Will means that you have the peace of mind of knowing that you have an effective Will which is not likely to be challenged and that your financial affairs will be dealt with in the most tax efficient way possible.
Employing an expert to draft your Will is not expensive. We take a look at why your Will is so important and how much it is likely to cost to have it prepared by a Wills solicitor.
Why Making A Will Is Important
If you fail to make a Will, then there is a risk that your loved ones won’t inherit what you would have liked them to receive when you die.
The estate of someone who dies without making a Will passes under the Rules of Intestacy. The Rules leave the estate to close family members, in a specific order, meaning that some people could be left out altogether and children may not receive as much as you would wish.
For example, if someone who is married with children dies without making a Will, the first half of an estate worth over £270,000 would pass to their spouse or civil partner together with all of their personal possessions. The remaining half of the estate would be split, with half going to the spouse or civil partner and the rest divided equally between any birth or adopted children. Cohabiting partners and stepchildren will not receive anything.
It is also possible for children to lose out where someone remarries. Any existing Will becomes invalid on marriage, so if someone dies without making a Will after a second marriage, then on their death, the bulk of their estate is likely to pass to their new spouse, who could leave it to someone else or, if they in turn fail to make a Will, their own children could inherit everything, leaving the children of the first person to die with nothing.
By making a Will, you can address this situation and ensure that your children, step-children and any cohabitee are provided for.
You can also appoint your choice of guardian for any children aged under 18. If you do not do this in your Will, then it will be for the court to appoint a guardian, even if someone comes forward and offers to take them. The court’s decision might not be the choice that you would have made.
Provision can be made for your children in your Will, with funds left in trust for them until they are old enough to inherit.
A Will can also be an efficient tax planning tool and be used to legally minimise the amount of Inheritance Tax payable.
You can also protect your share of your home from any care home fees that your spouse or partner may incur.
Having Your Will Drafted By A Professional
Because of the extensive opportunities that exist when making a Will, it is always advisable to speak to an expert Wills solicitor about your options and about what you would like your Will to contain.
A Will can be complicated and it is easy to make mistakes if you are not a solicitor. This could result in a family dispute which would be an expensive drain on the funds in your estate as well as causing ill-feeling amongst your loved ones. It could even mean that your Will is invalid.
Having your Will drawn up by a solicitor is not an expensive option, but it could potentially save your estate thousands of pounds.
The Costs Of Having A Will Drawn Up By A Solicitor
Wills are usually drafted on a fixed-fee basis. There is usually a lower fee for a basic Will and a reduction for two similar ‘mirror’ Wills.
The Money Advice Service states that a simple Will might cost between £144 and £240, with a complex Will available for between £150 and £300. A specialist Will starts at around £500.
Costs can vary, depending on the experience and expertise of the solicitor you choose. You should select someone who you feel will listen to your needs and create a bespoke Will to put your wishes into effect.
Solicitors Near Me Who Do Wills
If you are searching for a local Wills solicitor for help and advice in putting the right Will in place to safeguard your assets and provide for your loved ones, try our Solicitors Near Me service to find a trusted local lawyer. Remember, there is no obligation to proceed if you decide not to go ahead.
Our solicitors are hand-picked experts in their field, with in-depth experience in all aspects of Wills, tax and trusts.
By filling in our Enquiry Form you can obtain our recommendation of the right solicitor to help you. They will discuss your needs, give you a quote and if you are happy to proceed, they can put a Will in place to give you and your family peace of mind.
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