Making a Will...

TomsMom

BigSaver wrote: »

Have you got one?

Yes

Is one necessary?

Depends whether you want to ensure your money/property/other items goes to the people you would like to receive them. If you have nothing to leave or don't give a fig who gets your stuff then you needn't bother with a will.

Did you get one done by a solicitor?

Yes

Where should I start?

Ring a few local solicitors to ask their charges.

BigSaver_2

Thank you everyone, for your replies, now I have a few avenues to go down. I will definitely get this done by a solicitor. Any solicitors here? just a basic one please? lol

Errata

People will have preferences based on experience or information.
Personally, I see little point in paying £750 for a sofa but only £75 for a will.

sloughflint

Errata wrote: »

People will have preferences based on experience or information.
Personally, I see little point in paying £750 for a sofa but only £75 for a will.

My previous post was not based on cost but expertise.

I could ( and did) forgive a simple oversight from a solicitor. After all mistakes can happen.That's what indemnity insurance is for. What I cannot accept is misinterpretation of the law.
Localhero's signature mentions the fact that solicitors do not have to undertake exams in will-writing.That could account for the problems I keep reading about or have directly experienced.

In my view, paying for a solicitor drafted Will does not guarantee peace of mind.One option for individuals who only feel comfortable using a solicitor, might be to pay a further premium and instruct a STEP qualified one who has undertaken relevant exams rather than a Wills and Probate one who may or may not have done.

Reading so many threads here though, it seems a lot of people would prefer to spend as little as possible on their Will and look to either DIY :eek: or are attracted by the low cost 'unsafe' options.

I have formed the following opinion over time. The two most important factors to me would be relevant qualifications and adequate insurance. The IPW appears to demand both from its members at a lower price range so would say that looking for a STEP member is probably not essential for a simple Will/estate.

jog

Sloughflint, sorry if I am being a bit thick here, but what is a 'STEP qualified one'? I haven't heard that before!

Thanks
Jog

localhero

Jog,

STEP stands for the Society of Trusts and Estate Practitioners. Members are generally made up of Solicitors and Accountants. Their services are aimed more towards to the high net worth clientele which is reflected in their fees.

Errata,

I don't understand your sofa/Will analogy.

If you had the choice of paying a professional £75 for a standard Will who has qualifications in willwriting, has to undergo regular training, is fully insured, will visit you in the comfort of your own home, offer you fixed fees without hidden extras, tailor your will to your circumstances, ensure the Will is signed and witnessed properly, offer you consumer protection endorsed by the Office of Fair Trading; or

Have to take a day off work to visit a solicitor and pay them at least twice as much for a Will, where there is no guarantee that they have the necessary expertise - what would you choose bearing in mind this is a money saving website?

For anyone else who's interested - I will list a few options of obtaining a will below with the pros and cons.

localhero

DIY

Pros: Cheap or free.

Cons - very easy to make a mistake even with a very basic Will. Remember one careless or vague word can cause enormous problems later. A common problem is with the signing/witnessing procedure - if this is not carried out according to strict formalities your Will will be invalid. Not recommended - ever.

Online

Pros - cheap.

Cons - no face to face advice and the Will unlikely to be tailored to your individual circumstances. Possible problems with signing. No comeback/redress if there's a problem later on.

Bank

Pros - often free with a 'premier' type account.

Cons - usually no face to face consultation, just a highly impersonal form to fill in and return. They will often appoint themselves as your executors which will cost your estate 4%+ when you die. (Far more expensive than solicitors.)

Union

Pros - often free

Cons - you will get the absolutely most basic will, otherwise expect to pay extra.

Charity

Pros - promotions run offering discounted fees/sometimes free

Cons - as above with unions.

Unqualified Willwriter

Pros - generally much cheaper than a solicitor, face to face consultation, will usually visit people at home or work so convenient for busy/infirm/elderly people.

Cons - the law allows anybody to call themselves a Willwriter. The majority have had no training, are uninsured and unregulated. See the attached link for an example of a disreputable operator, and there are countless more of these types of operators out there: http://forums.moneysavingexpert.com/showthread.html?t=1009493&highlight=wills

A high risk option, so unless they are a member of the IPW (see below) do not entertain.

Institute of Professional Willwriters Willwriter

Pros - all members specialise in Wills, must pass an entrance exam to join, must undertake regular enhanced criminal records checks, must undertake continuing professional development (ie ongoing training). All have professional indemnity insurance up to £2m (the same as solicitors), all must operate to a strict code of conduct that has has stage 1 approval from the Office of Fair Trading (consumer protection). All must provide details of all their fees in advance. Most will visit you at home or work. Fees will generally be much cheaper than a solicitor. Nationwide membership.

Cons - Will cost a little bit more than the options above - but you will at least obtain peace of mind.

Solicitor

Pros - they will be insured. Some solicitors are very good.

Cons - generally offer a vague fee stracture and usually expensive. Anything other than a basic Will, will usually result in an hourly rate rather than a fixed fee, you will usually have to attend them, no guarantee that they will have the expertise that you think, often offered as a 'loss leader' to obtain the far more valuable probate work later. No compulsion to undertake any exams/training in willwriting. Overall, a bit of a lottery.

STEP qualified firm

Pros - members have undertaken exams and training, will be insured, can provide tax savings for high net worth individuals.

Cons - more expensive than your usual high street solicitor, though worth paying if wealthy.


I declare myself a member of the Institute of Professional Willwriters and the views expressed are my own. Visit www.ipw.org.uk to find a member in your area.

Errata

Errata,

I don't understand your sofa/Will analogy.

I was trying to make the point that whilst many people are happy to pay £750 for a sofa which has a finite life, they feel that paying only 10% of that amount is an acceptable amount to pay for a will.
I use a solicitor for my legal business - house(s) sale and purchase, divorce, POA and will. There are some inadequate ones around, but that's the case with everything.