Making a will?

elliebean_2

Queue wrote:

I have just been quoted a price of £700 plus VAT by a solicitor for drawing up a will for my husband and me and giving us inheritance tax advice. Can anyone tell me if this is a reasonable quote. Our will is not complicated just each other and one adult child. Do they charge a percentage of the estate?

It sounds as though the solicitor is suggesting including Nil Rate Band Discretionary Trusts in your Wills which will mitigate inheritance tax. These sort of Wills and Trusts usually cost anywhere from £500 to £1000 depending on who you go to. These are complex Trusts which need drafting carefully and the ownership of your home also has to be changed to tenancy in common for the Trusts to work. It may be a small price to pay when seen in relation to the many thousands of pounds inheritance tax it will save on your estates when you both die.

A solicitor (or bank) will charge a percentage of your estate if they are named as executor in your Wills.

Lesley_El_Alami

My Great Uncle had a Will drawn up by a professional leaving his half of the jointly owned house to my mother (his niece who looked after him for 20 years). His 2 daughters put a caveat on the Probate. I have just paid £6.5K solicitors bill for 7 years of wrangling in which the original solicitor who drew up the Will at one time persuaded my mother to part with 50% of her inheritance. Fortunately she did not follow his advice but we are now 8years on and the matter is only just going to court.....the solicitor does not know yet but I am going to involve the legal ombudsman once the matter is sorted to try and re-coup some of the £6.5K. So it does not always pay to have a Will drawn up by a solicitor.

Tiggs_2

Hooda_Thunkit wrote:

I made a will using a solicitor just 3 weeks ago, and it cost me £47. If Queue's solicitor is trying to charge £700, she should go elsewhere and save a fortune!

does she need the same will as you then?

a will is a bit of paper - it costs about £1 (maybe extra if it has a nice binder)

you pay for the advice and the service - thats why a Will from WHSMiths cost £10....NO ADVICE, a simple Will from a solicitor costs £100max.....a complex Will from an IHT expert will cost £550-1200.

You are not buying the PAPER...you buy the service.....the people with the biggest profit are WHSmiths on thier £10 will!

EdInvestor

Lesley_El_Alami wrote:

My Great Uncle had a Will drawn up by a professional leaving his half of the jointly owned house to my mother (his niece who looked after him for 20 years). His 2 daughters put a caveat on the Probate. I have just paid £6.5K solicitors bill for 7 years of wrangling in which the original solicitor who drew up the Will at one time persuaded my mother to part with 50% of her inheritance......

This is the kind of thing IMHO that turns a lot of people off even bothering to make a will. Not only is it quite likely your relatives/kids will fight over it after you die, but in addition under the deed of variation rule, they can get together and change your wishes anyway, if it suits them. Then there's the possibility the solicitors will screw it up as well, so you can't even reward someone who has genuinely helped you as in this case.:(

Err why bother, some people might think?
Let them sort it out between themselves later : you won't be there to worry about it anyway.

Better to try and help people while you're still alive if you can.

I can understand why some people take this view.

funnyguy

has anyone used willwriters ..who just deal with wills..What are they like?

muderick

I think the difference in cost that is being mentioned is probably down to the fact that different circumstances require different types of wills and/or trusts. That, and the fact that solicitors appear to be able to charge what they like! Please try not to have a solicitor or a bank as an executor as it will really cost your family!

I would suggest you try somewhere like https://www.nationallegalservices.co.uk, call centre number is 0800 328 2364.

According to them, they are the largest will writing company of their kind in the UK, have been around for several years and belong to a couple of independent bodies to protect you. They also offer free home consultations via a team of independent franchisees across the country. They will advise you on the products/services available for your particular needs and a set cost for those products. However, this does tend to vary slightly across geographical regions. FYI the recommended retail price of a basic mirror will is £60. Inheritance tax saving wills and property protection trusts come in at quite a bit more. Anyway, worth looking in to for peace of mind instead of being one of the 70% of adults without a Will!

Hope that helps.

clearvisor

sebastianj wrote: »

Hi PRobinson2000, I am also in the process of doing something similar, no one responded to my post perhaps they may respond to yours. What I believe is that there are a few crucial words that may need to be used and if you have a copy of your expensive WILL then it could be extracted from there.

I don't believe in storing the Will with the professionals as it becomes too complicated if you are not streetwise. Of course Banks will do that but at a cost.

rgd
Sebastian

Sebastian,
I to am thinking that I shouldbut haven't got round to it yet, I also would be grateful for any advice, as Iknow mine are just waiting until I pop off and wam bang, there there to grab what ever,One even had the cheak to say mum time' pushing on,we don't have long left,plus this was by text message, as were not talking any more, I call that harrassment, so mobileis non usable now,

margaretclare

clearvisor wrote: »

Sebastian,
I to am thinking that I should but haven't got round to it yet, I also would be grateful for any advice, as I know mine are just waiting until I pop off and 'wham bang', they're there to grab whatever. One even had the cheek to say 'mum time's pushing on,we don't have long left', plus this was by text message, as we're not talking any more, I call that harassment, so mobile is non usable now

If any such thing ever happened in my family, I would make a will leaving all I possessed to my favourite charity. I would write it using words like:

This is the last will and testament of me, (full name and address) .....Being of sound mind, I declare the following:

After payment of my just debts and testamentary expenses and after payment of funeral costs (you can write in detail what you'd like, black horses, glass hearse - get the picture?) I leave the residue of my estate to....(named charity).

You can leave all your nearest and dearest a nominal sum, say £5 each - apparently if you do this they can't contest the will.

A solicitor will do this for you at quite a reasonable cost. It's worth it to prevent the kind of hassle and aggro you're getting now. I know you won't be around to see it, but think of the looks on their faces when they find out (after they've attended your costly funeral, with all the flowers spelling out Darling Mum, and all the black you've required them to wear....)

Well, that's what I'd do. Fortunately none of my family want or need one penny-piece from me so it doesn't apply.

Margaret

Willman_Rodders

Clearvisor's original post highlights a very real concern for a surprisingly high number of people; you know certain family members are just waiting for their parents 'end' day when they can grab whatever they can. In my business - a professional willwriter - I often hear tales like this where one member of a loving family takes all without thought or feeling for the others; it often destroys the family.

Margaretclare's subsequent post, whilst containing a number of interesting points, I feel over-simplifies the position. There are a number of factors to take into consideration.

The (Inheritance (Provision for Family and Dependants) Act 1975) gives protection to certain members of your family, and where the person's will disinherits them (or partially disinherits them as in gives them £5) these classes of people have a preferential claim on the estate.
Margaretclare's comment 'You can leave all your nearest and dearest a nominal sum, say £5 each - apparently if you do this they can't contest the will.' is not correct. Anyone, irrespective of whether they are in one of those preferential classes covered by the Inheritance (Provision for Family and Dependants) Act or not, can challenge any person's will. Whether they win their challenge or not is for the law courts to decide - but anyone can challenge any person's will.

There is another point I'd like to clarify. Your will can contain your desired funeral arrangements, but when in a will they are an 'expression of wish'; another words they are guidance to your family and not legally binding. Why? Because if you had died yesterday, today your executors sort out your funeral arrangements, and tomorrow your will is often read. OK, a slight exageration in timescale but a person's will is very often read after their funeral arrangements - because it can take time to locate a will, and yes, many people's wishes are not therefore adhered to.

And who is going to arrange this elaborate funeral service mentioned in Margaretclare's post. Your executors? Are your executors the very same family members who are waiting for your death? If so, and they are as greedy as you fear, your funeral arrangements will be nothing like you wrote in your will.

If you do want an elaborate funeral as revenge, then perhaps buying a plan now - a prepaid funeral plan - might be the solution. You will have a contract with a funeral director who will ensure your funeral wishes are carried out (assuming he is made aware of your death - and no refund is paid if he is not, so it is in your family's interest to let him know).

One last point to consider is this. The rules of intestacy state (simplified here for brevity) that all your estate must go to your surviving spouse, but if there is no surviving spouse then to your children equally, and if no children then to your parents. (The list goes on.) If your will cannot be found your estate will be distributed in accordance with these rules. I often wonder how many wills disappear when a family member realises that they will be better off under the rules of intestacy rather than having the will proved, and just 'loose' the will.

The solution, at first sight, might be to appoint a solicitor as your executor, but how will he/she know you have died. Your family could act as administrators and sort out your affairs, and the solicitor would be totally unaware of your death. A better solution might be to appoint your Bank (e.g. Nat West, Lloyds TSB) as executor; Banks and their trust corporations tend to charge more for their services (in fact they are generally expensive) - but if your money is held with them, and you die, how will your family get the money out? They will have to notify the bank of your death, and the Bank will then check its records to see that they are appointed executors. They (the Bank) will rub their hands with glee (more profits for them) whilst your family will despair.

In view of the complexity of your wishes you should take expert advice.

gardnt1

If you are a member of a trade union then you can often get a will written by their solicitors for free........i did this with mine. Also noticed in local paper that cancer Research are teaming up with some solicitors to offer reduced rates (with the hope you might leave them some valuable money......but this is not a stipulation, just thought provoking)