Making new wills

margeproops

Apologies if this is in the wrong part of the forum.

We are planning on making new wills as our old ones are now out of date, but have been shocked at the cost involved to make them. We have been recommended that making a Discretionary Wills Trust is a good idea, and also becoming Tenants in Common. I've come across an organisation called Beneficent Law who are a not-for-profit legal services organisation. Has anyone heard of them or used them? Thanks!

McKneff

Never heard of them but have they given you any costs. Cant help (and I dont know why) but even the name sounds a bit suss, lol

Costs to make a new will are as little as £100 each from a solicitor which to me is your best bet when it comes to trusts etc. Solicitors usually know exactly what they are doing. I wouldnt say that is a shocking amount at all.

Age concern can help, sometimes free if you leave a donation.
Try Will Aid.

margeproops

I've had a quote of £700 from a local solicitor!

McKneff

margeproops wrote: »

I've had a quote of £700 from a local solicitor!

Wow, they must have seen you coming.:eek: Thats way over the top.

Try another local solicitor

McKneff

Just out of curiosity did this 'not for profit' company cold call you
or did you find them?

I did look at the site. I noticed that it said they had been been legally trained in solicitors offices but no mention of any of them being Solcitors.

margeproops

I came across them when I was searching for information. They have some good reviews on websites I've looked at but obviously anyone could have written them, which is why I posted here.

McKneff

Wait for more comments on here later on.
Maybe some people have used them and will recommend or not.

Good luck with it.

mum2one

£700 is a p take ---

i re did my will last year and did it under will aid as a single will I paid the equivalent of £85 -

I did ring the solicitors that I used before, and that was £100 for a single will, my parents re did there wills and although there a couple they did 2 wills but got a reduction and they were charged £150.

I would say about £200 for the two of you, - but shop around all the local solicitors, - the last thing you want is a will that isn't wrote properly and those who you want to give something to may not get it,

£700 is a joke,

I would also ring age concern as you may get an over 50s discount. x

Savvy_Sue

margeproops wrote: »

I've had a quote of £700 from a local solicitor!

It sounds a lot, so do call round other solicitors, BUT in your first post you mention a couple of things:

margeproops wrote: »

We have been recommended that making a Discretionary Wills Trust is a good idea, and also becoming Tenants in Common.

While neither of those is necessarily complex, there may be things you haven't mentioned which the solicitor is including in that quote, if that makes sense.

As well as drafting the will, you may also be being quoted for inheritance tax planning advice, and it takes some time to establish what the situation is, and what plans you want to make.

dzug1

margeproops wrote: »

We have been recommended that making a Discretionary Wills Trust is a good idea, and also becoming Tenants in Common.

These are no longer the automatic sensible recommendations they once were (before sharing IHT nil rate bands came in) - they can still be useful but make sure you are not being recommended to set them up just to create payable wotk for someone.

And think about whom you appoint as trustees if you do go down this route

getmore4less

How big is your estate, couple has £650k nill rate band so simple will often are fine for estates upto that amount.

will you put any benifitiaries into IHT terratory then you need to do planning with them in mind.

Think carefully about executors and any charity donations both can cause significnt issues.