cost of a will 16 March 2013 at 11:05PM in Over 50s MoneySaving 18 replies 2.6K views

almeria1

we have a will ,written about 30 years ago. It is fairly simple .the wife and I leave everything to each other and after death to our two sons. We now wish to have a new will.the difference being that the executors will be our sons and not the HSBC bank. Can anyone give me an idea of cost ?.we live in central southern England should there be a regional cost issue

Mojisola

If the only change is the executors, type the will, proof-read very carefully, print off a couple of copies and make sure they get signed properly by yourselves and your witnesses.

It's always worth reading the Which? books - wills and probate.

Mojisola

As you want to make the one change, you might think about what you would like to happen if all four of you died in an accident together.

If one of your sons dies before you and has a partner and/or children, how do you want his share to be divided up?

almeria1

ah yes that is food for thought.sort of thing I would need to see a solicitor for his knowledge I guess.Never crossed my mind in all these years.

Savvy_Sue

Mojisola wrote: »

As you want to make the one change, you might think about what you would like to happen if all four of you died in an accident together.

If one of your sons dies before you and has a partner and/or children, how do you want his share to be divided up?

Or if both sons die before you and your wife, without leaving issue, where does the dosh go then?

Obviously you think you'll make a new will at THAT point, but you might not get round to it ...

We've been sent a couple of 'pre-discussion' forms by solicitors when we've enquired about the cost of new wills, and these are useful for helping you work out the answers. DH and I are still thinking about it ...

yangptangkipperbang

almeria1 wrote: »

we have a will ...............It is fairly simple ..............

A simple will should not cost more than £200. I am paying £125, but the solicitor has done other work for me and may be giving me a discount.

Drawing up your own will is foolhardy in the extreme. You may save £200 - but it may cost your estate thousands when you die to sort out the errors in your will. Just one incorrect word can cause chaos. I read of a case where someone put "or" in their will instead of "and", this, legally, threw the whole will into dispute. What was strange (if that is the right word) was that the phrase in question was nearly always accepted, in speech, as being OK - BUT not in a will.
I can't remember the exact details, but it was rather like asking someone if they could drive a Fiesta or a Corsa, where what was meant was could they drive a Fiesta AND a Corsa (because you might be lending them one or the other).

delia0427

We have recently drew up a joint will through my husbands union and it cost us nothing. So if you are in a union they may have the same option.

We went to a local solicitor that was appointed by my husbands union and everything was very straight forward.

We only have one son, but, as I am an only child I had to think of the worst option. if my son and husband predeceased me and my son had no children of his own, To whom did I want my estate to be passed to. If I had not named anyone, a distant cousin(s) who I never see from one years end to another could receive it all. So I named my nieces and nephews who I see more often. My husband is one of five so he had no trouble naming them. He also tried to suggest who I left my monies to, but, the solicitor jokingly said it was not his decision to make. But, dont put it off, get it done and make a will.

almeria1

Thanks to all for very useful replies. Have been in touch with local solicitor and,as savvy-sue has stated they have forms etc to go over before a will is drawn up,all very different from what I remember over 30 years ago. Also as mentioned it looks like the cost will be in range of £200.

[Deleted User]

My Mum has just had this done - will cost £180. The solicitor brought up a few things we weren't aware of - like the fact that she and my dad (who she is carer for and who would have to go into a nursing home if she died) have joint back accounts so that, if she died first, all that money would be taken by the nursing home / Council and would not form part of her estate. She is now dividing up their savings into separate accounts (she is not leaving her estate to him). ALSO, that if we all pre-deceased her (very unlikely I know, but not impossible) then any member of her birth family (from who she's been estranged for many years) would be able to make a claim on her estate. She's now made provision for her estate to go to a number of charities instead.

Definitely worth using a solicitor.

Be_Happy

I tried to make sure of all eventualities throughout will, but on reading it really wonder if solicitor has slipped himself in as a joint executor rather than the last choice executor I had intended.

The paragraph reads:

I appoint as my Trustee and Executor my husband ** residing with me whom failing my son ** and ** solicitor of **.

This seems to make the solicitor joint executor. Would my son be able to carry out the work on his own, or could the solicitor insist on doing the work?

Otherwise pleased with the work on the will and would definitely recommend getting it done through solicitor.

Errata

I appoint as my Trustee and Executor my husband ** residing with me whom failing my son ** and ** solicitor of **.

That seems odd.
"residing with me" - Your husband may be dead or shacked up with a 20 year old when you peg out;)
"Whom failing my son **" is even odder, there's no such thing as a 'reserve' executor.
"solicitor of " This is the solicitor attempting to appoint themselves as an executor, which presumably you haven't done.

AFAIR the exector bit in a will is written as "I appoint as my executor(s) Fred, Gladys and Ernest" (etc).Which means they all act together in concert in settling an estate, unless they're dead or resign their executorship.