What should a will cost?

Tony_Geo

I have not updated my will for 10 years. No wish to be a cheapskate but I was wondering what the going rate is to produce a Will these days?


I rang two solicitors and was given the price of £250 +VAT for a simple Will. Is that the going rate?


Should updating an existing will be any cheaper?


Any recent experiences of costs appreciated.

Mojisola

Tony_Geo wrote: »

I rang two solicitors and was given the price of £250 +VAT for a simple Will. Is that the going rate?

Should updating an existing will be any cheaper?

That sounds about right.

A new will shouldn't be any cheaper because the solicitor should go through the same process as if it was a new will to make sure you have considered all the options and so that he/she is clear about what you want.

If the changes you want are something very simple - like leaving a gold watch to Jim instead of John - you could rewrite the will yourself making the necessary changes. You need to be very clear about how to write the will, the rules about witnesses, etc.

Tony_Geo

I would rather get a solicitor to do it, not because I do not understand the rules, but because in 10 years time I do not expect to have any relatives in a condition where they are intellectually capable of sorting out my affairs. So I would rather have a professional as an executor who understands my intentions.


Of course my plan is to spend most of it before I die!

pattycake

My husband and I wish to make new mirror wills. Will the likely cost be £250 x 2 or should it be slightly cheaper?

We are also thinking about creating a Lasting Power of Attorney and understand the cost of that could be around £800. Can one document be tailored to cover us both?

Thanks.

madbadrob

Patty,

Mirror wills shouldnt cost twice but you would need to check with the solicitor. LPA's would have to be seperate I believe but I am no expert on that. The best bet would be to use your free half hour with a local solicitor

Rob

BobQ

pattycake wrote: »

My husband and I wish to make new mirror wills. Will the likely cost be £250 x 2 or should it be slightly cheaper?

We are also thinking about creating a Lasting Power of Attorney and understand the cost of that could be around £800. Can one document be tailored to cover us both?

Thanks.

In the same way you can do a Will yourself you can do a LPOA. As with a Will there are benefits to getting a professional to do it.

But a LPOA may be easier to DIY if its simple. Whoever does it, you need to trust those you are planning to give the PoA to.

https://www.gov.uk/power-of-attorney/overview

Even if you ask a professional to do it, its useful reading.

lavalamp

We made mirror wills recently and it cost £250 + VAT for both. HTH!

Rodders53

We did mirror wills recently. Very simple ones, leaving everything to each other and then (both dead) to our two married grown up boys, also as executors. £95 + vat for the pair. Very professional. That included contingency executor & trustees for the grandchildren inheriting in the event of either son predeceasing us both.

I think prices will vary depending on area of country and - of course - on the will complexity.

jeffnail

Best to get a proper solicitor to write the will and the cost especially in London is about right at £200-£250 per will.

There are several 'Will Writers' who can do it cheaper and in my case a 'will writer' did my late fathers will - massive issues as named 6 executors as well as several mistakes. It is costing us now money to amend and change with a deed of variation.

So in our case do not skimp on something as importnant as a will like my dad did. He had £20,000 sitting in his bank account and used a cheap 'will writer' as he was cheap and charged £150.

suejb2

Wait until November and make a donation in the Willaid scheme.

G_M

Both POA and Wills can be done DIY. There are books (free) at the library to tell you how. And many websites too. Start with the Office of Public Guardian.

Smiths and Office World even sell templates.

However, as with anything legal or financial, the more complex the
circumstances/requirements, the more sensible it is to get professional help.

If you are over 50 or 55, and wish to leave a legacy to certain charities, you can often get your will for free. The charity pays the solicitor, on the understanding they will receive something in due course....

Check you favourite charities eg CancerResearchUK here.