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New will

TJT87
TJT87 Posts: 50 Forumite
in Deaths, funerals & probate
Looking at getting a new will, I know you can write your own but what are the benefits to having it done professionally. it should be fairly straight foreword and the total estate should be less than six hundred thousand. is a cost of two hundred and fifty quid about right.

Comments

  • Mojisola
    Mojisola Posts: 35,571 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    TJT87 wrote: »
    Looking at getting a new will, I know you can write your own but what are the benefits to having it done professionally. it should be fairly straight foreword and the total estate should be less than six hundred thousand. is a cost of two hundred and fifty quid about right.

    With an estate of that size, you're in IHT territory. A professional will and advice from a tax expert would be money well-spent.
  • TJT87
    TJT87 Posts: 50 Forumite
    What is the Inheritance tax threshold ? I was led to believe it was less than 600K
  • antrobus
    antrobus Posts: 17,386 Forumite
    TJT87 wrote: »
    What is the Inheritance tax threshold ? I was led to believe it was less than 600K

    £325,000.

    Although married couples can effectively double up on that by leaving their estates to the survivor.
    TJT87 wrote: »
    Looking at getting a new will, I know you can write your own but what are the benefits to having it done professionally......

    You know it's a valid will, that says what you want it to say.
  • TJT87
    TJT87 Posts: 50 Forumite
    Ah!! My fault with OP should have stated that it was joint sum between wife and me.

    Is £250 + VAT each reasonable ?
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    TJT87 wrote: »
    ...total estate should be less than six hundred thousand....

    I'd not skimp with that fortune in the balance. Even "proper wills" can go wrong (ours did when we executed it) .... get a local firm to do you one.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    antrobus wrote: »
    Although married couples can effectively double up on that by leaving their estates to the survivor.
    The problem we had was that the survivor was in no fit state to live alone/manage a house etc ... and was promptly marched off to a care home with dementia, which had been half hidden by the deceased doing everything + more brought on in the next 2-3 months trying to live alone at a great age. This means the whole value is theirs when it comes to assessing care home fees - and not half.
  • madbadrob
    madbadrob Posts: 1,490 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    £250 + Vat seems very fair to me for a solicitor

    Rob
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