Will Cost

Brighty

Hi all

Contacted a local STEP solicitor to get a pair of mirror wills written and am a little shocked at the cost, do you think this is reasonable or a bit on the pricey side?

Need pair of mirror wills for wife and I, kids are only 3 &5

We own 3 rental properties 50/50 with my brother, plus our home owned by just us.

Plan is on first death to leave everything to the kids, in a trust until 21 or 25 with life interest for surviving spouse, rather than just leave everything to the spouse, this was solicitors suggestion to reduce exposure of properties to any future care home cost

Second death, everything to the kids, again in trust until 21 or 25, trustees to be my brother and AN Other. Will to also state who guardians of the kids is to be.

If kids already deceased, or we all die together, 3 rental properties go to my brother, remaining estate (our home) divided between my brother and wifes brother.

Nothing too complex there, yet he's quoted me £550+VAT, seems a bit rich, i was expecting about £300 max

What you think? Guess i should find another solicitor to get another quote to compare

Brighty

FreeBear

Bit steep even for a top London lawyer. Always worth shopping around.

It may well be worth waiting for the free wills month (November ?).

Mojisola

Brighty wrote: »

Contacted a local STEP solicitor to get a pair of mirror wills written and am a little shocked at the cost, do you think this is reasonable or a bit on the pricey side?

Need pair of mirror wills for wife and I, kids are only 3 &5

We own 3 rental properties 50/50 with my brother, plus our home owned by just us.

Plan is on first death to leave everything to the kids, in a trust until 21 or 25 with life interest for surviving spouse, rather than just leave everything to the spouse, this was solicitors suggestion to reduce exposure of properties to any future care home cost

Second death, everything to the kids, again in trust until 21 or 25, trustees to be my brother and AN Other. Will to also state who guardians of the kids is to be.

If kids already deceased, or we all die together, 3 rental properties go to my brother, remaining estate (our home) divided between my brother and wifes brother.

Nothing too complex there, yet he's quoted me £550+VAT, seems a bit rich, i was expecting about £300 max

What you think? Guess i should find another solicitor to get another quote to compare

It is complicated!

Get another couple of quotes to compare though - always worth doing.

Yorkshireman99

This a lot more complicated than most wills hence the higher price particularly using, as is wise, a trust specialist.

Brighty

Thanks all
I know it's a bit more complex than the most basic of wills, but doesn't seem that bad to me, lol.
I've contacted 2 more solicitors, so see what they come back with

jackyann

Doesn't sound unreasonable to me. I often think that costs quoted on here are steep for simple wills, but I do actually think this is not simple.

"Free wills" are usually only for the simplest - they will start charging. Setting up the trust, specifying what he money can be spent on, in which circumstances, and agreed by whom can actually take quite some doing.


Also "life interest" can have complexities as well.

I paid a similar amount for a will of similar complexity / simplicity (depending on which way you look at it)

Savvy_Sue

this is not simple, and nowhere do you say what happens if brother pre-deceases you? I know that would partly depend on what HIS will says, but I'd have thought it deserved consideration.

The other thing is that setting up trusts and running them until children are 21 or 25 is not without complications, and is not always enforceable.

SevenOfNine

Sounds more than reasonable to me. Our STEP solicitor is charging at least £500 for a Deed of Variation & trust set up for our 2 grandsons. His own fee is £225 per hour, though I imagine a legal pleb will do the grunt work & he'll oversee/fine tune the final products.

A few phone calls will give you an idea of other STEP solicitors hourly rates.

Brighty

Thanks all

Still waiting for one quote to come in, but so far

First quote as i said was £550+vat

Second quote was £295+vat for standard mirror wills, but £500+vat for ours, once i gave all the details

Third quote was £300+vat, no change when i gave all the details and that trusts are required. Either a bargain, or they have no idea what they're doing? Bizarrely it's the same firm as quote 2, just a different branch.

Brighty

Yorkshireman99

£399+ VAT is high for two basic wills but low if trusts are required. You really need a STEP member for the trusts but they will be pricier.

Brighty

A bit of digging and quotes 1&2 are both full STEP members with STEP diplomas in trusts & estates. Quote 3 is not, even though they are a partner and specialise in wills & trusts. We'll see what quote 4 has to say

Brighty