Cost of a will

debjay

Can anyone give me an idea about the cost of a will?

Bit of background. OH and I both on second marriages with 2 children each from previous marriages. We own our house as tenants in common with me owning 2/3 and OH 1/3 to reflect the equity already in the property when OH bought into it. We want to eventually leave my 2/3 to my 2 children and his 1/3 to his. We want to grant a life interest to the surviving spouse to remain in the property until his/her death.

We've been quoted anything from £300-£800 which seems a wide scale of costs. What seems reasonable? I appreciate that it isn't a straightforward will and want to make sure our wishes are undertaken. What things should we consider?

Yorkshireman99

Lazarus_Blackstar wrote: »

Cut out the middle man and get a DIY one from WH Smith for £9.99.

"This Lawpack Last Will & Testament kit provides all you need to make your own legally valid Will without a solicitor."

https://www.whsmith.co.uk/products/lawpack-last-will--testament-kit/30402119

Bad advice for the OP who needs more than a basic will. £300 is about right for two wills. It is a competitive market so shop around.

FreeBear

Lazarus_Blackstar wrote: »

Cut out the middle man and get a DIY one from WH Smith for £9.99.

Whilst a cheap DIY kit may be OK for some, any errors will cost the estate dearly if there is any legal challenges. Solicitors love DIY wills as they get to charge an absolute fortune to sort out the mess.

It is worth spending a bit of money now on good quality advice from a qualified expert - £300 doesn't sound too bad for a pair of wills, although £800 would be excessive in my opinion.

Have a look at the free wills month in October - http://freewillsmonth.org.uk/

Yorkshireman99

FreeBear wrote: »

Whilst a cheap DIY kit may be OK for some, any errors will cost the estate dearly if there is any legal challenges. Solicitors love DIY wills as they get to charge an absolute fortune to sort out the mess.

It is worth spending a bit of money now on good quality advice from a qualified expert - £300 doesn't sound too bad for a pair of wills, although £800 would be excessive in my opinion.

Have a look at the free wills month in October - http://freewillsmonth.org.uk/

I wonder if the higher quote might have included LPOAs? They can easily be DIY online.

Keep_pedalling

Lazarus_Blackstar wrote: »

Cut out the middle man and get a DIY one from WH Smith for £9.99.

"This Lawpack Last Will & Testament kit provides all you need to make your own legally valid Will without a solicitor."

https://www.whsmith.co.uk/products/lawpack-last-will--testament-kit/30402119

Terrible advice that could cost a lot of money in the long run.

debjay

Thanks for the replies. Don't think we will go down the DIY route. My worry is that the £300 quote may increase once we actually sit down and discuss details. The dearer quote was from a local firm who called me back and spent time discussing our situation. I'm tempted to go with them but don't want to be ripped off.

SevenOfNine

In your circumstances I wouldn't touch a DiY Will with a 40 foot bargepole! Fair enough with something extremely simple, yours, though not necessarily too complex, certainly isn't exactly 'simple'.

My personal view is that I'd be looking up to the £500 mark. Whatever you pay, you should expect to get professional advice, suggestions for things you hadn't thought of etc.

A small example of a question a solicitor might ask could be in response to what you've said here - "We want to grant a life interest to the surviving spouse to remain in the property until his/her death". What if the survivor remarries? Would either of you want your children to wait for their inheritance while the survivor continues to live happily ever after in the property with their new partner?

It is about sitting down with a professional, setting out clearly what your aims are, what you want to achieve, & for them to point out pitfalls & make suggestions. The more prepared you are the better.

Brighty

I have been quoted about £500+vat for a pair of mirror wills, similar complexity to yours i'd say, maybe slightly more so needing trusts for the kids
https://forums.moneysavingexpert.com/discussion/5508598

Brighty

Yorkshireman99

debjay wrote: »

Thanks for the replies. Don't think we will go down the DIY route. My worry is that the £300 quote may increase once we actually sit down and discuss details. The dearer quote was from a local firm who called me back and spent time discussing our situation. I'm tempted to go with them but don't want to be ripped off.

£800 is ludicrous. Shop around as the market is competitive.

securityguy

SevenOfNine wrote: »

In your circumstances I wouldn't touch a DiY Will with a 40 foot bargepole! .

I would refuse to be executor of a DIY will unless I had a huge stake in the outcome. The two I've seen in my family have been utter disasters, costing far more in legal costs than a properly drafted will at the outset would possibly have cost, and tying the executors in knots for years. When my parents threatened to DIY their will I said I would not be an executor and I'd leave it to my brother; he, apparently, said the same. They got their wills (which are not simple, as their affairs are quite complex) done professionally. It doesn't remove the risk of trouble, but it reduces it, and gives you someone to complain to.

debjay

Brighty wrote: »

I have been quoted about £500+vat for a pair of mirror wills, similar complexity to yours i'd say, maybe slightly more so needing trusts for the kids
https://forums.moneysavingexpert.com/discussion/5508598

Brighty

The solicitor I spoke to mentioned the property being held in trust for the children until the 2nd death so guessing ours is same complexity. I've emailed querying the disparity in the quotes and the solicitor is away today so will call me on Monday.