Wills & Probate Advice

jamieukonline

Hi all,

I wonder if anyone can help / advise me.

I have been meaning to arrange wills for some time now and have been trying to get prices to get the best deal. Having said that, I don't want to take the risk of a DIY or internet will.

I would like mirror wills to cover my wife and I and deal with Gaurdianship of our daughter. Our estate is under the Inheritance Tax threshold.

I've gotten lots of quotes with varying prices (from 79 to over 500), and when I ask how much the extras are i'm told this will be discussed by the consultant on the home vist. This doesn't seem right to me, as if the prices then seems too steep, I'll have to send them on their way and have another visit from another company!

The extra things i'm interested in are:
- Copies of will for executors
- Document Storage
- Lasting Power of Attorney
- Support/Advise for executors in case of death

I am also interested in Appointing a professional executor or solicitor as an Executor in my Will to ensure that in the event of a death, things are handled properly & the burden removed from family. I believe in some cases this is offered with the will, but there are also companies offering this as a stand along service.

Not sure whether the benefits of the extras warrants the cost, or whether to use a will writing service or a solicitor...

Sorry for rambling, but I'm very confused and frustrated!

localhero

Hello Jamieukonline,

Any ethical willwriter should provide details of all their fees before you even consider inviting them round. If they're reluctant to divulge them then don't waste any more time on them.

Sadly a common ploy is to quote initially what sounds reasonable (eg £89 for basic wills). "We'll explain when we see you.." translate to "we'll build in all the extras for IHT planning/care fees mitigation/Powers of Attorey/storage etc so you feel obligated to part with £800 after we've spent over an hour in your home explaining things."

Not a good vibe, and all so common. Solicitors are also extremely reluctant to quote "as all cases are different".

Dispense with the cowboys. To find willwriters who are qualified, regulated and insured in your area visit the Institute of Professional Willwriters at www.ipw.org.uk. Do ring several and shop around as fees vary.

For what you require (and speaking from my own personal experience) the approximate costs should be:

Wills: - around £95 for both (£150 max)
copies of will: - free with above
storage: £15-£35 per year. Quite often a tariff system - depending if you would like cheap/free amendments and
advice to executors or just storage.
Lasting power of Attorney: £100-£300 depending if you want the Property & Affairs one or Personal Welfare or
both. Prices will vary widely on this one because they're still quite recent.

Banks also offer free/cheap Wills as part of a 'premier account' package- usually no advice provided (just a form to fill in) and they will almost always name themselves as executors (most kind - since they'll take around 5% of your estate for doing so!) They will also have quite a range of add-ons.

I would not usually recommend you appoint a professional, since in most cases probate can be obtained quite easily by your own family. If you do appoint a professional they will charge your estate quite large fees, and if your family feel that they can do the work themselves, the professionals cannot be removed if they want to take up the role.

Provided you trust your executors and there's no complications, select 2 that are businesslike, organised and trustworthy. Of course if they require legal assistance they can (and should where necessary) obtain advice on an ad-hoc basis.

I'm sorry you are confused and I wish you best wishes. I must also declare myself a member of the IPW.

jamieukonline

Thanks for your reply...

I'm glad you agree that all fees should be up front. I've explained this to a few people as the only reason I'm shopping around is to get a good deal.

My cheapest basic price is from Trust Inheritance at £79 + Vat for mirrors wills. I am waiting back on a price from my local member of IPW.
One company has recommend http://www.trustcorporation.co.uk/ for executotor & probate services.

After discussing more with my better half, I'm probably worrying too much about leaving the responsibilty of sorting our affairs to family. As you stated, they can get legal advice (maybe even free if included with insurance etc).

One company has offered their "will plus" service at £468 lifetime or £39 per year and it probably not wise to pay out this much extra which I cannot afford just in case it is needed! However this does include storage & free updates.

Is there any way of storing a will for free. The idea of a yearly fee does not appeal! Is it possible to just store in a safe as long as the executors know where it is? How would I go about ensuring that they would be able to prove it is the most up to date will?

Would you generally advise to take LPA?

Thanks again

digp

contact the law society as every year there is a few weeks when reputable solicitors will write your will for FREE!!

jamieukonline

digp wrote: »

contact the law society as every year there is a few weeks when reputable solicitors will write your will for FREE!!

Thanks for that. Have check http://www.willaid.co.uk/ and the next time isn't until Nov 2008!

localhero

Hi Jamieukline,

I would never advise paying out for 'lifetime storage' What you could do is store the Wills at the Central Probate Registry. It costs about £15 (one off - not annual) and you are given a certificate.

When it comes to Probate, your executors will be able to get assistance from the probate office, and there are also plenty of good publications - Which etc that explain in layman's terms, so I wouldn't worry too much about your family coping.

With regard to Powers of Attorney, yes I believe everyone should have one, since illness or accident could happen at anytime. The law has changed very recently in this area - the result is a 4 page form has been extended to around 25 pages.

It was relatively easy to complete these yourself in the past, and to a certain degree it still is. Why not visit the Office of the Public Guardian website at www.publicguardian.gov.uk and download an LPA. The main difficulty now in the DIY route is that you will need to have 2 'Certificate Providers' - people that have personally known you for 2 years.

If after all that you would prefer to rely on a professional, then shop around because the fees will vary enormously. Best wishes.

jamieukonline

Thanks again, some invaluable advice.

I'm probably just going to take the basic will and take up the storage with Central Probate Registry.

Does it matter then if I have my will written up professionally and have a DIY LPA? I have had varying prices one estimate of £80. I presume I would want a copy stored with my will and copies of both for executors / attorneys.

I am thinking or preparing some notes which I will give to my executors along with copies of the will and storage certificate. I'll just research online and list what would need to be done in the event of a death as well as useful contact numbers. Is there anything in particular you would advise to put in these notes?

Thanks again.

Tiggs_2

Many decent Will Writers will provide you with notes of this type - we do. ALso, for a simple Will you dont want to be paying much over £100. In fact, we do not even charge for Will services anymore - we do them all for free as a chance to leave the client with a business card for any financial advice they may need.

T

localhero

Hi,

Yes you can do a DIY LPA if you want. The advantage with having it produced by a professional is that they should be trained and insured to do it properly, and they're not as easy as before - so you do at least have some comeback if there's a problem later.

Be careful with the quotes because there's two types of LPA, so is that £80 for each type for you and spouse? Add on VAT and thats over £375!

Notes for executors - very useful info = Tax office/NI details, contact details of the beneficiaries, details of your finances, savings, credit cards etc (don't forget premium bonds - easily forgotten), details of any life assurance/death in service pension benefits, accounts held on behalf of minors, location of Will.

Storage of LPA quite often with the Will, but again inform your attorneys of its wherabouts. Certified copies can be obtained for a small cost and given to your attorney(s) if you so desire.

jamieukonline

Hi all,


Thanks for all your advice... as per usual I've delayed in getting all this arranged.

I'm still considering whether to go for the LPA. I understand that as an alternative I can write a personal statement of my wishes and i know its not legally binding.

I just wondered what kind of implications this has. Obviously if this document requests someone to act on behalf, can they go against my will. And can a third party dispute my personal statement
and stop the person carrying out my affairs?

I also have had vastly differing prices for LPA, and after reading some of the notes I understand there is a large fee to register them. Does your price include the actual registration, or am I expected to arrange and pay for this myself when the LPA is needed?


Thanks again,
Jamie