Help - I'm writing a WILL

iantaylor2100

Hi I wonder if someone can give some advice.

This evening my wife and I, had a gentleman from a company called 'Trust Inheritance' visit to discuss our WILL.

Everything was very good but as this is the first time either of us has done anything like this I wondered if anyone else had used them.

They also offer a service called 'WILLS for Life' which seems a great option as although I have family that could be executors and sort things out it seems the laws are getting so wild that it could be more of a burden if I left it to a family member especially as we have young children.

Anyway the service is £2,250.00 and to me seems worth the money as they handle the estate, etc which is a lot less than a solicitor would.

Anyway I would really like your advice.

Thanks in advance

Ian Taylor

EdInvestor

It sounds very expensive to me.

dunstonh

£2250 must be a very complicated will with a number of trust arrangements set up unless it includes some pre-pay arrangement.

Do not prepay executors costs. A lot of these wills companies vanish over time. If you prepay you lose out.

Powerful_Pierre

My wife and I 're-did' our wills last year which include a trust. They are 'mirror wills' and we used a local solicitor who charged us £175 plus VAT. What you have been quoted sounds very expensive indeed and never pay money 'up front'. I was executor for my mother's will two years ago, a reasonable sized estate and it was not a problem to sort out at all. My advice is to appoint two trusted members of your family who are younger than you as your executors - perhaps your children?

Debt_Free_Chick

iantaylor2100 wrote: »

This evening my wife and I, had a gentleman from a company called 'Trust Inheritance' visit to discuss our WILL.

They called uninvited?

Never, never, never buy anything from anyone who calls on you "cold", without checking out others offering the same or similar services.

If you are interested in what he's offered, ask 2 or 3 local solicitors to give you a fee estimate to do the same. You could further and refer only to members of the Society of Trust and Estates Practitioners

Sounds like they've suggested the Estate Administration service as well as the will writing service.

I just don't like them from the look of the website. It seems to me that they are touting a "one size fits all" solution. That maybe a little unfair of me, but ask how many of their "in-house legal advisers" are members of STEP .....?

1066Kopite

Go to any High Street Solicitors to get a will drawn up for a couple of hundred pounds.

The cold calling service you were offered is overpriced and will probably not be around by the time you snuff it.

Getting a will drawn up is not expensive. The administration of your estate is paid for out of the assets of your estate. Okay it costs a bit but the 'offer' you have may be a white elephant.

iantaylor2100

Thank you all for your help and advice.

I thought the price sounded good as he told me most solicitors charge from £10k - £20k to administor an estate, which is a lot of money to take out of the estate.

Anyway I've called around the local solicitors and they estimate between £2k and £5k which is a lot more acceptable.

Actually after speaking with the solicitors there are many things I was told by this guy last night that are, well lets say stretched.
Especially that they are appointed by Barclays as their underwriters of WILLs. No one seems to know who Trust Inheritance are.

Thanks again and I will be keeping clear of these guys.

Regards
Ian

dunstonh

Most people dont require a solicitor to be an administrator. Its not that difficult for the average estate.

Debt_Free_Chick

iantaylor2100 wrote: »

Thanks again and I will be keeping clear of these guys.

:T :T :T

I'm sure you will be better off avoiding them. I can't see that this kind of "plain vanilla" service works for individual circumstances.

If your situation is "simple" you would pay too much. If your situation is "complex" you almost certainly won't get the right advice/solution.

takoo

Hi Iantaylor

My parents, wife and I have all had wills drawn up by solicitors from time to time. My parents had mirror wills and likewise my wife and I. The last shot cost £140 if I remember correctly.

I administered both my parents' wills without difficulty. Even if a solicitor had done so I reckon I would have been running around almost as much as I did - that is not to denigrate solicitiors - it was the logistics of it on each occasion.

I now have a proposed programme of disposals so that administering my/our estates (modest I should add) will be simplified in due course.

Some items family pictures, my grandfather's cartwrighting tools etc will go to custodian members of the family.

We hope to ensure the children, grandchildren and others get what they want - favourite furnitures, books pictures etc. - the children by telling us now!

The rest will be auctioned between the childen and grandchildren - from notional monies within the estate. At the end of the auction they will each take a due portion of the proceeds of the auction (with the stuff they bought). All the rest will be auctioned elsewhere or go to charity shops etc.

Hopefully the results will be open, transparent to all involved and amicable between the beneficiaries.

Takoo

harryhound

Here are some links to previous threads on the subject.

While you are considering a will, you might want to think about a lasting power of attorney too.

http://forums.moneysavingexpert.com/showthread.html?p=6560491

http://forums.moneysavingexpert.com/...#post 5050579

http://forums.moneysavingexpert.com/showthread.html?p=6470068