Free Wiils Month

Belvidere1

As part of free wills month, my solicitor has drawnup my will and wants to charge me £350 + vat, because, she says it is not a simple will.

I own my own house and want to leave it to my children, but also want my new partner to stay in the house until he passes away.

I think this an example of a simple will. Does anybody disagree.

la531983

You are introducing a caveat with the new partner, I certainly would say it is not "simple".

flaneurs_lobster

A professional has performed a service for you and you didn't agree the cost beforehand?

Odd way to do business.

Emmia

https://forums.moneysavingexpert.com/discussion/comment/81999675#Comment_81999675

They assumed as it was "free wills month" that it would be cost free... Presumably.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81999684#Comment_81999684

Think I would have asked, just in case…

la531983

https://forums.moneysavingexpert.com/discussion/comment/81999684#Comment_81999684

Surely the law firm should have said before even doing the work "by the way, given your requirements this wont be free, it will be £350, do you want us to continue"?

poseidon1

https://forums.moneysavingexpert.com/discussion/6668414/free-wiils-month

Not a simple will by any stretch of the imagination. It imposes an IPDI trust in favour of your new partner with reversion to your children on his death.

If you are not married a couple of points for you to note:

1. The trust in favour of your partner will use some or all of your £325k nil rate band depending on property value.
2. On your partner's death, any personal assets they own is amalgamated with the house value and IHT maybe in point if collectively this exceeds £325k. No £175k residence nil rate band would apply in this case if your children are not considered legal step children of your partner.

Hopefully if you are not married , you have considered the adverse tax implications this may result on your estate planning.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81999737#Comment_81999737

That's about 30 quids' worth just there…..

Worried_fool

That is not a simple will.

I very much hope that your solicitor has explained the cost of doing this, giving you the option to decline.

As it happens, I can post the wording from a will that does / did precisely what you request.

Emmia

https://forums.moneysavingexpert.com/discussion/comment/81999908#Comment_81999908

But it would be very unwise for the OP to use what you paste to DIY their will.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/81999953#Comment_81999953

I would go a stage further, the cut and paste offer was highly irresponsible and the OP should not contemplate the creation of an IPDI trust in their will, unless prepared by a regulated specialist STEP lawyer having regard to the OP's specific personal circumstances.

IPDI trusts need to provide for contingencies such as replacement properties, or if required generation of life time income from property sale proceeds if surviving spouse unable to live in the home through infirmity or other disability. Discussion and appropriate drafting for these scenarios is not compatible with a cheap or indeed free Will.

Finally such arrangements can place a burden on the children if they are expected to be ongoing trustees of such a trust, so a good idea to alert them of this possibility rather than it coming as a later and unwelcome surprise.