Do I Need Solicitors to Make a Will?

spiral_3

I need to make a will so I'm asking should I use solicitors to make one or are less expensive will writing services up to the job?

It wouldn't be complicated in that I have no immediate partner or offspring so (unless they upset me!) my estate would mostly go to my two nieces and my nephew. My estate consists of primarily a property I live in and my investments (ISAs, savings accounts and balance in bank account) so nothing especially complicated I don't think.

My sister and brother in law would, if required, 'be involved' as in helping arrange and administer things should I pre decease either or both of them.

Many thanks!

Brie

why not get a solicitor to do your will using the free will writing service? The price you might normally pay the solicitor is normally mentioned in the will as a donation to a named charity.

sounds like the estate would go to your sister if you didn't have a will and while nieces/nephews are not unheard of as beneficiaries instead of spouses, children or siblings it may be a bit more complicated to manage (I'm guessing) so I do think a solicitor is needed rather than a will writing service. I can't remember hearing anything positive about them on this forum.

oldernonethewiser

When you say "be involved" would they be the executors?

Would your estate be liable for Inheritance Tax?

YBR

https://forums.moneysavingexpert.com/discussion/comment/82121059#Comment_82121059

It would be particularly wise to to talk to a solicitor in the nieces/nephews are not yet adults, to understand the best options for trusts/trustees should you die before they are adults.

If the nieces/nephews are adults at the time you die, would you want one or more to be executors, or would your Sister &/or BiL? A good solicitor will take you through the different possibilities and help you decide what you want in the various (morbid) scenarios, IYSWIM.

poseidon1

Unregulated will writing firms are to be avoided, regardless of simplicity of one's affairs.

For the most part they are unqualified, and their professional indemnity insurance for negligent advice is probably not worth the paper their written on, assuming the firm is still around to be held accountable.

If your estate is above £325k, then IHT will be in point and of course possible need to provide for trust powers in the will if any of the nieces & nephews are under 18. You will want their parents to have unambiguous powers to manage/ invest funds on their children's behalf until age 18 vesting age.

437222

If you have the money and if you want your will to direct the inheritance to the right people, why not spend the necessary amount on a solicitor? It's an argument I do not understand

oldernonethewiser

Have you considered getting a Power of Attorney as well?

Get the Will & POA done at the same time ideally.

Brie

https://forums.moneysavingexpert.com/discussion/comment/82121142#Comment_82121142

Or DIY the POAs as it's quite straightforward and only about £89 for each.

oldernonethewiser

https://forums.moneysavingexpert.com/discussion/comment/82121154#Comment_82121154

Not if you live in Scotland, sadly……….🙁

spiral_3

Thanks for your various comments and thoughts.

To reply to some of the questions and comments: yes, my nieces and nephew are of adult age now (all in their twenties) and all are the offspring of my only sister and brother in law.

When I say they'd 'be involved' yes I mean sister and brother in law would be prepared to be executors and, as one responder mentioned, it may well make sense to make them the beneficiaries if making their offspring direct beneficiaries.

At present, no my estate wouldn't be liable for IHT as it's below the threshold (as things stand).

In the light of your comments and my general thoughts on the matter it seems prudent to go down the solicitor will writing route.

Thanks again.