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  • FIRST POST
    • freddie2
    • By freddie2 4th Mar 18, 9:24 PM
    • 65Posts
    • 43Thanks
    freddie2
    Cost of a will
    • #1
    • 4th Mar 18, 9:24 PM
    Cost of a will 4th Mar 18 at 9:24 PM
    My partner and I got married just before Christmas and we are about to sort out our wills.
    We both have a daughter from previous relationships (both adults), and a fairly large estate ( £2.5m plus ). We will be leaving most to our daughters but given the size of the estate I assume this will be a more complex type of will. Through my employer I am able to access a solicitor to produce “complex” mirror wills for £600 inc VAT, does this sound reasonable ?
Page 1
    • sassyblue
    • By sassyblue 4th Mar 18, 10:30 PM
    • 3,206 Posts
    • 8,120 Thanks
    sassyblue
    • #2
    • 4th Mar 18, 10:30 PM
    • #2
    • 4th Mar 18, 10:30 PM
    I think it sounds expensive, I work in a solicitors and mirror wills are half that amount, however I live in the countryside where things are generally cheaper, if you live in a city it could be about right? When you mention 'complex' I wouldn't say the amount of your estate makes it complex either.
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    • Ms Chocaholic
    • By Ms Chocaholic 4th Mar 18, 10:34 PM
    • 9,320 Posts
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    Ms Chocaholic
    • #3
    • 4th Mar 18, 10:34 PM
    • #3
    • 4th Mar 18, 10:34 PM
    Do you plan on leaving everything to your wife (and vice versa) and hope that they leave something in their will to the other partner's child?
    Thrifty Till 50 Then Spend Till The End

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    • Keep pedalling
    • By Keep pedalling 4th Mar 18, 10:52 PM
    • 4,983 Posts
    • 5,550 Thanks
    Keep pedalling
    • #4
    • 4th Mar 18, 10:52 PM
    • #4
    • 4th Mar 18, 10:52 PM
    For an estate that size it sounds peanuts, but I would not use them unless they are local to you and you can actually have face to face meetings.

    Are you taking any professional advice about the very large IHT bill your estates would be hit with if you were both run over by a buss tomorrow?
    • freddie2
    • By freddie2 5th Mar 18, 6:57 AM
    • 65 Posts
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    freddie2
    • #5
    • 5th Mar 18, 6:57 AM
    • #5
    • 5th Mar 18, 6:57 AM
    Do you plan on leaving everything to your wife (and vice versa) and hope that they leave something in their will to the other partner's child?
    Originally posted by Ms Chocaholic
    No, we consider both girls ours so we want to ensure they the benefit equally from the inheritance and do not want to leave that to chance
    • freddie2
    • By freddie2 5th Mar 18, 7:03 AM
    • 65 Posts
    • 43 Thanks
    freddie2
    • #6
    • 5th Mar 18, 7:03 AM
    • #6
    • 5th Mar 18, 7:03 AM
    For an estate that size it sounds peanuts, but I would not use them unless they are local to you and you can actually have face to face meetings.

    Are you taking any professional advice about the very large IHT bill your estates would be hit with if you were both run over by a buss tomorrow?
    Originally posted by Keep pedalling
    This is the company concerned. https://www.james-mckenzie.co.uk , face to face interviews are included.
    Yes currently getting all our finance / tax affairs in order post marriage!
    • Keep pedalling
    • By Keep pedalling 5th Mar 18, 8:26 AM
    • 4,983 Posts
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    Keep pedalling
    • #7
    • 5th Mar 18, 8:26 AM
    • #7
    • 5th Mar 18, 8:26 AM
    This is the company concerned. https://www.james-mckenzie.co.uk , face to face interviews are included.
    Yes currently getting all our finance / tax affairs in order post marriage!
    Originally posted by freddie2
    They are not solicitors, but unregulated will writers, please find a local solisitor instead.
    • getmore4less
    • By getmore4less 5th Mar 18, 9:13 AM
    • 32,035 Posts
    • 19,222 Thanks
    getmore4less
    • #8
    • 5th Mar 18, 9:13 AM
    • #8
    • 5th Mar 18, 9:13 AM
    I think it sounds expensive, I work in a solicitors and mirror wills are half that amount, however I live in the countryside where things are generally cheaper, if you live in a city it could be about right? When you mention 'complex' I wouldn't say the amount of your estate makes it complex either.
    Originally posted by sassyblue
    They require multi generational IHT planning and something a little more complex than a basic IPDI trust.

    Ask your place if they will do them for £300.

    At this level(>2m) you don't qualify for all the RNRB if not done right.
    • TBagpuss
    • By TBagpuss 5th Mar 18, 3:37 PM
    • 6,487 Posts
    • 8,414 Thanks
    TBagpuss
    • #9
    • 5th Mar 18, 3:37 PM
    • #9
    • 5th Mar 18, 3:37 PM
    I's suggest that you arrange to met with a local solicitor, preferably one who is a member of STEP.

    As with many other things in life, you get what you pay for. If you want advice about tax and estate planning it will cost you more than if you literally just want a basic will drawn up.

    Given that you have a large estate and children to consider, you need to make sure that you get proper advice from a regulated, professional adviser.
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