The cost of making a will

 

What is the cost of making a will?

The cost of making a will can vary immensely. Some people opt for buying an ‘off the shelf’ will, which allows the purchaser to fill in the blanks on the form and make a will in this way. Although these seem a simple and inexpensive way to make a will, they have often been shown to be ineffective in putting into effect the deceased’s wishes, and also fail to give advice on the tax implications of gifts.

If you make your own will, you may make it incorrectly and it could be invalid. This would mean that your wishes would not be followed.

Do you need to use a solicitor when making a will?

There are many advantages to using a solicitor to make your will:

  • Your solicitor will go through with you how you wish your assets to be distributed
  • Your solicitor will make sure your will complies with the required formalities, ensuring it is a valid, binding will
  • Your solicitor will consider the best ways of dealing with your assets; for example, using trusts
  • Your solicitor will consider the tax aspects of your estate
  • Your solicitor will make it hard for people to contest your will
  • Your solicitor can be the executor of your will when you die, if you choose to elect them
  • You can store your will safely with your solicitor

What tax issues do you need to consider when making a will?

Your solicitor will also be able to advise you on the tax implications of making gifts to various people, in your lifetime and after you die. Your spouse for example, can inherit your assets tax free, but your children will not. If you have an estate likely to exceed a certain threshold, you may decide that you wish to make lifetime gifts to your children, or set up a trust they can benefit from.

Your solicitor will also be able to advise you on inheritance tax implications of your will. The amount you will save in tax is highly likely to fully justify the cost of making the will through a solicitor.

What is an estimate of the cost of making a will?

Your solicitor is subject to a code of conduct that means the solicitor is required to give you the best possible information about costs at the very start. Your solicitor will be able to give you an estimation of the cost of making a will, which will vary depending on your assets and the complexity of your gifts.

Call us today and we can put you in touch with a solicitor so you can obtain an estimate of making a will.

If you would like to obtain legal advice on making a will, Contact Law can put you in touch with a local specialist wills and probate solicitor free of charge. Please call us on 0800 1777 162 or complete the web-form above and we’ll call you back.

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