To some extent the answer to this question will depend upon what you view as being expensive and how complex your circumstances and assets are, however the cost of making a standard will is often not as expensive as you might think. Our standard wills start from £250+VAT for a single will, or £400+VAT for a mirrored will.
If your circumstances are a little unusual, or more complicated and you need further advice, or if we are including asset protection trusts in your wills then the costs can rise to £750+VAT. Few wills are more than that, and typically only for clients with complex assets and circumstances where considerable tax planning is necessary for the will. Once you contact us to discuss your circumstances we will be able to provide you with an estimate of costs tailored to your individual circumstances before you decide to proceed.
Some may be tempted to minimise costs by creating a 'DIY' will, however a solicitor can ensure your will meets all the necessary requirements to be legally valid and to prevent issues further down the line. By using a solicitor to create your will you are benefiting from our expertise, experience and advice to ensure your will meets your wishes and needs.
It is our duty to make sure you understand the whole process and what your options are and also to verify you have the capacity and capability to make a will and are not doing so under pressure from anyone forcing you to do so against your will. We will also advise you whether there could be potential problems such as challenges against your will, Estate or tax problems and we can help to mitigate and prevent these issues. Not only that, but our records and copious notes of what was done and why it was done, which are kept for 15 years after you have died, ensures that if anyone was to challenge your will, we are in the best possible position to defend it.
Drafting a will can be very complex, particularly if there are tax implications or fractured families and this requires expertise, all of which is included in our price. We are also tightly regulated by the Solicitors Regulation Authority and we must be insured to operate. This means that you can feel reassured in instructing us to deal with your matter.
Finally, here at Hegarty, we do not believe that you can be a “jack of all trades”. Whilst most of our lawyers are knowledgeable in more than one area of law, we believe that it is best to be the “master of one” trade, which is why we have dedicated lawyers in dedicated teams ready to assist you.
Therefore, if you are shopping around for quotes on wills (or anything else for that matter) please bear in mind that you should compare like for like. Many will writers (unless they are members of certain societies) do not have (because they do not need) insurance and are at best loosely regulated if regulated at all. You do not need any qualifications or experience to become a will writer, a far cry from what you can expect from our team of solicitors at Hegarty. Our solicitors are highly trained in their field and offer a wealth of knowledge, experience and understanding to our clients. To find out more about our Wills, Trusts and Probate solicitors, click here to meet our team.
Should you end up with badly drafted or poorly judged will (or no will at all), the costs to your family can be very large. In the end you will not have saved any money, rather you will have spent it. Finally, whilst it is difficult to say how long a will may suit you (i.e. how often you will want to change it) most of our clients have wills for well over 10 years before they wish to make any changes. This is because we always draft wills with the future (whatever it may hold) in mind. If you consider that you may be happy with your will for 10 years then in the end you will have paid, effectively, £30 a year for a document that can provide you and your loved ones with peace of mind.
Whilst our asset protection wills are more expensive at £90 per year (based upon 10 years) the amount of money which they could save your family far outweighs their cost. With the average home in the UK now valued at just over £230,000, our asset protection wills could save your family £115,000. This represents outstanding value in our opinion.