A will is a legal note where you describe the distribution of your estate, including money, home, land, or any other asset. It allows you to safeguard your wishes after your death. Unfortunately, most people in the United Kingdom do not make a will, and that creates a lot of trouble for the family members after the concerned person passes away.
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How to create a will?
You can write your own will, hire a solicitor, or use a will-writing service. If you choose to write your own will, you must ensure it follows the UK laws; otherwise, it could be challenged in court.
Writing your own will
There is no harm in writing your own will, but if your circumstances are complicated, we suggest you get expert advice. Since you are not a will-writing professional, you can easily make mistakes. On the other hand, you can create your will and request a professional review it for a fee. It is usually a less expensive option than hiring a solicitor. In the end, you should sign your will document, have witnesses, choose an executor, and include your significant assets.
Getting a solicitor to write your will
If money isn’t an issue, it is wise to hire a solicitor to write your will. It will not only allow your family to avoid an inheritance tax but will also give them levelheadedness.
We strongly recommend solicitors if:
You need to pay inheritance tax
Your family affairs are complex
You have a loved one with specific requirements
Your estate matters have to follow complicated laws
Other benefits of hiring a solicitor are free storing your will and getting compensation for any issues arising with the will.
A will writing service is an excellent option if your condition is relatively simple and you do not want to hire a solicitor. The service could be cheaper than hiring a lawyer but won’t work if your affairs are complex.
Before hiring a will writing service provider, ensure they are qualified and acclaimed by a supervisory body within the industry or a regulated solicitor. Please do not hire a will-writing service or a firm that calls themselves executors of your will after you die.
This service will cost you around £80, and the price can go up to a few hundred pounds, according to the complication of your assets. Some banks also offer the will-writing service, usually below £100 or free, but you might have to face hidden fees later.
How much does a will cost?
How much does it cost to make a will is a question people ask us frequently. Well, the cost varies according to the size of the estate and its complexity.
A straightforward will made by a solicitor will cost you between £75 and £200 plus VAT. The complex ones, such as those that inhibit kids inheriting until they get to a certain age, could cost about £350 – £400 plus VAT. If you own an estate that values excess of the inheritance tax threshold of £325,000 or you have a business, you require more comprehensive advice.
Besides, many people ask do you need probate if there is a will. Well, an executor may or may not require probate and the application fee is £215 for estate value over £5,000.