Creating a will is one of the most important steps you can take to ensure that your assets are distributed according to your wishes after you pass away. Despite its significance, many people delay making a will, often due to concerns about cost.
At DLS Solicitors, we understand that cost is a key consideration for many of our clients. In this blog post, we’ll provide a detailed overview of the factors that influence the cost of a will, the different types of wills available, and why investing in a professionally drafted will is a wise decision.
The Basics
Before diving into the costs, it’s important to understand what a will is and why it’s essential.
A will is a legal document that outlines your wishes regarding the distribution of your assets, care of any minor children, and other personal matters after your death. Without a will, the distribution of your estate will be governed by the rules of intestacy, which may not align with your wishes.
Factors Influencing the Cost of a Will
The cost of creating a will can vary widely depending on several factors. Here are some key elements that influence the cost:
Complexity of the Estate
The complexity of your estate is one of the most significant factors affecting the cost of your will. The cost will generally be lower if you have a straightforward estate with few assets and no significant complications. However, suppose your estate includes multiple properties, business interests, overseas assets, or complex family arrangements. In that case, the cost will be higher due to the increased time and expertise required to draft the will.
Type of Will
There are different types of wills available, each with its own cost implications:
- Simple Will: A simple will is suitable for individuals with straightforward estates. It typically includes basic instructions for asset distribution and guardianship of minor children. This is the most affordable type of will.
- Mirror Wills: These are paired wills, often used by married couples or civil partners, where each person’s will mirrors the other. While slightly more expensive than a single simple will, mirror wills are still relatively affordable.
- Trust Wills: The cost of including trusts in your will to manage the distribution of assets over time will be higher due to the added complexity. Trusts can be used to protect assets, manage tax liabilities, or provide for beneficiaries in specific ways.
- Living Wills: Also known as advance directives, living wills outline your wishes regarding medical treatment if you become incapacitated. These are usually separate from traditional wills and can incur additional costs.
Professional Services
The choice of professional service you use to draft your will also impacts the cost. Here are the main options:
- Do-It-Yourself (DIY) Wills: DIY will kits are the cheapest option, typically costing between £ 20 and £100. However, these kits can be risky as they may not cover all legal requirements or complex situations, potentially leading to disputes or invalidation.
- Online Will Writing Services: Online services offer a middle ground, with prices generally ranging from £50 to £200. These services provide a more user-friendly experience and some degree of professional oversight, but they may still lack the thoroughness of a fully bespoke service.
- Solicitor-Drafted Wills: Engaging a solicitor to draft your will is the most comprehensive and reliable option. Costs for solicitor-drafted wills typically range from £150 to £600 for simple wills, and can exceed £1,000 for more complex estates. While this is the most expensive option, it offers the highest level of assurance and personalisation.
Geographic Location
The cost of legal services can vary depending on your geographic location. For example, solicitor fees in London and the South East are generally higher than in other parts of the UK. Investigating these regional variations is important when budgeting for your will.
Additional Services
Additional services can also add to the cost of creating a will. These may include:
- Inheritance Tax Planning: Professional advice on reducing inheritance tax can be valuable, but it adds to the overall cost.
- Lasting Powers of Attorney (LPA): Many people choose to set up LPAs alongside their wills. An LPA allows you to appoint someone to decide on your behalf if you become incapacitated. The cost of setting up an LPA is separate from the will but is often done concurrently.
- Safe Storage: Storing your will in a secure location, such as a solicitor’s office or a dedicated will storage service, incurs additional fees.
Why Investing in a Professionally Drafted Will is Worth It
While the cost of a professionally drafted will may seem high, it’s important to consider the benefits and potential savings in the long run.
Peace of Mind
A professionally drafted will provides peace of mind, knowing that your wishes will be carried out accurately and legally. This can prevent beneficiary disputes and ensure your estate is distributed according to your intentions.
Legal Expertise
Solicitors have the legal expertise to navigate complex situations and ensure your will complies with all relevant laws and regulations. This reduces the risk of your will being contested or invalidated.
Personalisation
A solicitor can tailor your will to your specific needs and circumstances. This is particularly important for complex estates or unique family situations, where a standard will template may not be sufficient.
Tax Efficiency
Professional advice can help you structure your estate tax efficiently, potentially saving your beneficiaries significant amounts in inheritance tax. This can more than offset the initial cost of drafting the will.
Future-Proofing
As your circumstances change, your will may need to be updated. Solicitors can provide ongoing advice and updates to ensure your will remains relevant and effective.
Typical Costs Breakdown
To give you a clearer idea of what to expect, here’s a breakdown of typical costs for different types of wills and services:
- DIY Will Kit: £20 – £100
- Online Will Writing Service: £50 – £200
- Simple Will (Solicitor-Drafted): £150 – £300
- Mirror Wills (Solicitor-Drafted): £250 – £500
- Trust Will (Solicitor-Drafted): £300 – £1,000+
- Inheritance Tax Planning: £200 – £500+
- Lasting Power of Attorney (LPA): £150 – £400 per LPA
- Will Storage: £20 – £50 per year
Conclusion
Creating a will is essential to estate planning, and understanding the costs involved can help you make an informed decision. While the price of a will can vary widely depending on factors such as the complexity of your estate, the type of will, and the professional services used, investing in a professionally drafted will is often worth the expense.
At DLS Solicitors, we offer a range of will-writing services to suit different needs and budgets. Our experienced team is here to provide personalised advice and ensure your will accurately reflects your wishes. Whether you need a simple will or a more complex arrangement, we can guide you through the process and provide peace of mind.
If you have any questions about the cost of a will or would like to discuss your specific needs, please don’t hesitate to contact us. Our friendly and knowledgeable team is always here to help.
By creating a well-crafted will, you can ensure that your loved ones are taken care of and your assets are distributed according to your wishes. Don’t let concerns about cost prevent you from taking this vital step in securing your family’s future. Contact DLS Solicitors today to learn more about our will-writing services and how we can assist you.
