What Are The Costs Involved In Writing A Will?

What Are The Costs Involved In Writing A Will? 

Despite the process of writing a will being relatively straightforward, surprisingly few people have considered what to do with their assets after their death. This may, in part, be because many people, understandably, do not wish to dwell too much on their mortality. Equally, many assume that their assets will automatically be transferred to their loved ones after their death, yet this is not necessarily the case.

Writing a will is, therefore, essential to ensure that, after your death, your wishes are carried out, making an emotionally challenging time much less fraught for your family.

How Much Does A Will Cost?

Writing a will is relatively inexpensive, but the price depends on the complexity of the will procedure.

A simple will may be written for as little as £100, with more complicated arrangements costing up to £750. The price depends on several factors, including the size of the estate, the arrangements for dividing it up between your beneficiaries, and whether you write the will yourself or with expert legal advice.

What Steps Are Involved In The Will Procedure?

In general, there are six steps in the process of writing a will:

• Value Your Assets: compiling a list of all your assets and debts will enable you to establish the total value of your estate.
• Choose Your Beneficiaries: decide to whom you wish to leave your estate. This may be a single person, such as a partner, or multiple beneficiaries, in equal or unequal portions. You can also nominate specific beneficiaries to receive sentimental or valuable items.
• Decide On Charitable Donations: many people choose to make a monetary donation to a charity of their choice. Charitable donations are often free from inheritance tax.
• Nominate The Executors: generally, two people are chosen to carry out your wishes after your death. They may also be beneficiaries of your will.
• Write The Will: it’s advisable that a qualified solicitor assists with the writing of the will to ensure it is legally watertight and to prevent challenges being made to its integrity.
• Arrange For Safe Storage: after your death, it’s important that the will can be quickly accessed, so keeping it stored safely is vital to prevent accidental loss or damage.

What Are The Benefits Of Different Types Of Wills?

Wills can be written to reflect the individual circumstances of the testator. The main types of will include:

• Single Will: a will written for an individual, typically a single or divorced person or where the wishes of the testator’s partner differ significantly. You can retain total control over your assets and how they are distributed after your death, and you can make informed decisions over how children will be cared for.
• Mirror Will: two wills written for a couple in a relationship (usually a civil partnership or marriage) who have the same wishes, so that each will reflect the other. On your death, your entire estate can be easily transferred to your partner, without inheritance tax, and your children can be provided for in the long-term.
• Trust Will: a will that provides the facility for assets to be locked in trust after your death, for example so that children may receive money when they reach a specified age (often 18 or 21). Your family assets are protected, and inheritance tax is avoided while the children are still young.

Contact Astle Paterson For More Information

At Astle Paterson, we provide expert legal will writing services that will ensure you enjoy peace of mind and protect your family’s assets for years to come. To find out more, please call us on 01283 387271 or email enquiries@astlepaterson.co.uk.

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