Making a will is something that many of us try to put off as planning for your death isn’t exactly the best way to spend an afternoon. Like many things in life, however, it is an essential way to ensure that your last requests are carried out and that your loved ones are left with something when you are gone.
Although wills are essential, many people fear to go to a solicitor to obtain a will due to the cost. Wills can cost between £100-£300 for the most basic planning. However, the cost can rise based on further advice in regards to inheritance planning.
DIY Wills
Many people, in a bid to evade a high cost, are opting for high street wills, also known as DIY wills in a bid to create a will at a significantly lower cost. A DIY will kit from WH Smith or online can cost as little as £17 and prove to be a significant saving. While it may seem like an attractive offer, the DIY kit can often prove to be too good to be true. Wills are legally binding documents, and if there are any mistakes or error in the will, it can lead to the document being invalid, or your last requests were not being carried out as stated. DIY wills can result in larger legal costs for families, in the long run, with many having to contest or being eaten away by inheritance tax and other costs. As tempting as it may seem to make an initial saving, a DIY can cause your loved ones emotional and financial pain to resolve.
It is important to note that when making a will you get what you pay for, and while a one-off saving may be worthwhile in the short run, a DIY will be much more costly. It is important to note that you get what you pay for, and if you cut corners in making a will, it can be exceptionally costly, in the long run.
Impact Of A Poorly Drafted Will
Drafting a will is an exceptionally complex procedure, we believe that it is vital to have your will assessed by a skilled solicitor in order to avoid costly mistakes. Indeed 10% of the value of a person’s estate can be absorbed in additional fees as a result of an ineffective will, and given that the average estate is £160,000 this equates to £16,000 lost in fees, all for an initial saving of £200-£500.
Worryingly figures from the Co-operative Legal Services (CLS) suggest that poorly drafted, or ineffective DIY wills are to blame for a prolonged probate ordeal for 38,000 families a year.
Making A Will
It is important to have a team of trusted expert solicitors when drafting a will, with such documents requiring a supreme knowledge of the law. If you have complex family relationships, such as stepchildren or third cousins you wish to leave an inheritance to, it is important that you have your will drafted and reviewed by a solicitor in order to ensure that it is properly crafted. Witnesses to your will, as well as a spare copy, can also reduce any contest to your inheritance and ensure that your last requests are known to your legal team and your loved ones.
Contact Us
For legal advice and assistance in drafting a will, contact us today using our online contact form. Our team of expert solicitors can aid you in drafting and creating a legally tight will.