Many people ask the same questions when they start to thinking of making a will ‘How much does it cost to write a will?’. The cost of making a will can vary vastly depending on the value of the your estate and also the complexity of the will. If you are unsure on the steps the taken when making a will take a look at our guide on how to make a will.
The cost of a DIY Will
DIY wills are the most affordable, that is because you are creating you own will and doing the work yourself. Expect to pay around £40 for an online will if you choose to do it yourself.
Although a DIY will can seem very cost-effective, price alone should not influence how you get a will made. The main purpose of a will is that is fit for purpose when it has to be executed. A cheap will now that was not been professionally put together by a solicitor may mean that your wishes are not carried out exactly as you wanted them to be. If you are unsure exactly on how wills work and the laws behind them we always advise you use a qualified solicitor’s will writing service to give you peace of mind that the will represents your exact wishes.
The cost of using a will writing service by a solicitors
A simple will can start from £100 + Vat which will cover all the basics of a simple structure for a will.
Wills can become a lot more complex, for example if you wish to create trusts and not release certain assets until a specific time. Also, having assets worth more than the £325,000 threshold or owning a business, can also add more complexity to a will. A will writing service for more complex wills starts from around £350+ Vat.
Will writing solicitors are legal experts and so by using their willing writing service it is made sure that all the correct legal documents are in place as a will is a legally binding document that will have to be signed and witnessed correctly.
In addition to your will, a wills solicitor can help with other financial affairs and probate services such as power of attorney, estate planning and offer legal advice in regards to paying inheritance tax.
Changing your will
It is advisable that you make sure your will up to date periodically as aspects can change that may legally effect your will. There are major changes in your life that may effect your will such as divorce, marriage and having a child.
Minor changes to a will can be made using a codicil. These should be overseen by a solicitor and kept with the original will. A codicil can be an effective way of making changes to a will without making a brand new will.
If there are major changes to the will that effects it drastically then it is likely you will have to have a new will written which will be the cost of starting a new will from scratch.