Money is tight for many of us today, with the economy far from stable. As a result, we all look to save money wherever we can, whether that’s cutting our food bill, changing the Sky package or moving energy provider.
Wills are one area where some will look to make savings, perhaps by going the DIY route with the Will packs you can purchase in places like WHSmith.
However, doing so can be a costly mistake.
An invalid Will
The problem with the DIY approach is that it is very easy to make a mistake. This can be very difficult to correct, while if certain conditions are not met, the Will itself may actually be invalid.
This can cause significant delays that not only cause heartache for your family, but also costs them money. According to research from the Co-op, poorly drafted or ineffective Wills are responsible for a prolonged probate for up to 38,000 families a year. This could result in up to 10% of the estate being wiped out in unnecessary legal fees.
What do I get from a professional Will writer?
If you employ a professional Will writer to do the job for you, you will skip these troubles.
Generally the Will writer will make an appointment to come to your home to discuss your circumstances face-to-face. This will cover your assets and who you want them to go to if you pass away, as well as things like who will be the executor of your Will. This is the person or persons who will collect together your assets, pay any debts and tax you owe and then oversee the distribution of your assets to your loved ones.
The Will writer can guide you on some of the decisions you need to make based on their own experience and then will go away and draft it for you.
Some may also have storage options for you, so that you know your Will is kept in a safe and secure place.
I don’t know what it will cost
Currently, it is not always easy to compare what it will cost to have your Will written by one professional compared to another. That is changing though, with the Solicitors Regulation Authority (SRA) pushing for legal firms in particular to be more transparent about their charges, for example by publishing hourly rates.
Do bear in mind though that these changes will not cover all professional Will writers, only legal firms, as it is an unregulated profession. There are many high quality professionals who specialise in Will writing and can provide a dedicated service as a sole practitioner. In these instances, it is always useful to seek referrals from friends or family, read reviews and contact for individual quotes.
Rob, Managing Director from Pembroke Wills said:
“We know the value of using a professional to write a Will; it offers real peace of mind, knowing that it has been done properly and your wishes will be carried out. However, we know that it can be difficult for some people to establish just what it will cost. We are always happy to discuss our services and what we charge”.