Discussion
SSG1000 said:
Hi all,
Looking to get a Will drawn up, and would like to ask:
Can it be done without a solicitor?
If I do instruct a solicitor what’s the approximate cost of doing so? (Simple estate nothing complexed).
Any recommendations for any West Midlands based solicitors, to draw a Will?
it can be done without a solicitor, i think you can still buy packs to write your own. If you do use a solicitor to write it, do not blindly accept their offer to be an executor. Solicitors don't surprisingly outline their fees to act as executors when doing a will, I think you might be shocked what some will charge (avoid those that charge a 'value element' ontop of their fees). Much better to have a beneficiary responsible ( and they can engage a solicitor if needed at the time and confirm fees before appointing them)Looking to get a Will drawn up, and would like to ask:
Can it be done without a solicitor?
If I do instruct a solicitor what’s the approximate cost of doing so? (Simple estate nothing complexed).
Any recommendations for any West Midlands based solicitors, to draw a Will?
You can plan for a lot more with a good Will.
For instance if you own a property with a partner you could sever the title to tenants in common and then leave your half to a family trust with the partner being a potential beneficiary...if one dies and the other needs long term care the property is then protected from means testing and no deprivation has been committed as the deceased sheltered the asset, not the survivor....this can also protect a blood line and avoid generational inheritance tax, marriage and divorce after first death, creditor claims etc.... (and before someone spouts periodic and exit charges...there aren't any if the trust has just the nil rate band in it)
But it will not be £200 to do.
Also consider lasting power of attorneys
For instance if you own a property with a partner you could sever the title to tenants in common and then leave your half to a family trust with the partner being a potential beneficiary...if one dies and the other needs long term care the property is then protected from means testing and no deprivation has been committed as the deceased sheltered the asset, not the survivor....this can also protect a blood line and avoid generational inheritance tax, marriage and divorce after first death, creditor claims etc.... (and before someone spouts periodic and exit charges...there aren't any if the trust has just the nil rate band in it)
But it will not be £200 to do.
Also consider lasting power of attorneys
Prompted me to check into the trust thing: https://www.which.co.uk/money/wills-and-probate/pa... has some info (& what sounds like a basic will offer for under £100 for a couple.....pretty sure that excludes the trusts piece 
)
We do need to sort ours out this year.....have one from many years ago, but things change (eg, our “kids” are now old enough to be executors!).....and these trust warrant further digging!
)We do need to sort ours out this year.....have one from many years ago, but things change (eg, our “kids” are now old enough to be executors!).....and these trust warrant further digging!
The risk of a DIY Will is that the document can be challenged quite easily in the Courts.
In almost all cases, where IHT would be payable, valuable planning opportunities will be missed meaning that £1,000's is needlessly paid in Inheritance Tax all to save a few £100 on legal fees.
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
In almost all cases, where IHT would be payable, valuable planning opportunities will be missed meaning that £1,000's is needlessly paid in Inheritance Tax all to save a few £100 on legal fees.
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
Helicopter123 said:
The risk of a DIY Will is that the document can be challenged quite easily in the Courts.
In almost all cases, where IHT would be payable, valuable planning opportunities will be missed meaning that £1,000's is needlessly paid in Inheritance Tax all to save a few £100 on legal fees.
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
Exactly this.In almost all cases, where IHT would be payable, valuable planning opportunities will be missed meaning that £1,000's is needlessly paid in Inheritance Tax all to save a few £100 on legal fees.
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
If you have enough assets to consider making a Will, doing it as cheaply as possible is a recipe for (avoidable) disaster.
It's extraordinary that people will scrimp on legal fees for conveyancing and Wills when those matters involve the most valuable assets!
Helicopter123 said:
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
What's the difference (if any) between a DIY POA (user go direct to the GOV website) against a solicitor prepared POA?Thank you all for the help so far!
In my case, i will be drawing a Will for my children and my dad will be doing one also. We presently live together (and have done all our lives).
Essentially everything we have built together will be passed to myself and my wife and not the other children.
This includes the estate we presently live in, as well as all the investments we have accumulated over the years.
I assume executing with a solicitor would be the best course of action?
In my case, i will be drawing a Will for my children and my dad will be doing one also. We presently live together (and have done all our lives).
Essentially everything we have built together will be passed to myself and my wife and not the other children.
This includes the estate we presently live in, as well as all the investments we have accumulated over the years.
I assume executing with a solicitor would be the best course of action?
chip* said:
Helicopter123 said:
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
What's the difference (if any) between a DIY POA (user go direct to the GOV website) against a solicitor prepared POA?On the last will & testament thing: certainly for the powerful PH Director, a bullet-proof 1-2 grand will to ensure the vast business empires, properties and finances end up in the preferred destination rather than having the scrabbling ex-partners off-spring fighting in court for a share makes perfect sense.
I suspect for those of us with somewhat lower assets might be as well off with either a DIY or a basic solicitor drafted one for a couple of hundred.
The key in my mind is ensuring you have someone engaged as executor who is capable and trusted by other beneficiaries.
Maybe that is hard for some.
Leaving it to the solicitor is a recipe for rather high fees being taken. I don't say that in a disparaging way to solicitors: I just know (through experience!) that there can be many, many hours spent chasing things up after someone has gone.
The family member would do that over the weeks and months needed will likely not think of taking any fees for it. A professional will (rightly) charge by the hour.
As for IHT - yes, it certainly needs considering, and neatly addressing where possible. My task for this year......
You can do the LPOA yourself but I would get a pro because you can eaily get them returned and I think there are fees for re-sub...the order of dating for the providers, donors etc can confuse many people.
With Wills and LPOA I always say "you don't know what you don't know" - I saw one will saying that he left his house in Cheam (full address) to his ex wife....I asked him what house that was, he said he sold it years ago and bought one in claygate and assumed that would still be ok????
There is an industry tale of "the Cunstable hanging in the hallway" being left to XYZ....at death it was not in the hallway as was being restored......
With Wills and LPOA I always say "you don't know what you don't know" - I saw one will saying that he left his house in Cheam (full address) to his ex wife....I asked him what house that was, he said he sold it years ago and bought one in claygate and assumed that would still be ok????
There is an industry tale of "the Cunstable hanging in the hallway" being left to XYZ....at death it was not in the hallway as was being restored......
Helicopter123 said:
The risk of a DIY Will is that the document can be challenged quite easily in the Courts.
In almost all cases, where IHT would be payable, valuable planning opportunities will be missed meaning that £1,000's is needlessly paid in Inheritance Tax all to save a few £100 on legal fees.
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
I'm not wealthy by PH means but where does one go for a 2k bullet proof will? In almost all cases, where IHT would be payable, valuable planning opportunities will be missed meaning that £1,000's is needlessly paid in Inheritance Tax all to save a few £100 on legal fees.
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
I did a joint one this year with a local solicitors and it was a couple of hundred quid and I don't have a huge confidence that they really gave us anything other than a generic template. Should fall under trading standards really.
It really depends what you want to happen when you die.
If your affairs are simple then your will need not be complex.
I would leave a large estate if I were to die today but my bequests are simple and I have used www.farewill.com which was free via the Royal British Legion and suited me.
(I hope to not leave a large estate when I die)
(and I want to die peacefully in my sleep)
(not screaming in terror like the other people in the car . . .)
If your affairs are simple then your will need not be complex.
I would leave a large estate if I were to die today but my bequests are simple and I have used www.farewill.com which was free via the Royal British Legion and suited me.
(I hope to not leave a large estate when I die)
(and I want to die peacefully in my sleep)
(not screaming in terror like the other people in the car . . .)
bmwmike said:
Helicopter123 said:
The risk of a DIY Will is that the document can be challenged quite easily in the Courts.
In almost all cases, where IHT would be payable, valuable planning opportunities will be missed meaning that £1,000's is needlessly paid in Inheritance Tax all to save a few £100 on legal fees.
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
I'm not wealthy by PH means but where does one go for a 2k bullet proof will? In almost all cases, where IHT would be payable, valuable planning opportunities will be missed meaning that £1,000's is needlessly paid in Inheritance Tax all to save a few £100 on legal fees.
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
I did a joint one this year with a local solicitors and it was a couple of hundred quid and I don't have a huge confidence that they really gave us anything other than a generic template. Should fall under trading standards really.
bmwmike said:
Helicopter123 said:
The risk of a DIY Will is that the document can be challenged quite easily in the Courts.
In almost all cases, where IHT would be payable, valuable planning opportunities will be missed meaning that £1,000's is needlessly paid in Inheritance Tax all to save a few £100 on legal fees.
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
I'm not wealthy by PH means but where does one go for a 2k bullet proof will? In almost all cases, where IHT would be payable, valuable planning opportunities will be missed meaning that £1,000's is needlessly paid in Inheritance Tax all to save a few £100 on legal fees.
For the wealthier PH member, spending £1k - £2k on a bullet proof Will (and PoA) is about the best financial investment you can ever make for the family.
I did a joint one this year with a local solicitors and it was a couple of hundred quid and I don't have a huge confidence that they really gave us anything other than a generic template. Should fall under trading standards really.
You also have the comfort of knowing that if there is something wrong with it, you have potential recourse against the solicitor's insurance. That cover is valuable to you and the intended beneficiaries and expensive for them to buy.
Gassing Station | Finance | Top of Page | What's New | My Stuff