Cost of wills and setting up a trust
Discussion
Hello. I decided we needed wills made so I've been in touch with an estate planner. I like the chap and he is responsive and helpful. He is also not pushy.
Having gone through all our priorities and what we want to achieve he has said we should consider mirror wills with a full trust set up within them for the children. It will involve changing the house from being owned jointly to tenants in common. The estate as it stands today, including the house and cash/ investments/ insurance is about a million quid gove or take.
The quote I've been given to do this, which includes the conveyancing to swap over how the house is held, is £850.
Does that sound about right ?
Cheers
Having gone through all our priorities and what we want to achieve he has said we should consider mirror wills with a full trust set up within them for the children. It will involve changing the house from being owned jointly to tenants in common. The estate as it stands today, including the house and cash/ investments/ insurance is about a million quid gove or take.
The quote I've been given to do this, which includes the conveyancing to swap over how the house is held, is £850.
Does that sound about right ?
Cheers
My wife and I are in the middle of the same thing with a local law firm in NE London. Our house is already tenants in common although we may need to change the split to 50/50.
They are charging £450 for the wills.
My understanding is that there is no trust setup now - this only happens on the first death as per the instructions that will be in our wills.
Seeing as they are a financial planner are you getting other advice from them eg. writing life insurance into trust, using pensions, other IHT mitigation etc?
They are charging £450 for the wills.
My understanding is that there is no trust setup now - this only happens on the first death as per the instructions that will be in our wills.
Seeing as they are a financial planner are you getting other advice from them eg. writing life insurance into trust, using pensions, other IHT mitigation etc?
LeoSayer said:
My wife and I are in the middle of the same thing with a local law firm in NE London. Our house is already tenants in common although we may need to change the split to 50/50.
They are charging £450 for the wills.
My understanding is that there is no trust setup now - this only happens on the first death as per the instructions that will be in our wills.
Seeing as they are a financial planner are you getting other advice from them eg. writing life insurance into trust, using pensions, other IHT mitigation etc?
Yes thats basically the same thing , I didn't explain it properly. They are charging £450 for the wills.
My understanding is that there is no trust setup now - this only happens on the first death as per the instructions that will be in our wills.
Seeing as they are a financial planner are you getting other advice from them eg. writing life insurance into trust, using pensions, other IHT mitigation etc?
No other planning, just making sure the house and the cash stays in the family as it were. So if I die and my wife marries a 20 year old bloke from lands far away, or if my kids marry a wrong un, it won't all disappear.
That's the idea anyway. And it also reduces the liability to pay care home fees in a few decades time.
Eta, this is an extract from the email:
'I have attached a Fact Sheet regarding the Trusts that will fully protect each other on 1st death and then your children on 2nd death. This ensures that whatever happens after one of you dies, the deceased’s Estate is ring-fenced for only the survivor and then only your children. It's just a one-off cost of £425 each incl conveyancing to fully protect your Estate as well as ensuring Inheritance Tax efficiency for your children. This addresses all the concerns regarding protecting your children that you told me were Essential for you both.
As discussed, we customise the Trusts to ensure that your children inherit at the appropriate age (25) as well as appointing your selected Trustees to help the children manage their money until this age.
Your children will ultimately inherit in Trust in their names only, so that they are in full control of their inheritance and therefore protected from disinheritance through future divorce or separation. This also mitigates against generational Inheritance Tax issues as well as protecting their inheritance from future care costs.
Edited by princeperch on Monday 14th June 15:10
princeperch said:
Yes thats basically the same thing , I didn't explain it properly.
No other planning, just making sure the house and the cash stays in the family as it were. So if I die and my wife marries a 20 year old bloke from lands far away, or if my kids marry a wrong un, it won't all disappear.
That's the idea anyway. And it also reduces the liability to pay care home fees in a few decades time.
Eta, this is an extract from the email:
'I have attached a Fact Sheet regarding the Trusts that will fully protect each other on 1st death and then your children on 2nd death. This ensures that whatever happens after one of you dies, the deceased’s Estate is ring-fenced for only the survivor and then only your children. It's just a one-off cost of £425 each incl conveyancing to fully protect your Estate as well as ensuring Inheritance Tax efficiency for your children. This addresses all the concerns regarding protecting your children that you told me were Essential for you both.
As discussed, we customise the Trusts to ensure that your children inherit at the appropriate age (25) as well as appointing your selected Trustees to help the children manage their money until this age.
Your children will ultimately inherit in Trust in their names only, so that they are in full control of their inheritance and therefore protected from disinheritance through future divorce or separation. This also mitigates against generational Inheritance Tax issues as well as protecting their inheritance from future care costs.
Thanks, that really helps me to know what to ask my lawyer.No other planning, just making sure the house and the cash stays in the family as it were. So if I die and my wife marries a 20 year old bloke from lands far away, or if my kids marry a wrong un, it won't all disappear.
That's the idea anyway. And it also reduces the liability to pay care home fees in a few decades time.
Eta, this is an extract from the email:
'I have attached a Fact Sheet regarding the Trusts that will fully protect each other on 1st death and then your children on 2nd death. This ensures that whatever happens after one of you dies, the deceased’s Estate is ring-fenced for only the survivor and then only your children. It's just a one-off cost of £425 each incl conveyancing to fully protect your Estate as well as ensuring Inheritance Tax efficiency for your children. This addresses all the concerns regarding protecting your children that you told me were Essential for you both.
As discussed, we customise the Trusts to ensure that your children inherit at the appropriate age (25) as well as appointing your selected Trustees to help the children manage their money until this age.
Your children will ultimately inherit in Trust in their names only, so that they are in full control of their inheritance and therefore protected from disinheritance through future divorce or separation. This also mitigates against generational Inheritance Tax issues as well as protecting their inheritance from future care costs.
LeoSayer said:
My wife and I are in the middle of the same thing with a local law firm in NE London. Our house is already tenants in common although we may need to change the split to 50/50.
They are charging £450 for the wills.
My understanding is that there is no trust setup now - this only happens on the first death as per the instructions that will be in our wills.
?
Better to form the trusts now really, many solicitors seem to never bother forming the trusts during probate and do not utilise the trusts. Normally form the trusts now and use a £10 deminimus. They are charging £450 for the wills.
My understanding is that there is no trust setup now - this only happens on the first death as per the instructions that will be in our wills.
?
jules_s said:
Oddly (sadly) I'm dealing with the same
My dad sadly passed away last week and this is how his will is written
I've not managed to talk to his solicitor yet, despite trying, so when I do I'll fill in the process if I'm able to
That would be very kind if you did. I am of course, very sorry to read your sad news, and my condolences for your loss.My dad sadly passed away last week and this is how his will is written
I've not managed to talk to his solicitor yet, despite trying, so when I do I'll fill in the process if I'm able to
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