When you write a Will, it makes everything easier for your loved ones when you pass away.
It’s a very inexpensive way to safeguard your legacy, much cheaper than the amount potentially lost on taxes if a Will was not created.
So, exactly how much does a Will cost in the UK? And what should be included in the Will?
Keep reading for answers to both of these questions, and more.
Why should I make a Will?
A Will enables you to control what happens to your possessions after you pass away.
Whether you have many assets or not, clearly stating who you would like to receive your things can save your loved ones time and money.
If you don’t make a Will, some of your assets may be lost to the Government via tax, or could go to people that you don’t want to receive it.
On the other hand, a Will can ensure that you provide for your loved ones (e.g. children, parents, siblings or friends) and can protect your partner if you two are unmarried.
Your Will can also include important information, such as:
- Who your children’s guardians will be when you pass way
- Who should care for your pets
- Whether any of your money should be donated to charity
In short, a Will helps you safeguard your legacy and makes the probate experience faster, less expensive, and hassle-free.
Do I have to pay to make a Will?
If you want to be supported by a solicitor when creating your Will, it will usually cost a couple of hundred pounds.
Both Moneyhelper.org and Cartwright King state that prices start at £150 and can usually go up to around £500. Anything higher than this, and you may be being overcharged.
You can choose to write a Will by yourself, without the support of a solicitor.
This may save you money, and can therefore cost only around £50 to do.
However, you must ensure you don’t make any mistakes and cover everything you need to. Otherwise, something might happen with your estate after you have passed which you did not desire.
There is more than one type of Will, which can also impact the cost.
For example, Specialist and Trust Wills usually cost more than £400 in the UK, while a Single Will may only set you back around £150.
Equally, a Mirror Will can save you money over the cost of two Wills, as it is a more time and cost-effective way to go about things.
We have outlined all the different types of Will in the section below.
Do longer Wills cost more?
Although highly complex Wills will typically cost more, because there is more time and involvement required from a solicitor, it is often the type of Will that affects the price the most.
For example, as mentioned further above in this blog, Specialist and Trust Wills usually cost more than £400 in the UK, while a Single Will may only cost around £150.
What are the different types of Will?
There are several types of Will, each being more/less appropriate depending on your situation.
You should speak to a qualified solicitor for guidance on which one is best for you.
The main types of Wills are:
- Single Will – the most common type of Will, simply stating what should happen with your belongings after you pass
- Mirror Will – if you and your significant other share the same wishes, you can create two identical (‘mirror’) Wills, saving you time and money
- Trust Will – sets up a Trust as part of your Will
- Discretionary Trust Will – gives the trustee the discretion to decide who benefits from the estate, and how and when they will benefit
- Property Trust Will – puts a property that is in your name into a Trust
Another type of Will – albeit used in a very different situation – is a ‘Living Will’.
This clearly outlines the medical treatment you’d like to receive if you’re ever unable to communicate with doctors yourself.
There is also a ‘Joint Will’, which we have explained further below in this blog.
Some of these Wills are more complicated than others and may come with higher costs. You should speak directly to a solicitor’s firm (or several) for a quotation specific to your situation.
How long does it take to write a Will?
Writing your Will shouldn’t take more than a few hours if you are supported by an expert and already have a crystal-clear idea of where you would like each thing to go.
However, some people spend several years contemplating their Will, if they are still deciding what to do with their belongings.
The actual process of writing the Will, though, can be done in under an hour if everything else is in place.
What should I include in a Will?
By working with a solicitor, they can guide you on everything that needs to be included in your Will.
One of the most critical points is to name an executor who can carry out the probate process of distributing your belongings.
Some of the most important categories include:
- Who receives your assets – e.g. a property, car, jewellery, family heirlooms, or other items
- Where your money goes – e.g. who you want to receive it, and how much
- Who looks after your children (if under 18)
- Your funeral wishes
- Care for your pets
- What happens if the people you want to benefit die before you
You must outline who will receive the most significant assets, such as inherited property because families tend to fight over these the most (especially if you and your partner are not married).
Some people choose to make charitable donations in their Will, too, This should outline how much is being donated, and to whom.
Where should I store a Will?
Your Will can be kept safely in your own home, or you can store it with your solicitor, your bank, or a company that provides storage services for this type of thing.
What is a Joint Will and how much does it cost?
A Joint Will is a single document signed by multiple people that deals with each signatory’s property separately within the same Will.
This is different from a ‘Mirror Will’ because while a Mirror Will is two separate documents, a Joint Will is only one.
A Joint Will is slightly more complex to construct than a Single Will, costing comparatively more. According to multiple online sources, you can expect a Joint Will to cost at least £250.
You should seek expert advice if you need clarification on any part of the Will-writing process.
