How Much to Make a Will in the UK? Costs and Options
August 28, 2022
If you’re wondering about the cost of making a will in the UK, you’re not alone. Many people put off this essential task because they’re unsure about the process or the expenses involved.
The truth is, the cost of a will can vary depending on your circumstances and the type of service you choose. Whether you opt for a DIY will, use an online service, or hire a solicitor, understanding the options can help you make an informed decision. By knowing what to expect, you’ll be better prepared to take this crucial step towards securing your family’s future.
How Much Does It Cost To Make A Will In The UK?
The cost of making a will in the UK varies depending on the type of will, complexity of your estate, and professional services involved. Understanding these variations helps you plan effectively and choose the right option for your needs.
Cost By Will Type
Single wills, created for individuals, typically cost less than mirror wills, which are drafted for couples. Mirror wills are essential for spouses or partners who wish to leave their assets to each other. On average, a simple single will may cost between £90 and £150, while mirror wills range from £150 to £300. More complex wills for high-net-worth individuals (HNWIs) with extensive estates or detailed instructions can exceed £500, especially when professional advice is required.
Factors That Affect Will Costs
Complexity of Assets: Estates with multiple properties, businesses, or investments increase drafting costs due to additional provisions.
Professional Fees: Solicitors charge fees based on their expertise. Basic advice costs less than estate tax planning or trusts.
Geographic Location: Costs may vary between urban and rural areas, with higher rates often seen in major cities.
Special Provisions: Custom clauses, such as those ensuring tax-efficiency for heirs, increase the drafting price.
Free And Low-Cost Will Options
Some charities offer free will-writing services in exchange for a donation or legacy gift in your will. Low-cost services, such as DIY kits or online templates, range from £20 to £50. While these options provide affordability, they may lack the legal rigor of those prepared by solicitors, making them unsuitable for complex estates. This trade-off between cost and complexity is critical when deciding.
Choosing How To Draft Your Will
Deciding how to draft your will involves assessing your needs, budget, and the complexity of your estate. Understanding the available options helps you choose the most suitable method.
DIY Wills
Creating a DIY will is cost-effective and ideal for straightforward estates. These can often be completed for free or for as little as £20 to £100 using templates or kits.
Make sure your will complies with the formalities of the Wills Act 1837, which requires it to be signed and witnessed correctly to be legally valid. Errors may lead to disputes or invalidation, so only consider this if your estate is simple and you feel confident handling the process independently.
Using A Will-Writing Service
Will-writing services provide affordable alternatives to solicitors, with prices ranging from £30 to £150. While useful for standard estates, these services may lack legal oversight and regulation.
TrustWise Planning, a trusted provider in the UK, bridges the gap by offering professional will-writing services tailored to your unique needs. With our experienced team, you benefit from a smooth, stress-free process that ensures your estate is secure and your wishes are honoured. Our bespoke solutions also address more complex scenarios, such as dependants or business assets, with ease and professionalism.
Working With A Solicitor
Hiring a solicitor offers unparalleled legal accuracy and protection. Costs typically range from £90 to over £500, depending on the complexity of your estate. Solicitors are ideal for handling intricate matters like Inheritance Tax planning, cross-border property, or multiple claims.
TrustWise Planning provides both solicitors and trust creation services for clients seeking high-level expertise combined with personalised care. Our regulated professionals guide you through every step, safeguarding the validity of your will while offering secure storage options.
What To Include In Your Will
Creating a will requires careful planning to ensure your assets are distributed according to your wishes. Including key components can help streamline the process and protect your loved ones.
Naming Executors
Appoint executors to manage your estate after your death. You can name one executor, but having up to four is recommended to cover unforeseen circumstances, like illness or death, involving one executor. Common choices for executors include relatives, friends, solicitors, accountants, or banks. If you expect disagreements, appointing an odd number can prevent deadlocks. Always ask the individuals if they are willing to take on the role as executors can refuse if named without their prior consent.
Protecting Assets And Beneficiaries
Specify how your assets, such as property, savings, and investments, are to be distributed. Consider any debts (e.g., mortgages or loans) and ensure they're accounted for, as these reduce the estate's value. You can establish trusts for beneficiaries under 18 (16 in Scotland) or vulnerable individuals. For example, a life interest trust allows a spouse to benefit from income or property use during their lifetime. Parents or grandparents often use simple trusts to transfer assets to children when they reach adulthood.
Handling Specific Requests And Gifts
Detail specific gifts, such as valuables or personal items, to particular individuals or charities. After settling debts and expenses, specify where the residue of your estate will go. Include contingent instructions in case a beneficiary predeceases you. For example, you could state that their share passes to another individual or charity. If you wish, allocate a portion of your estate to charitable causes, ensuring your wishes are legally documented.
Storing And Updating Your Will
Properly storing your will ensures it remains accessible and valid. Regular updates keep it aligned with your wishes as circumstances change.
Safe Storage Options
Keep your will in a secure place to protect it from damage, loss, or unauthorised access. Common options include:
At Home: Store your will in a fireproof, waterproof safe. Inform trusted individuals or executors of its location to ensure easy retrieval.
Solicitor Services: Many solicitors offer will storage as part of their services, often charging a nominal annual fee. These facilities provide added security and accessibility.
Banks: Some banks offer secure storage facilities like safety deposit boxes, which are suitable for storing wills.
Will Storage Companies: Specialist storage providers like the National Will Register store wills securely and provide optional registration services for easier tracking.
Avoid keeping your will in inaccessible locations, such as sealed safe deposit boxes that may require court orders to open.
When And How To Update Your Will
Update your will whenever significant life changes occur to ensure it reflects your current wishes. Key events include marriages, divorces, births of children, or major financial changes like acquiring property or investments.
Frequency: Review your will every five years even if no major changes occur, to address any legislative updates or shifts in personal circumstances.
Process: To amend minor details, you can create a codicil, a signed and witnessed document that outlines the changes. For substantial revisions, drafting a new will is recommended to avoid discrepancies.
Destroy old versions after creating a new will to minimise the risk of conflicting interpretations during probate. Ensure new copies are securely stored and trusted individuals are informed of the updates.
Conclusion
Making a will is one of the most important steps you can take to protect your loved ones and ensure your wishes are respected. By understanding the options available and the associated costs, you can choose a solution that fits your needs and budget while providing the legal security your estate requires.
Whether you opt for a DIY will, a will-writing service, or professional guidance from a solicitor, the key is to act sooner rather than later. A properly drafted and regularly updated will offers peace of mind and safeguards your family’s future.
Frequently Asked Questions
Can I write my own will in the UK?
Yes, you can write your own will, but it must comply with the Wills Act 1837 and be signed and witnessed correctly to be legally valid. Consider professional help for complex estates.
What is a mirror will?
A mirror will is designed for couples and reflects identical wishes, where each partner leaves their estate to the other. It typically costs between £150 and £300.
Are there free options for writing a will?
Yes, charities often offer free or low-cost will services, usually in exchange for considering a donation. DIY will kits are another budget-friendly option but may lack legal precision.
How often should a will be reviewed?
You should review your will every five years or after major life changes, such as marriage, divorce, the birth of a child, or significant financial changes.
Do I need a solicitor to create a legally valid will?
No, you don’t need a solicitor to make a will. However, professional guidance is recommended for complex estates to ensure legal compliance and prevent disputes.
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