Cost to write a Will
The cost of writing a Will can vary depending on the method you choose. In this article, we will cover different options you have if you would like to write a Will.
Do you need a Will?
In the UK, around 57% of adults don’t have a Will, which means when they die their inheritance will be distributed according to rules of intestacy. This number might be higher, as 9% can’t remember if they had one.
Given that more than £5 trillion is expected to pass between generations over the next 30 years, this is concerning. Having a Will in place can be an important way to protect loved ones: saving on Inheritance Tax (IHT), avoiding family disputes, and distributing your estate based on your wishes.
So do you need a Will? No, you don’t have to write a Will, but it is highly recommended, especially if you have a blended family or are estranged from any of your family members.
Cost to write a Will?
In the UK, the cost of making a Will with a Solicitor can range from £150 to £500+, depending on the complexity of the Will and the Solicitor's fees. A simple Will might cost between £75 and £225, while more complex Wills, those involving Trusts or overseas assets, could cost several hundred pounds.
Factors influencing the cost to write a Will
Here are some of the factors influencing the cost of Will:
1. Complexity: Simple Wills (leaving assets to one person) are less expensive than complex Wills (involving Trusts, overseas assets, or specific inheritance plans).
2. Type of Will:
- Single Will: For a single person.
- Mirror Wills (for couples): These are two identical Wills, one for each partner.
- Joint Will: One Will for a couple, often with specific provisions for each partner.
3. Additional Services: Some Solicitors offer packages that include Wills, Lasting Powers of Attorney, or other estate planning services.
4. Location: Solicitor's fees can vary depending on the location.
Cost of writing a Will breakdown examples
- Simple Will (single person): Around £150-£250;
- Mirror Wills (couple): Around £200-£600;
- Trust Will: Can range from £450 upwards;
- Will with overseas assets or other complexities: £500+.
DIY Wills
Kings Court Trust strongly recommends using a professional to draft a Will. While many people will be tempted to save money by drafting their own Will using a DIY kit, the make-up of the assets you need to account for and how you want them to be passed to beneficiaries can complicate matters. Unfortunately, it’s all too common for us to see Wills be invalidated due to simple mistakes, and the resulting problems can often cause distress for the family having to deal with the estate.
