When it comes to estate planning, many people assume that creating a Will should be a straightforward and inexpensive process. After all, a Will is just a document that states who should inherit your belongings after you pass away, right? So why does it often come with a higher price tag than expected?
The truth is, even a "simple" Will involves various considerations and potential complexities that can contribute to its cost. In this blog we show some examples of why creating a Will might cost more than you anticipated.
Personalised legal advice
Everybody is different and every situation is unique.
While there are online templates and DIY kits available, these fall short of addressing your specific needs and circumstances. A lawyer will take the time to understand your family dynamics, financial situation and future intentions. They will tailor the Will to fit your unique situation, ensuring that it’s legally sound and comprehensive. A lawyer will take the time to go through every eventuality, to make sure there are no gaps and that your Will safeguards your loved ones after your death.
Complex family structures
If your family situation is anything other than straightforward, creating a Will can become more complicated. Blended families, children from previous marriages, stepchildren, vulnerable or estranged relatives or excluding family members can all create unique challenges in estate planning. Lawyers have experience in dealing with all sorts of family dynamics and can advise you how to structure your Will to protect every party.
Consideration of tax implications
A Will does more than just distribute your assets; it also has tax implications. A lawyer will be able to advise on the inheritance tax allowances and your potential tax exposure. They can advise you on ways to reduce your estate's future liability and structure your Will in the most tax efficient way. Without obtaining inheritance tax advice, the provisions of your Will might have serious tax implications which could be easily avoided with the right advice.
Incorporating trusts or special provisions
Even if your assets are relatively modest, you may need to include provisions for minor children, disabled dependants, or beneficiaries who are not financially responsible. In these cases, a trust might be necessary to manage the inheritance until the beneficiary is of age or to provide for a dependant’s care.
Setting up a trust requires additional legal work, including the drafting of trust documents and ensuring they are properly integrated within your Will.
Administrative advice
A common problem with home-made Wills is that they are often not signed correctly. If the Will is not properly executed or witnessed it can invalidate the entire document, meaning your estate would pass under the rules of intestacy. A lawyer will usually meet with you to sign your Will and can then advise on how it should be stored going forward.
Peace of mind
Finally, while the upfront cost of creating a Will might seem high, it’s important to consider the peace of mind it provides. A professionally-drafted Will can prevent legal disputes, protect your loved ones, and ensure that your assets are distributed according to your wishes. The cost of resolving disputes or dealing with an improperly executed Will, often far exceed the initial expense of drafting a comprehensive and legally sound document.
Solicitors are regulated by the Solicitors Regulations Authority (SRA) which means if something was to go wrong, your loved ones are protected by their insurance and complaints process.
Conclusion
While the idea of a straightforward "simple" Will may suggest a quick and inexpensive process, the reality is that creating a Will involves numerous considerations specific to your unique circumstances that require careful discussion. Preparing in a well-drafted Will is an investment in your future, and the future of your loved ones. It can ensure that your wishes are honoured, and potential conflicts are minimised. In the end, the cost reflects the value of the peace of mind and legal certainty that a properly prepared Will provides.
In our next collection of legal blogs, we will present a series of case studies illustrating examples of where clients' ‘simple’ wishes can be more complex than they originally thought and how a solicitor can advise on these.
Contact us
If you or a friend/family member are looking to prepare a Will , and would like to make an appointment to see one of our lawyers, please contact our enquiries team by email at privateclient@baker-law.co.uk or telephone 01252 733 770 and ask to speak to the Private Client team about Wills. We will be happy to provide details of our fees and procedure and arrange an appointment to meet at our Farnham office, to take instructions.
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