The costs of making a will vary, depending on the size of your estate and how complex it is.
A simple will might cost as little as £75—£200 plus VAT. A more complex will, for example one that prevents children inheriting until they reach a particular age, might be around £350-£400 plus VAT. If you have assets worth more than the inheritance tax threshold of £325,000, or own a business, you may need more detailed advice.
For a better idea of what will-writing service will suit you best and the likely costs, contact QualitySolicitors on 01978227280; our Free First Advice is a free five-minute chat with us so we can tell you how we can help.
Of course it’s well known that in order to make a valid will, you need to declare that you’re of ‘sound mind’. That is, you have the mental capacity to think clearly about what you want to happen to your assets after your death.
If you anticipate a time in future when you’re going to have difficulties with making decisions about your wellbeing, then ‘power of attorney’ is a legally binding way of allowing someone you trust (usually a family member or very close friend) to make certain important decisions about you. You can define precisely what you want this designated person to be responsible for, and power of attorney can typically be used to implement controls over your finances, your health or your welfare.
The costs of setting up a lasting power of attorney will also depend on how complicated your requirements are. If you want to set up both a property and financial affairs LPA and a health and welfare LPA, this might cost £400—£600 plus VAT. The Office of the Public Guardian charges a further £110 fee to register each lasting power of attorney.