A will is a legal document and will cost in the UK, ranging from free (through certain charity schemes) to several hundred pounds for straightforward affairs. More complex cases can cost up to £500. For Example, 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 and a mirror will cost around £200 to £4oo on average.
Also, the price differs depending on who writes your will (a solicitor, will writer, etc.), whether you opt for an online or in-person service, whether you need a mirror (couples’) will, and the complexity of your affairs, such as situations of significant wealth, trusts or overseas property. It is recommended to check with a solicitor to ensure your will is properly drafted and legally valid.
For a better idea of what will-writing service will suit you best, for professional advice and the likely costs, contact QualitySolicitors on 08082747557; our Free Initial Assessment is a free five-minute chat with us so we can tell you how we can help with you with our wills and probate services.
Mental Capacity and Valid Wills
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.
Power of Attorney for Future Decision-Making
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, this brings peace of mind and ensure your wishes are granted. 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.
Costs of Setting Up a Lasting Power of Attorney
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.