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Making a will is one of the most important steps you can take to protect your loved ones and ensure your final wishes are carried out. But how much does it actually cost to make a will in the UK? In this article, we’ll explore the various factors that can affect the price of making a will and provide real-life examples to help you understand what you can expect to pay.
The cost of making a will can vary depending on several factors, including:
Let’s take a closer look at each of these factors.
The more complex your estate, the more expensive it will likely be to make a will. For example, if you have multiple properties, overseas assets, or a large investment portfolio, you may require a more comprehensive will that takes into account various tax and legal considerations. In contrast, if you have a relatively simple estate with few assets, you may be able to use a basic will template or service.
There are several types of wills available in the UK, each with its own set of features and benefits. The most common types include:
Simple will: A basic will that covers the distribution of your assets and the appointment of executors.
Mirror will: A set of identical wills for couples with similar wishes.
Trust will: A will that includes provisions for setting up a trust to manage your assets after your death.
The type of will you choose can affect the overall cost of making a will. For example, a simple will may cost less than a trust will, which requires more complex legal drafting and advice.
Another factor that can affect the cost of making a will is whether you choose to use a solicitor or a will-writing service. Solicitors are qualified legal professionals who can provide expert advice and ensure your will is legally valid. However, their services can be more expensive than those of a will-writing service. Will-writing services, on the other hand, offer a more affordable alternative to solicitors. These services often provide online tools and templates that allow you to create a basic will quickly and easily. However, it’s important to choose a reputable service that is regulated by a professional body, such as the Society of Will Writers.
Finally, the location of the service provider can also affect the cost of making a will. In general, services in London and the South East tend to be more expensive than those in other parts of the UK. However, this is not always the case, and it’s worth shopping around to find the best deal.
To give you a better idea of how much it might cost to make a will, let’s look at some real-life examples from Xwills.com, a leading will-writing service in the UK.
A simple will from Xwills.com starts at just £45 for a single person or £70 for a couple. This includes:
A telephone will from Xwills.com starts at £150 for a single of £225 for a couple.
This includes:
A trust will from Xwills.com starts at £195 for a single person or £315 for a couple. This includes:
As you can see, the cost of making a will can vary depending on your specific needs and circumstances. However, with Xwills.com, you can get a professionally drafted will at an affordable price, with the added convenience of online storage and unlimited revisions.
*prices are based on the 50% discount for taking out life insurance through our FCA registered partner.
While it may be tempting to choose the cheapest option when making a will, it’s important to consider the potential risks and drawbacks of doing so. A poorly drafted or invalid will can lead to disputes among your beneficiaries, delays in the distribution of your assets, and even legal challenges to your estate.By investing in a professionally drafted will from a reputable provider like Xwills.com, you can have peace of mind knowing that your wishes will be carried out as intended and that your loved ones will be protected after you’re gone.
If you’re considering using a will-writing service to make your will, there are a few key factors to keep in mind:
By taking the time to research and compare different will-writing services, you can find the right provider to help you make a will that meets your needs and protects your loved ones.
It’s a good idea to review and update your will every 3-5 years, or whenever you experience a significant life event such as marriage, divorce, the birth of a child, or the acquisition of a major asset. Keeping your will up to date ensures that it reflects your current wishes and circumstances. If you take the storage option with xwills.com these reviews are free of charge.
If you die without a valid will in the UK, your estate will be distributed according to the rules of intestacy. This means that your assets will be divided among your closest relatives in a predetermined order, which may not align with your wishes. Additionally, unmarried partners and stepchildren may not inherit anything under the rules of intestacy.
While it is possible to write your own will in the UK, it is generally not recommended. DIY wills can be prone to errors and omissions that can lead to disputes and legal challenges after your death. By using a professional will-writing service or solicitor, you can ensure that your will is legally valid and comprehensive.
The time it takes to make a will can vary depending on the complexity of your estate and the service you choose. With Xwills.com, you can typically complete the will-writing process within 30 minutes to an hour, with unlimited revisions for 30 days after the initial draft is created.
Yes, you can change your will at any time as long as you have the mental capacity to do so. Minor changes can be made using a codicil, which is a separate document that amends your existing will. For more substantial changes, it’s usually best to create a new will that revokes the previous one.
Your will should include instructions for the distribution of your assets, the appointment of executors to carry out your wishes, and any specific bequests or charitable donations you wish to make. You may also want to include provisions for the care of any dependents, such as children or pets, and specify your funeral preferences.
The cost of storing your will can vary depending on the provider and the level of security offered. Some will-writing services, including Xwills.com, offer secure online and offline storage for a nominal free. Alternatively, you can choose to store your will with a solicitor or a specialist will storage company for a fee.
Yes, you can include instructions for the management and distribution of your digital assets, such as online accounts, social media profiles, and cryptocurrency holdings, in your will. However, it’s important to ensure that your executors have the necessary access and permissions to carry out your wishes.
A living will, also known as an advance directive, is a document that specifies your wishes for medical treatment and end-of-life care in the event that you become incapacitated and unable to communicate your preferences. While not legally binding in the UK, a living will can provide guidance to your loved ones and healthcare providers. It is a separate document from your main will and can be created alongside it. Read more about living wills here
Making a will is an important step in protecting your assets and ensuring your final wishes are carried out. While the cost of making a will can vary depending on your specific needs and circumstances, there are affordable options available from reputable providers like Xwills.com.By investing in a professionally drafted will, you can have peace of mind knowing that your loved ones will be taken care of after you’re gone. So don’t put it off any longer – start exploring your will-writing options today and take control of your legacy.
The information provided in this article on what you should never put in your will is for general informational purposes only and does not constitute formal legal advice. While we strive to provide accurate and up-to-date information, laws and regulations may change over time. For your specific situation, it is always best to consult with a qualified professional who specialises in wills and estate planning. They can guide you through the process of properly drafting and executing your will, ensuring it is legally valid and tailored to your unique needs. Services like XWills.com offer expert will writing assistance from licensed professionals. Speaking with them directly will give you the personalised attention and formal legal guidance needed to achieve your estate planning goals and protect your legacy.
Co-Founder, CEO and Senior Will Writer at Xwills.com
Andrew Walters is the co-founder and CEO of Xwills.com, an estate planning firm that combines technology with personalised customer service to elevate the will writing experience. As a full member of the Society of Will Writers, Andrew is committed to upholding the highest professional standards in the field.
Driven by a passion for providing comprehensive support to clients, Andrew pursued formal qualifications in will writing and estate planning. This journey led to the establishment of Xwills, where he and his team fill a gap in the market by offering a tailored alternative to online-only will writing services.
At Xwills, Andrew ensures that each client receives the time and attention needed to understand their specific requirements. He strongly believes that something as important as writing a will should not be rushed or done without expert guidance.
As a member of the Society of Will Writers, Andrew adheres to their code of practise and continues to expand his knowledge through annual training.
His expertise, combined with Xwills’ commitment to customer service, positions him as a trusted resource for those seeking to protect their legacy and provide for their loved ones.
With his dedication to professionalism and personalised service, Andrew Walters is setting a new standard in the estate planning industry.
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