How Much Does It Cost to Create a Will?
Introduction
The cost of creating a will in the UK can vary significantly depending on how you choose to create it and the complexity of your estate. Whether you go the DIY route, use an online will service, or hire a solicitor, understanding the costs associated with each option is essential for making an informed decision.
In this guide, we will break down the costs of different will creation methods, factors that can influence the cost, and how to choose the best option for you.
Different Methods of Will Creation
1. DIY Will Kits
DIY will kits are one of the most affordable ways to create a will. These kits can be purchased online, in stationery stores, or from some legal service providers.
- Cost: £10 to £50
- Pros:
- Low cost
- Simple and straightforward for small estates
- Convenient and flexible
- Cons:
- May not be suitable for complex estates
- Risks of errors or omissions
- You need to ensure you follow all legal formalities (e.g., correct witnessing) to make it valid
DIY will kits are best for those with uncomplicated estates or those who are confident in their ability to draft the document correctly.
2. Online Will Creation Services
Online will creation services have become increasingly popular due to their affordability and convenience. These services typically guide you step-by-step through the process and offer templates to help you create a legally valid will.
- Cost: £20 to £150
- Pros:
- More affordable than solicitors
- Professional templates with guidance
- Suitable for many types of estates, including moderately complex ones
- Cons:
- Limited personalization for very complex or unique situations
- You may not get personalized advice
Some online services offer extra features, such as the ability to store your will for safekeeping or make changes at a later date.
3. Solicitor or Professional Will Writing Services
For those with complex estates, large assets, or specific legal needs, hiring a solicitor or a professional will writing service is the best option. Solicitors can provide advice tailored to your individual circumstances, ensuring that all aspects of your will are handled legally and effectively.
- Cost: £150 to £500 (or more)
- Pros:
- Personalized legal advice based on your circumstances
- Will tailored to complex estates (e.g., multiple properties, business interests, or trusts)
- High assurance that the will is legally sound
- Cons:
- Higher cost
- May involve additional fees for specific services (e.g., asset valuation)
Solicitors are ideal for individuals with large estates, complex family situations, or specific legal needs, such as trusts or tax planning.
4. Using a Will Writing Company
Will writing companies provide services similar to solicitors but usually at a lower cost. These companies often specialize in will creation and can help with straightforward to moderately complex estates.
- Cost: £100 to £300
- Pros:
- More affordable than solicitors
- More personalized service than DIY options or online services
- No need for a solicitor’s consultation
- Cons:
- Limited legal advice for highly complex estates
- Quality of service can vary from company to company
Will writing companies offer a balance between cost and expertise, making them a great choice for many individuals with mid-range complexity in their estate.
Factors Influencing the Cost of Creating a Will
Several factors can impact the cost of creating a will, whether you choose a DIY kit, an online service, or a professional will writer.
1. Estate Complexity
- If your estate includes multiple properties, businesses, or international assets, you may require more professional advice, which will increase the cost.
- More complex family situations, such as stepchildren, beneficiaries with special needs, or complicated guardianship arrangements, may also lead to higher fees.
2. Type of Will
- A basic will (outlining who gets what) tends to be cheaper, while more complex wills (e.g., those involving trusts or tax planning) will cost more due to the additional expertise required.
3. Additional Services
- Some services offer additional features like will storage, regular updates, or the creation of lasting powers of attorney (LPAs) for an additional cost.
- If you are looking for a will that involves trusts, business succession planning, or tax advice, the price may be higher.
4. Location
- If you hire a solicitor, the location can impact the cost. Solicitors in major cities, like London, may charge more than those in smaller towns.
Which Option Is Right for You?
The choice of how to create your will depends on your budget and your estate’s complexity.
- For simple estates: A DIY will kit or online service may be sufficient.
- For moderate estates: An online service or a professional will writing company is a good choice.
- For complex estates: You should consider hiring a solicitor for expert advice.
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FAQs About the Cost of Creating a Will
Can I create a will for free?
While many services charge, it is possible to find free will templates online. However, these may not be legally binding, and using a solicitor or professional service is recommended to ensure your will is valid.
Is it expensive to update a will?
The cost to update a will depends on how you update it. If you make minor changes (via a codicil), it can be affordable. However, a complete rewrite of your will may incur additional costs.
Are there any hidden costs with online will services?
Some online services may charge additional fees for will storage, updates, or extra documents like powers of attorney. Always check the full pricing details before committing.
Conclusion
The cost of creating a will varies depending on how you go about it and the complexity of your estate. Whether you opt for a DIY kit, an online service, or professional help, the most important thing is to ensure your will is legally valid and reflects your wishes.
