When it comes to planning for the future, creating a Will is one of the most important steps you can take. A will ensures that your wishes are followed and your assets are distributed according to your intentions after you pass away. If you’re in North Somerset and wondering about the cost of making a will, this article will provide you with a comprehensive guide to help you navigate through the process.
What is the average cost of a Will in the UK?
As you might expect, the costs of Wills varies across the country. According to Money Helper, the cost of creating a will in the UK ranges from £150 to £2,048 depending where you are and the complexity. Naturally, this figure also depends whether you approach a solicitor, which typically will be more expensive, or whether you work with a professional Will Writer. Trusts vary in cost, starting at about £500, and the average Trust costs approximately £1,200 inclusive of VAT. Usually a Mirror Will costs less than making two separate Wills which can be a benefit to couples.
Understanding the Cost of a Will in North Somerset
The cost of creating a will in North Somerset can vary significantly based on several factors, including the complexity of your estate, the solicitor you choose, and the type of will you need. Here are some of the average costs you can expect:
1. Simple Will
A simple will is a basic will that outlines your wishes for the distribution of your assets. If you have a small estate and straightforward wishes, a simple will may suffice. The cost of a simple will in North Somerset typically ranges from £175 to £400.
2. Complex Will
If you have a larger estate, a business, or complex family circumstances, you may need a more detailed Will, often referred to as a complex will. This type of will can include trusts, tax planning, and other provisions to ensure your wishes are carried out. The cost for a complex will in North Somerset can range from £350 to £1,000.
3. Mirror Wills
For married couples or those in a civil partnership, mirror wills offer a cost-effective way to ensure that both parties’ assets are distributed according to their mutual wishes. The cost of mirror wills in North Somerset usually ranges from £300 to £550.
At Futura Planning we charge £200 for a Simple Will and £300 for a Simple Mirrored Will. We believe this offers excellent value for money as we aim to go above and beyond to hopefully make a subject that many don’t want to address as easy and straightforward as possible.
Choosing the Right Professional for Your Will
When it comes to making a Will, choosing the right help is key. Here are some tips to help you find the right professional to help guide you through this:
- Check their credentials: Ensure the professional is experienced in creating Wills and is a member of a professional body such as the Society of Will Writers or the Institute of Professional Willwriters.
- Get recommendations: Seek recommendations from friends, family, or colleagues. Online reviews can also provide valuable insights.
- Compare prices: Obtain quotes from several professionals to compare prices and services. Make sure you understand what is included in the cost, such as will storage and additional services.
- Ask questions: Don’t hesitate to ask questions about the professional’s experience, process, and fees. This will help you make an informed decision and ensure you’re comfortable with your choice.
The Importance of Making a Will
Creating a will is essential for several reasons:
- Control over asset distribution: A Will allows you to specify how your assets should be distributed, ensuring your loved ones are taken care of according to your wishes.
- Minimises conflicts: A well-drafted Will can minimise disputes among family members and reduce the likelihood of legal battles.
- Tax planning: A complex Will can incorporate tax planning strategies to minimise the tax burden on your estate.
- Guardianship for minors: If you have minor children, a will allows you to appoint guardians to care for them in the event of your death.
Additional Services and Considerations
When creating a will, there are additional services and considerations you might want to explore:
1. Will Storage
Many companies offer will storage services to keep your will safe and accessible. Ensure you understand whether this service is included in your fees or if there’s an additional charge.
2. Regular Updates
Your circumstances might change over time, so it’s essential to update your will accordingly. Some solicitors offer packages that include updates, while others might charge a separate fee for this service. Regular updates ensure that your will reflects your current wishes and circumstances.
3. Technical Advice
Depending on the complexity of your circumstances and estate, you might require comprehensive professional advice beyond just drafting the Will. Consultations regarding trusts, tax planning, and business succession can add to the total cost but are vital for ensuring your Will is thorough and effective.
Conclusion
Creating a Will is a critical step in ensuring your assets are distributed according to your wishes and that your loved ones are cared for after you pass away. While the cost of making a Will in North Somerset can vary, it’s essential to focus on finding a reputable and experienced professional who can provide the level of detail and service you require. By doing thorough research, obtaining multiple quotes, and asking the right questions, you can ensure your investment in a Will offers peace of mind and security for your future.
Secure your future today by taking the necessary steps to create a Will. Don’t leave it to chance; ensure your wishes are documented and legally binding to protect your loved ones and your legacy.
