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How much does it cost to make a will?

Sedef | Greater London| 06/09/2017 | 0

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Sedef's question in full

How much does it cost to make a will?

Holly Mackay's Response

The answer is, of course, it depends. At the cheapo end of the spectrum, WHSmith and Amazon offer DIY Will e-kits for approximately £10. Trade Unions often offer a will service free to members, and some charities such as Cancer Research UK and Barnardo’s do the same for anyone over 55 in the hope that the charity is remembered in the will.

Next up are online providers, such as Co-op, who offer a fixed-fee service. We also like solicitors Irwin Mitchell who offer an online service starting from £145+VAT for a single will. Many banks will offer their customers a will writing service and costs can average from £90.00 -£150.00.

Also interesting is new service Lexikin which will let you draw up a will but also manage your whole ‘digital estate’, leaving photos, messages, videos and other sentimental things for your family. You can also store passwords and accounts here and your executor just needs to pay £100 to access all of this. Security is the big question these guys will have to tackle.

If you instruct a solicitor to draw up your will, the cost is likely to be between £150 and £400 for a single will or between £200 and £500 for mirror wills. Anything more complicated will cost extra. But paying a few hundred pounds now could save thousands of pounds in tax in the future. So those with more assets, people who are unmarried or divorced, parents and anyone with very specific wishes, should consider forking out to get this done and checked by a professional.

 

 

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Holly Mackay

Founder and MD of Boring Money, Holly Mackay has been working in the investments space since 1998. She read Modern Languages at Oxford, with a special focus on Mediaeval French which was deeply interesting and arguably utterly useless.

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