For a while, I've been intending to make a will, and last month, after having heard of Will Relief Scotland (tinyurl.com/33tw8uo) my wife and I made an appointment with a participating solicitor.
Basically, the deal is "Through Will Relief Scotland your Will is drawn up by one of our participating Solicitors who have generously agreed to provide this service free of charge in September 2010. Instead of paying for the Will you will be invited to make a donation to the Will Relief Scotland Charities." The suggested donation for mirror wills was £95, and a quick look around the internet suggested that solicitors would usually charge around £130 for mirror wills.
We reckoned that our wills were fairly straight-forward, though, due to unusual family circumstances, possibly a little more complicated than some - at least if we wanted to cater for all the eventualities, no matter how unlikely.
Anyway, we went to the solicitor, explained what we wanted, and he did mention the fact that this might add slightly to the price - i.e. it would not be covered by the suggested donation to Will Relief.
However, when the envelope came from the solicitor, it was still a bit of a shock. It read
"Additional fee in connection with regard to and preparation of Wills incorporating Discretionary Trust and Accumulation and Maintenance Trust provisions - £300 + VAT = £352.50."
The wills managed to be 13 pages long (maybe wills always are long!) - but this still seemed a bit over the top.
I had, in my innocence, reckoned that
a) since the Will Relief website didn't say anything about solicitors charging extra, that they wouldn't do so,
b) since the solicitor said it would cost a bit extra, it might be another £50 or so, rather than roughly quadrupling the cost, and
c) if the cost of drawing up the will was higher, the solicitor would suggest a larger donation to Will Relief Scotland.
What do people think?
|
I don't think the price is hugely out of line, though they should have given you a price up front.
We paid £600 + VAT recently for mirror wills, not terribly complicated. But they've been written extremely well, and I don't see us needing to update them for quite some time.
|
...it might be another £50 or so, rather than roughly quadrupling the cost, and...
Agreed, this firm is nothing other than a service provider to you - someone you've engaged to provide a service at an agreed cost.
No different to a builder, computer man, plumber or a painter and decorator.
They should have made the price clear to you before undertaking the work.
I doubt it's malicious, lawyers are often very clever people, but lack common sense - I wouldn't trust some I know to cross the road unaided.
|
|
Depends on the work involved - it sounds a very long will !
|
You haven't just bought a simple will, you have bought a discretionary trust.
That is usually done for Inheritance Tax purposes. The whole subject is fraught with pitfalls, and to be certain of having something that is HMRC-proof you need it set up by a tax expert who has looked at your particular circumstances and requirements.
It isn't remotely comparable with the cost of a simple will.
Either you have been misled into buying something you don't need, or else you have substantial assets and you really do need the services of a tax expert.
|
Thanks all, for your comments so far.
Tigger - That particularly helpful, since it does give me some idea of the variability of the cost of wills.
Cliff - Yes, I knew that the discretionary trust was the thing that jacked up the price - and no, it's not for Inheritance Tax purposes. (I don't want to say too much, but it is for a relative who is disabled because of a hereditary condition.)
|
>> but it is for a relative who is disabled because of a
>> hereditary condition.
>>
I do know that that is a special category of discretionary trust, with its own rules, exemptions, etc.
It does sound rather more complicated than just a simple will, so I am not really surprised that it costs a lot more. I think the important thing is to have found a solicitor experienced in the particular features, and that you have trust in. The first demonstration of that trust I think is his willingness to explain things clearly so that you too see the purpose of the proposal and how it would work out in practice.
|
Sounds cheap to me for a very complicated will involving apparently two trusts.
If you needed them, it was definitely money well spent; presumably you would not want said relative to be penniless on account of a defective will.
|
Again, many thanks gentlemen.
"presumably you would not want said relative to be penniless on account of a defective will."
Exactly. At the moment, relative is fairly well provided for by the state - and may well continue to be so. However we wanted to draw up the will in such a way that if there was a major change in benefits regulations, appropriate provision would be available.
|
|
Just had a flyer from t'Co-oP - 120 for a bog standard will plus 15% off for members - cheap as chips.
|
£300 + VAT is cheap for what has been done. I have reasonably complicated financial matters due to a family company, living parents and a wife and children as well as my own assets. I don't think my will is 13 pages long although there are several trusts separate to it but it cost thousands to set up.
Perhaps the lawyer was unaware of your understanding of 'a little bit extra' but to a professional its peanuts. Most of us will not start a new job for anything less than £300 + VAT.
|
|
As I said further up a bargain !
|
One day I'll get around to making a will. Been saying that for twenty years though. Sigh.
|
|
It turns a difficult time into a costly nightmare. Do it.
|
Yes..I guess. I keep thinking that as my affairs are absurdly simple then intestacy will cover it fine.
But I suppose I should do something - if it really is as simple as I think then it won't be that expensive I guess.
|
Assuming you have any of the following : - Wife/children/girlfriend who is the mother of your children then a will, will help the family deal with your affairs whilst dealing with the grief of your death.
Two examples: -
Colleague aged 25. Father dies suddenly leaving widow and poorly paid son. Leaves all his affairs in apple pie order. As a result, grieving family get through the ordeal easily, widow owns house, helps son to buy house when he gets married and to progress in his career.
Natasha McElhone - actress and wife of 40yo plastic surgeon who dies suddenly, intestate. It takes a year of total nightmare, close to bankruptcy and breakdown to resolve his estate (she had to sue her children I think) during which time she gave birth to her third child conceived just before the father died. Not an ideal situation.
|
And if you have been married then taken up with a new partner but not married. First wife has a claim against your estate unless you have made provision in a will to your new partner.
Messy!
Last edited by: Fullchat on Wed 6 Oct 10 at 21:20
|
Of lawyers and making wills - Tigger
