How much should a Will cost?
We have been going through a cost of living crisis for almost a year, and if you’ve been thinking about making a Will for some time then you may also have been wondering what the process and the cost would be. If you have already obtained quotes from a few firms, you might be surprised at the difference in price between providers.
It’s a little known fact that anyone can be paid to draft a Will – you don’t have to be a solicitor, and you don’t have to have any qualifications or experience!
Solicitor or Legal Executive (“lawyer”) drafted Wills are considered the ‘gold standard’ by experts like Martin Lewis, and costs tend to range from £250 to £500 for a straightforward Will. The price will depend on things like the size of the firm you use (smaller firms tend to be cheaper) and your location.
Will writers (who are usually non-lawyers) tend to charge a similar amount, particularly if they have years of experience. You should be wary of very cheap or very expensive Wills, as these are often offered by people with no knowledge of this area of the law.
"Who should I use?"
One of the most important factors in the cost of a professionally prepared Will is the amount of experience and the qualifications of the drafter.
Lawyers have gone through years of education and rigorous exams to become qualified. It takes almost as long to qualify as a lawyer as it does to become a doctor, which goes some way towards explaining why legal professionals cost much more than a DIY Will pack from a high street shop.
When using a Will Writer, the quality of work varies hugely between individuals and providers. It is vital that you check for things like the qualifications and experience of the person preparing the Will, and whether the person or firm has professional indemnity insurance if something goes wrong. When using a qualified lawyer, this protection is guaranteed.
With qualified lawyers, you could also complain to the Solicitors Regulation Authority (SRA) or CILEX Regulation if your lawyer was not competent to prepare your Will. You do not have this recourse when using an unqualified Will Writer.
Summary:
The difference in cost between a Lawyer and a Will Writer can be negligible, and you should be wary of anyone charging significantly more or less than the figure mentioned (unless your Will contains something more complex, for example a trust structure, which will increase the cost).
When preparing a Will, you are paying for the experience and often the qualifications of the drafter. You pay for the peace of mind that the document will be valid and do exactly what you want it to do. Please bear that in mind the next time you see a Will offered for £99 – it is normally too good to be true!
If you are interested in making a Will please contact us on: 0116 212 1000
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