The Cost of Writing a Will
A will doesn’t have to cost you anything. It is perfectly legal to write your own will. However, you should be aware that if you inadvertently do anything to make the will invalid, or if you fail to do something you need to do, it could cost your beneficiaries dearly.
Most people assume that having a solicitor draft a will is an expensive procedure. It isn’t really, especially when you consider the benefits gained and the peace of mind of knowing that your will is a legal document that will be carried out according to your wishes when you die.
The first thing you can do to help reduce costs is simply shop around. Most solicitors are always keen to find new business and will be happy to provide a rough cost based on what you can tell them. Check out any insurance policies you may have.
Solicitors may charge by the hour, which is to your advantage. You can do a lot of preparatory work beforehand to help reduce costs considerably. Start by planning your will as much as possible. Decide who your executor will be. This is the person who will be responsible for seeing that your estate is properly distributed after your death. It is usually best to appoint more than one executor and list them in order of preference. That will ensure that if your first choice of executor cannot perform the duties required, for whatever reason, there will be someone else to step in and take over.
Make a list of all your assets. This is your estate and it may include things like a house, a car, money in the bank, personal belongings of value, either financial or sentimental, etc. You should next make a list of all your beneficiaries. These are the people who will benefit from your estate. Your spouse and close relatives will usually inherit the most important and most valuable items. Take time to consider who should get what and make a list.
If you prepare your will as much as possible before meeting with a solicitor, you can cut down on the time it will take to finalise proceedings. This is an important document and giving it serious thought and preparing a proper draft before meeting with your solicitor will demonstrate your commitment to getting it right.
Resources:
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/PlanningYourPersonalFinances/DG_10013642
http://www.adviceguide.org.uk/index/family_parent/family/wills.htm#doesasolicitorcost
http://www.certainty.co.uk/faq-about-wills