Saving money on making a last will and testament
If you hear the word “solicitor” and automatically think “expensive”, you are not alone.
When you visit a solicitor, you pay for the years of experience and professional training that come with the title. This means that you are highly likely – although not guaranteed – to get an excellent service and quality advice or representation. Furthermore, solicitors must carry professional indemnity insurance to protect you should anything go wrong.
But there are some services that you associate with solicitors that needn’t actually be performed by solicitors. For example, writing a last will and testament.
If you have complex personal circumstances or wishes, or if you have a large estate that will be liable for a hefty amount of inheritance tax, investing in a good solicitor is strongly recommended. However, if like the large majority of people you only need a basic last will and testament, there are a wide range of budget-friendly options available to you. If you are lucky, you may even be able to get a solicitor to draft a cheap or free will for you.
Making a will online
For as little as £29 for a single will or £39 for a pair of wills, you can make a legally valid last will and testament online. When choosing an online service, be sure to choose one that offers you protection through a document checking service and sufficient professional indemnity insurance. If your last will and testament is incorrectly drafted or witnessed, it may be invalid.
Making a will online is not for everyone but it is suitable for anyone with uncomplicated wishes. That includes the large majority of people in England and Wales.
If you want to make a will online, you should be aware that the law in Scotland is different from that in England and Wales. Find out more.
Free Wills Month
This annual event brings a selection of well-known and respected charities together with participating local solicitors to offer a free, simple last will and testament for members of the public over the age of 55.
If you already have a last will and testament, you can get the document updated free of charge. There is a free wills month scheduled for March 2013.
With free wills month, you are under no obligation to name one of the participating charities as a beneficiary but the organisers kindly suggest that you do! Find out more.
Will Aid
A similar idea to Free Wills Month, Will Aid encourages the public to make a will for a suggested donation, which is then passed to the major charities that the program supports.
Your will is written by a participating local solicitor who waives their usual fees. You are then invited to make a donation to Will Aid which, in turn, supports good causes such as the NSPCC, British Red Cross and Save the Children. Find out more.
