Why Make a Will? Factsheet
Wills govern the distribution of a person’s estate when they die. Although you may think that your estate shall pass to the people you wish automatically, this may not necessarily be the case. A Will enables a person to be confident that their estate shall pass exactly how they wish. It allows you to be specific about who inherits your estate, for example you may wish to gift a specific item or family heirloom to a particular member of the family, or you may wish to leave a sum of money to a good friend or a charity. It also often makes dealing with the estate a much simpler task.
Most clients wish to keep their Wills as simple as possible, not only does it make things easier for them, but it also makes things easier for their (often non-legally trained) executors. Despite being given the term ‘simple’ in the majority of cases clients find that a simple Will is more than adequate to allow them to correctly express their wishes. Simple wills can include funeral wishes, appointment of executors, appointment of guardians, specific gifts and residuary gifts. For spouses/partners wishing to have almost identical Wills to each other, we are able to provide simple mirror wills.
Our fees for simple Wills are:
- Single Will - £140.00 + VAT (per person) – Total £168.00
- Mirror Wills - £200 + VAT (for both Wills) – Total £240.00
Once the Wills have been completed, Newman & Bond are able to store these on your behalf free of charge. It is always recommended that the Wills are reviewed on a regular basis and should your circumstances or wishes have changed, amendments should be made. These could be in the form of a Codicil (a supplementary document to your Will which is used to change a specific element or clause of your Will) or by executing a new Will completely.
Our prices for Codicils/ Amendments start from £70.00 + VAT (to amend an individual will) or £100.00 + VAT (to amend mirror wills)
Newman & Bond are also able to provide a drafting service for more complex Wills. These may include:
- Mirror wills creating a life interest/trust for spouse or partner to reside in the property. This service includes obtaining Land Registry documents and assessing how the property is held by the joint owners, creating the additional life interest / trust in the Wills (otherwise simple wills), affecting the change of ownership and registering this at the Land Registry.
- £250 + VAT plus £3 Land Registry disbursement – Total: £303.00
- Wills providing for disabled beneficiaries (creating trusts).
- Trusts / effective estate and Will drafting for larger estates.
Our experienced consultant solicitor Frazer Foster is able to advise on Will trusts. Charges vary depending on the work involved.
The following items are not included (unless otherwise expressly referred to) in the above quotations and may arise to additional expenses if applicable:
- Call out fee
- Fee for Land Registry Entries