Making a Will is not a difficult thing to do and going to a good stationers and buying a ‘do-it-yourself’ kit is better than not having a Will at all. As our article on the 25th November 09 makes very clear the costs of doing nothing can be very high.
However, the article in The Sunday Times does make it clear to me that good, professional, reliable and trustworthy help when making a Will can also be essential. The ‘Times’ article suggested that some banks may be “ripping-off” their clients with charges as high as 4% of a deceased client’s estate for undertaking the role of Executor – that is, to check the Will, assess taxes and pay beneficiaries, etc. This of course could amount to a massive £6000.00 on a modest estate of say £150, 000.00 (approximately, the current estimated value of an average house in the UK and Wales). CLICK here to visit TimesOnline to read the article.
The message here of course is to get advice and be careful who you appoint as an executor and find out what their fees (if any) will be. For example, a competent relative or friend may well be able to execute a straightforward Will themselves with little more than probate fees as costs. A professional probate company would normally give you a fixed price for doing this work, which is better than a percentage.
If you would like further advice on making a Will, Power of Attorney or Trust then CLICK here to visit our Will Writers Services category page for a recommended local professional.
If you’re thinking that you don’t need a Will then I would strongly suggest that you read the article we posted on the 25th November 09: Making a Will – it’s not a death sentence!!