Some say January is never a good time to make a New Year’s Resolution. Personally, whether it is a good time or a bad time depends on you. We all like to put some things off until another day, some things we like to do straight away and some things we need to do but don’t quite get round to doing…ever.
Wills are like that. Only a very small percentage of the population has a Will. yet, it is one of the most cost-effective ways of avoiding paying tax legally and giving you peace of mind and appointing a Guardian for any children you may have (saving them from going into care as the worst possible scenario).
So the million-dollar question ought to be not when do I make a Will (because you know that should be now; since none of us can predict when our day will be upon us) but more importantly WHO should prepare my will.
I have seen several options:
Online kits which usually cost around £25
Will writers – whose charges start at around £100
Solicitors – whose charges range from around £250 to £1,000 depending on the complexity of your Will, size of your estate etc.
You know the answer I am going to recommend. Not because I am a Solicitor, but because honestly, it makes total sense.
We used to hear comments of
“You pay for what you get”, or “You get what you pay for” or “Pay peanuts and get monkeys” etc
My favourite one is apparently a common one in Russia and other eastern European countries which is “I am not rich enough to buy cheap things”.
Think about it – it makes perfect sense. Remember that jumper you were going to buy from Markus Sparkus (that nice shop you love to buy your jumpers from) worth £50 which would have lasted you for several winters but instead, you bought a similar jumper from Primus Dimus (that OK shop you bought your odds and sods from) for a fantastic £25, saving you £25!
And remember, the Primus Dimus jumper was ragged after one wash and you ended up having to buy that £50 jumper from Markus Sparkus anyway?
The same principles can be applied to pretty much everything we do and buy in life.
Oh, and by the way, if you prepare your Will incorrectly, your loved ones will only find out that they are not the beneficiaries as you had thought would be the case until after you pass away – which is sadly too late to put things right.
Now, do you really want to buy a cheap £25 Will?
The information provided in this article is not intended to constitute legal advice and you should take full and comprehensive legal advice on your individual circumstances by a fully qualified Solicitor before you embark on any course of action.
Wills, Trusts & Probate team
0207 183 2898