How much does a Will cost? BLM answers
In the penultimate blog of our #12DaysOfChristmas #12DaysofFamilyLaw series, BLM's head of private wealth James Beresford answers....
How much does a Will cost?
Christmas is a time for giving. In fact some statistics report that the average person will spend £567 on celebrating the festive period. So for an average couple that equates to £1134 per year over the festive period….an expensive time for many. When I read that statistic I was shocked at just how unaware I was about the cost of festivities, which got me thinking, does the average person know what a Will costs?
Although it’s a very difficult question to answer, I will try my best to explain here some general pricing guidelines.
The purchase of a Will is much like the purchase of many products. With so many options available, prices ranges can vary drastically just as say, for example, satellite television. A basic television package that includes say a free to air service like Freeview is low cost, whereas a package that includes say, sports, movies, ‘multi-room’ and ‘Ultra High Definition’ viewing can cost up to £100 a month. Considering that most people now subscribe to some sort of television package or streaming service, the cost of a Will is lower, if not (in my opinion) negligible!
Costs of Wills: A Few Things to Consider
There are three initial things to think about when researching cost of a Will.
- Who is offering the service?
- How is it provided?
- What’s the complexity of your affairs?
One of the most complicated factors in relation is who is offering the service. As the Will-writing market is unregulated there is unprecedented choice for clients. This can cause confusion when clients are researching their options. These include:
- Companies that offer Free Wills;
- Online Wills;
- Will Writing Companies; and
Then you have to consider how the service is provided. Different companies offer different services such as:
- Online only;
- Telephone; and/or
- Face to face appointment.
Finally, you need to consider the complexity of your affairs. Most people consider that they have simple affairs and that a ‘simple will’ is required this may not be the case. If you speak to a specialist estate planning professional, advice will be given on how best to structure your Will. Bear in mind prices can vary from region to region.
So how much does a Will cost then?
As you have seen because there are so many permutations the honest answer is that ‘it depends’.
I would encourage you to decide what you want to achieve with your Will and estate planning and make an educated and informed decision on how you wish to proceed. It always pays to obtain professional advice to ensure your loved ones are looked after.
If you are ready to take the next step, then do please get in touch with the BLM Wills team.
Disclaimer: This document does not present a complete or comprehensive statement of the law, nor does it constitute legal advice. It is intended only to highlight issues that may be of interest to customers of BLM. Specialist legal advice should always be sought in any particular case.