The current cost of living crisis means a lot of people are looking for ways to reduce their expenses. If you need to make or update your will, you may be considering looking for an alternative to instructing a solicitor. Some people may consider making a homemade will, which is not without its risks.
However, if you do choose to instruct a solicitor to prepare your will, is the cost worth it?
When preparing a will, a solicitor’s role extends far beyond simply typing the will and includes:
- Ensuring your will is valid
A solicitor will know the strict formalities to be followed to ensure a will is valid. They will often oversee the signing of a will to ensure that the formalities have been followed correctly.
- Advising on how your assets will be dealt with when you die
You may have assets which are held jointly with other people or have assets in a foreign country. A solicitor will ask you about your assets and explain how these assets can be dealt with on your death.
- Advising on your potential inheritance tax liability
A solicitor can advise on the available inheritance tax allowances and reliefs which may be available on your death. They may also suggest changes to the drafting of your will to reduce the inheritance tax which may be payable on your death.
- Protecting your instructions
Sometimes, wills are challenged after the owner has passed away or, people make claims against a family member’s estate. A solicitor will ask you questions about yourself and your family to assess your situation and advise on the likelihood of any disputes. If the solicitor is concerned that a dispute may arise, they will be able to suggest steps which can be taken to reduce the likelihood of a dispute.
The cost of a will prepared by a solicitor will certainly be much less expensive than the cost of dealing with a dispute. There is also the emotional toll on your family to consider if they are left with an invalid will or a dispute after your death. Perhaps all of this makes the cost of a will worth it for you.