I started getting wills drafted up for myself and my partner, then aborted the process as my money ran out. The fees were running to over a grand. Looking at the prices some people are quoting here, was I being ripped off?
We paid something like £250 for a pair of reciprocal wills, very simple, no kids. In the event we both die, something like 20% to charity and the rest split evenly amongst all nephews / nieces. One meeting was all it took with the solicitor, he then drafted it, we read it and signed. Have them in a fire safe in the house.
Have them in a fire safe in the house
Is it a waterproof safe as well?
Sounds expensive, I’d expect maybe £3-400 per will for a straight forward will. The reason it’s more expensive than a DIY will is that the solicitor should give you both a proper ‘interview’ as to your wishes, and insert clauses accordingly.
They will ask questions that are not immediatley apparent, such as what if the remaining spouse re-marries etc.
A ‘boiler plate’ will won’t cover that.
Pretty much what happened.
I was like "well if I die everything goes to my partner, simples, any further questions?" But then they asked, what if she dies first, what then? Oh, I hadn't thought of that.
In her case, if I die first then it goes to her, then she dies and it goes to her kids. So I guess that answers my previous question too, if I outlive her then it should still go to them as I've no further beneficiaries unless I somehow outlive my mum.
But if she dies first then her will suddenly gets sticky. How does she protect both me and her kids' inheritance? In my mind, our house would default to me and then to her kids when I die, but then I'd be able to shack up with someone else in the future and go "you know what, I've changed my mind."
What if we both die together? What if there's a plane crash wiping out the lot of us?
Who's going to be the executors? Partner, obs.
And, if they're not alive or unwilling? [Other person].
And, if they're not alive or unwilling? [Other person].
And, if they're not alive or unwilling? Errrrrrr... 🤷♂️
That's what struck me about what I thought was a "simple" pair of wills. It's turtles all the way down.
It can get complicated is all i'm saying.
As sole beneficery of my late dad 'the estate' ended up paying about 8k in legal fees, circa 5k to the named executors in the will, a firm of solicitors. (to be fair they did offer to relinquish the executorship to me) but I decided to let it run...
As there was a half arsed contest from an estranged family member, so that cost the estate another 2K as I had to hire a litigation lawyer to basicaly tell them to sod off.
The value of the estate was less than 150K ... so not too bad.. I guess a lot depends on the value of the estate.
If you are joint tenants then when one partner dies the house isn't part of the estate in the first place, the survivor just owns the whole place automatically on death of the first.
Which is one reason why this form of ownership makes sense for most people (once in a committed relationship).
