This article is the second in a series of three by our bestof Will Writer and Estate Planning professional Rob Abell.  In this article Rob looks at the potential risk of paying much more than you may need to when you have a Will prepared. Plus, the often hidden costs that apply when the time comes to administer it.

Rob says …

The final cost of a Will really depends on who you get to prepare it.  The sensible approach is to be aware of the pitfalls, consider the entire costs (not just the initial preparation) and shop around before you commit to having your Will prepared for you.

Be clear, some providers can charge you a relative fortune and so be aware and choose wisely.  Don’t be afraid to ask the price and do take time to compare providers as you would for any other service or product.  In terms of your total costs, it is typical for the high street Banks to be at the top of the table for being the most expensive; solicitors follow close behind with independent will-writers and probate brokers generally being the least expensive.  As with any other service or product though, you still need to take care because the cheapest is also not always the best choice!

How can these costs vary so much? Well, if your estate is straight forward and your executors apply a practical approach to matters, a lot of the costs can be avoided and then beneficiaries will inherit more.

The banks and solicitors will often appoint themselves (the bank or practice) as an executor and include a charging clause in your Will.  This is why they are at the top of the ‘costs table’ because your estate may then be charged between 2 and 5% of its total value (e.g. between £2,000 - £5,000 in every £100,000!). 

A more flexible approach is to appoint family executors that have the power to appoint a specific professional should they need help.  Be aware that if your Will appoints a professional (such as the bank or solicitors), it can be a very difficult job for the beneficiaries to ask them to stand down and so beware.

When a Will is written by a member of the Institute of Professional Willwriters (IPW) they are not permitted to appoint themselves as an executor.  Members of the IPW operate to a strict code of conduct that is approved and regulated by the Office of Fair Trading.  So a member of the Institute of Professional Willwriters is always a good and safe place to start when you decide to have a Will prepared.

If you would like further advice or guidance on Will Writing or Estate Planning, with no obligations at all, do please contact me - Rob Abell at Will Planning Solutions on 01455 268 677.

For further information and contact details for Will Planning Solutions please visit their feature on the bestofhinckley.

The first article in this series by Rob abell - One in three of us die without leaving a valid Will in place! was published on the 15th December 2010. CLICK here if you would ike to read this first article.