Will Updating - Thought This Was Expensive??

[TRACEP 10]

We've been quoted £250.00 + VAT from our solicitor to make some updates to mine and my husband's Wills, it's the same solicitor who drew them up, albeit in 2005.

 

Does this sound expensive, or am I just out of touch with legal costs these days?

 

Thanks for any advice.

[Vague_Boy 10]

I paid about £96 for my will to be set up a few months ago. As I understand it, updates are free.

 

I used Lifetime Financial Management based in Barnsley.

[scottf 21]

Thats seems like alot of money for an amendment!

[andyofborg 11]

Thats seems like alot of money for an amendment!

 

depends how big the ammendment was.

[mart 71]

We've been quoted £250.00 + VAT from our solicitor to make some updates to mine and my husband's Wills, it's the same solicitor who drew them up, albeit in 2005.

 

Does this sound expensive, or am I just out of touch with legal costs these days?

 

Thanks for any advice.

 

You should see what they charge if you make the mistake of making them the executer of the will, it can run in to thousands! Hope you’ve not done that as well.

[medusa 16]

I think it depends on the complexity and length of the wills too, so although I think that the quoted figure is expensive, my will is a single page, so my experience is only of making short and simple wills.

[iansheff 88]

If it is only small amendments download a codicil form and fill it in. I did this several years ago for my father, he later wrote a new will and I asked the solicitor if the codicil I had done would have been ok and he said yes it was fine. Other than that look on will aid and see when that is running and you can get a new will drawn up for a donation of a lot less than you are being asked to pay.

[TRACEP 10]

Thanks for the replies.

 

At the moment the solicitor is the executor, only because it used to be a personal friend of ours, but that is one of the amendments we are making now, as he has since died. Going forward, it won't be the solicitor.

 

I'll look into Will Aid, I'd rather give something to charity to be honest, if it's also cheaper then all he better.

[ccit 10]

While you are about updating your Will and changing executors, you might want to consider Power of Attorney. This is mainly thought of for older people but it is one of those things that is easily overlooked and might be very useful in the future.

[Jeffrey Shaw 90]

I paid about £96 for my will to be set up a few months ago. As I understand it, updates are free.

 

I used Lifetime Financial Management based in Barnsley.

Is that a firm of solicitors?

If not, was the Will drawn professionally by someone with appropriate professional indemnity insurance?

 

[And no, I do not myself deal with Wills- so I'm entirely disinterested!]

[TRACEP 10]

While you are about updating your Will and changing executors, you might want to consider Power of Attorney. This is mainly thought of for older people but it is one of those things that is easily overlooked and might be very useful in the future.

 

Thanks, could you explain what a Power of Attorney does please?

[medusa 16]

Thanks, could you explain what a Power of Attorney does please?

 

A power of attorney is someone appointed by you when you are in good health and of sound mind so that in the event that you are ever NOT in good health and of sound mind that person will be able to take all sorts of decisions affecting your health options, your finances, tax, benefits and your future.

 

If you appoint them while you are of sound mind then the whole process is a lot simpler than if you get dementia and then a court process has to happen to declare you incapable to take such decisions yourself and to appoint a family member to take them for you.

 

When my grandmother was diagnosed with dementia our family had to go down the court route and my other grandparents saw how long and drawn out the process was and decided to set up powers of attorney themselves while they were still considered legally able to do so. That meant that my dad could start the process of doing their tax returns for them, looking after their bank accounts when they wanted to not bother with it and the like.