Cheap Wills: Buy Cheap and Pay Dear!
Although a very tempting prospect, it is often the case that free Wills, cheap Wills, and also having no Will at all, can prove to be extremely expensive in the long run.
A 2023 survey undertaken by STEP looked into the cost of poor advice and the use of unqualified or inexperienced practitioners. Its report, titled ‘Wills and Trusts: Buyers Beware’, showed that the extra tax bill alone for families ranged from £25,000 to £2 million, and that 63% of those surveyed came across cases where a will writing company quoted a fee for a cheap will but then charged additional costs.
There are lots of packages on the market for cheap Wills, Lasting Powers of Attorney, or even to set up family trusts, but there may be pitfalls to this cheaper service.
As found in the STEP survey, cheap Wills may actually have extra charges for additional clauses, which can substantially increase the headline price. Clients may also find that the company drafting them is insisting on being appointed as an executor. There may be reasons why a professional executor is requested by a testator; however, on relatively small, straightforward estates, this may not be necessary and can cost the estate unnecessary sums.
Understanding Trusts
Trusts are often used as part of the estate planning process. Where family protection trusts are offered, it’s important to be fully aware of the complex trust arrangements and ongoing requirements for the trusts that are set up. There may also be circumstances where this is unsuitable or could be considered a deliberate deprivation of assets. It’s extremely important to seek professional advice before deciding whether this is right for you.
The reality of cheap wills
Unfortunately, all of the above-mentioned issues often come to light after the passing of a loved one, when it is too late to put a new Will in place. This is not only expensive for families, but also extremely stressful at an already difficult time.
Poor drafting of cheap wills, unclear instructions or a failure to consider and plan for any future tax exposure on the estate can result in an expensive exercise for the estate to unravel. This is far more costly to the estate than spending a few hundred pounds on a properly drafted Will.
Why invest in a professionally drafted will?
A properly drafted Will and well-considered estate planning advice streamlines the process and can save thousands when the time comes to administer the estate. It also may help reduce the chances of any will disputes.
The legal fee for a will, even at a professional and experienced law firm such as GA Solicitors in Plymouth, is not prohibitive and should be viewed as an investment or form of protection.
Standard will costs are £425 plus VAT for a basic Will or £525 plus VAT for mirror Wills*. This is a relatively small price to pay for peace of mind and a less stressful future for your loved ones. It can also be said that it is not a million miles off the cost of the so-called “cheap wills” advertised by non-qualified practitioners.
At GA Solicitors, we are ranked in The Legal 500, Chambers UK and Chambers High Net Worth. You can trust that all elements of your estate planning will be in the best possible hands at all times.
You can call me today on 01752203524 or speak to a member of the team on 01752 203500 to find out more about our expertise and how we can help. You can also email enquiries@GAsolicitors.com or email me directly via michelle.crump@GAsolicitors.com.
If you found this article helpful, you can also read our recent article on Lasting Powers of Attorney here.
*Price correct as of 5th June 2025 and for basic wills only
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