Many people put off making a Will as, understandably, they do not wish to consider their own death.
However, making your Will means that you have signed an important document which can save stress and heartache for those left behind. With house prices having increased greatly in recent years, many homeowners now fall victim to Inheritance Tax. Our expert team can give advice on tax planning and can draft Wills to reduce your tax liability as much as possible.
If you die without making a valid Will, you are regarded as dying intestate. This means that the law will dictate which individuals will benefit from your estate in pre-determined shares, although priority is given to a surviving spouse and to children. In other words you lose the right and opportunity to decide who will receive what and when. For many people knowing that you have provided for your loved ones, whether they be family or friends, in the event of your death provides comfort and peace of mind. It is therefore essential that you make a Will.
For unmarried couples a Will is the only way your assets will be inherited by your Partner. Without a Will the rules of intestacy state that only spouses will automatically inherit and therefore an unmarried Partner is excluded from that protection.
The process for drawing up a Will is generally far more straightforward than most people believe. It is an action that can provide you with the knowledge that, in the event of your death, your wishes can be acted on promptly and in a timely manner. It also ensures that the distribution of assets can be undertaken quickly and efficiently following death to provide security for your family.
We can advise on the drafting and updating of Wills to ensure that as your circumstances change, your Will continues to reflect your wishes. Making a Will is a very skilled task and involves considerable time, care and attention on the part of the Solicitor preparing the Will. Even so, preparing a Will need not be greatly expensive.
If you would care to call a member of our Private Client Team to discuss your requirements, we would be happy to provide a costs estimate or alternatively if you would prefer an appointment, a fixed fee consultation can be arranged.
More complex Wills, or Wills involving a home visit(s) inevitably involves a greater time commitment on the part of the solicitor instructed but would be available for an additional fee. We are always happy to provide a quotation.
Why Make a Will? Factsheet
Wills govern the distribution of a person’s estate when they die. Although you may think that your estate shall pass to the people you wish automatically, this may not necessarily be the case. A Will enables a person to be confident that their estate shall pass exactly how they wish. It allows you to be specific about who inherits your estate, for example you may wish to gift a specific item or family heirloom to a particular member of the family, or you may wish to leave a sum of money to a good friend or a charity. It also often makes dealing with the estate a much simpler task.
Most clients wish to keep their Wills as simple as possible, not only does it make things easier for them, but it also makes things easier for their (often non-legally trained) executors. Despite being given the term ‘simple’ in the majority of cases clients find that a simple Will is more than adequate to allow them to correctly express their wishes. Simple wills can include funeral wishes, appointment of executors, appointment of guardians, specific gifts and residuary gifts. For spouses/partners wishing to have almost identical Wills to each other, we are able to provide simple mirror wills.
Our fees for simple Wills are:
- Single Will - £140.00 + VAT (per person) – Total £168.00
- Mirror Wills - £200 + VAT (for both Wills) – Total £240.00
Once the Wills have been completed, Newman & Bond are able to store these on your behalf free of charge. It is always recommended that the Wills are reviewed on a regular basis and should your circumstances or wishes have changed, amendments should be made. These could be in the form of a Codicil (a supplementary document to your Will which is used to change a specific element or clause of your Will) or by executing a new Will completely.
Our prices for Codicils/ Amendments start from £70.00 + VAT (to amend an individual will) or £100.00 + VAT (to amend mirror wills)
Newman & Bond are also able to provide a drafting service for more complex Wills. These may include:
- Mirror wills creating a life interest/trust for spouse or partner to reside in the property. This service includes obtaining Land Registry documents and assessing how the property is held by the joint owners, creating the additional life interest / trust in the Wills (otherwise simple wills), affecting the change of ownership and registering this at the Land Registry.
- £250 + VAT plus £3 Land Registry disbursement – Total: £303.00
- Wills providing for disabled beneficiaries (creating trusts).
- Trusts / effective estate and Will drafting for larger estates.
Hannah Pedley is also able to advise on Will trusts. Charges vary depending on the work involved.
The following items are not included (unless otherwise expressly referred to) in the above quotations and may arise to additional expenses if applicable:
- Call out fee
- Fee for Land Registry Entries
Our Private Client Team
Hannah Pedley is an Associate Solicitor who joined Newman & Bond in April 2018. Following qualification in 2017 Hannah handled a mixture of property and private client files before choosing to specialise in Wills, Probate and Lasting Powers of Attorney when she joined Newman & Bond.
Hannah is an Affiliate member of the Society of Trust and Estate Practitioners (STEP) and is undergoing further qualification in pursuit of attaining her full membership and becoming a recognised Trust and Estate Practitioner (TEP). She has handled a variety of different matters and the feedback received from clients has always been extremely positive.
Wanda Halliday joined Newman & Bond in 2002 and has worked as an assistant in the Private Client Department for over 10 years. Wanda helps with initial enquiries and any queries that arise during the matter. Wanda can take calls and messages when Miss Pedley is not available.
Recent comments from surveys returned include:
A superb service, excellent communication at all times. Caring and professional attitude treating us as a family with a lovely caring attitude, showing sympathy and understanding at a very difficult time.
Lovely service, lovely people