Election Year or Fear!

[Andy_Faber]

With you on that one. I too am all for appropriately taxed and legal wealth inheritance. Having been the beneficiary on more than one occasion I hope to be able to ‘donate’ accordingly in the future. Pity it can’t all be made infinitely more straightforward.

One thing I'm strongly against is the current trend for 'DIY Wills' (sorry if you have one!). I'm proud to have been chosen as executor on four occasions, thankfully executing professionally and immaculately written wills which 'headed off at the pass' a potential challenge to one.

[ramAnag]

One thing I'm strongly against is the current trend for 'DIY Wills' (sorry if you have one!). I'm proud to have been chosen as executor on four occasions, thankfully executing professionally and immaculately written wills which 'headed off at the pass' a potential challenge to one.

I too have been an executor on a couple of occasions. No problem on either occasion, but I can’t help feeling that ‘DIY Wills’ only exist because the so called professionals tend to charge exorbitant fees for a ‘service’ which is essentially very simple.

Just out of interest. What does anyone in the know think the going rate should be for an ordinary Will these days?

[Andy_Faber]

?the so called professionals tend to charge exorbitant fees for a ?service? which is essentially very simple.

We?ll have to agree to differ on that one. My parents? RIP wills were straightforward, my in-laws? also RIP less so and ours more complex still, fees reflected the complexity but were all ?reasonable? bearing in mind the amount of safety offered by professionalism

[ramAnag]

We?ll have to agree to differ on that one. My parents? RIP wills were straightforward, my in-laws? also RIP less so and ours more complex still, fees reflected the complexity but were all ?reasonable? bearing in mind the amount of safety offered by professionalism

Guess it depends on what one considers ‘reasonable’. My elderly (80) neighbour has recently forked out just over a grand for hers. She is a widow who wants to leave everything (largely 750k’s worth of bricks and mortar) equally to her two children who would also share POA responsibility. Is that reasonable?

[Andy_Faber]

Guess it depends on what one considers ‘reasonable’. My elderly (80) neighbour has recently forked out just over a grand for hers. She is a widow who wants to leave everything (largely 750k’s worth of bricks and mortar) equally to her two children who would also share POA responsibility. Is that reasonable?

I think that’s reasonable - of course you only know the customer requirement and the end product, you don’t know the twists and turns in between

[Geoff Parkstone]

oh, and powers of attorney cease on death and so are in no way relevant to the administration of the will: thats down to the executor who may be a different person

[Geoff Parkstone]

Guess it depends on what one considers ‘reasonable’. My elderly (80) neighbour has recently forked out just over a grand for hers. She is a widow who wants to leave everything (largely 750k’s worth of bricks and mortar) equally to her two children who would also share POA responsibility. Is that reasonable?

Id say that was excessive to the poing of outrageous. On the basis of what you say the only complexity might be to use a trust to protect the assets of one or other offspring who might be embroiled in a divorce that could be going on at the time of death/probate. The trust ensures that the assets do not belong to the child until the trustees of the will trust determine, and so the ex cant get their hands on half of it. But this is pretty bog standard stuff and shouldnt cost that much.

[Andy_Faber]

Id say that was excessive to the poing of outrageous. On the basis of what you say the only complexity might be to use a trust to protect the assets of one or other offspring who might be embroiled in a divorce that could be going on at the time of death/probate. The trust ensures that the assets do not belong to the child until the trustees of the will trust determine, and so the ex cant get their hands on half of it. But this is pretty bog standard stuff and shouldnt cost that much.

Its a bit like Derby player acquisitions though, we can guess but we really have no idea. What if she was predeceased by her spouse (looks that way)? The solicitor has an obligation to ensure the house is hers to will. Likewise if her spouse might have been in an old folks home and the proprietors might have a claim on the estate in lieu of care fees?

I maintain a grand or so would be reasonable. Of course it may be the solicitor's fixed fee and they take that commercial decision on if they can turn a profit

[ramAnag]

Its a bit like Derby player acquisitions though, we can guess but we really have no idea. What if she was predeceased by her spouse (looks that way)? The solicitor has an obligation to ensure the house is hers to will. Likewise if her spouse might have been in an old folks home and the proprietors might have a claim on the estate in lieu of care fees?

I maintain a grand or so would be reasonable. Of course it may be the solicitor's fixed fee and they take that commercial decision on if they can turn a profit

Her spouse wasn’t in a care home. Died very suddenly at the beginning of Covid. There’s nothing I know of that’s complicated but sadly it identifies the problem.
Regardless of our/their differences we have the three posters who are generally acknowledged as being the most knowledgeable regarding financial matters. One says 1k+ is reasonable, one says the going rate is GBP250 and one says what was charged is excessive to the point of being outrageously expensive.
Is it any wonder then that people are confused and turn to alternative provision?

P.S. Do you do Wills, Rog?

[swaledale]

Guess it depends on what one considers ‘reasonable’. My elderly (80) neighbour has recently forked out just over a grand for hers. She is a widow who wants to leave everything (largely 750k’s worth of bricks and mortar) equally to her two children who would also share POA responsibility. Is that reasonable?

Difficult to judge without knowing the complexity of what's in the Will, but frankly a bog standard Will should be around £250. Lucky my daughter is a lawyer so it and the LPA cost me nothing!