Election Year or Fear!

[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!

[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?

[Geoff Parkstone]

No, but I'm executing my Mum's one at the moment....

[ramAnag]

No, but I'm executing my Mum's one at the moment....

Sorry to hear that. I had to perform the same role about 18 years ago. Technically easy. Emotionally, not so.

[swaledale]

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?

Well RA, that's what obtaining a quote is for! You pick say 3 reputable firms, I'd choose local concerns not big practices, maybe get some recommendations from friends and acquaintances as to who is reliable and value for money.

I shall enquire from my daughter what her firm charges for an average run of the mill Will.

[ramAnag]

Well RA, that's what obtaining a quote is for! You pick say 3 reputable firms, I'd choose local concerns not big practices, maybe get some recommendations from friends and acquaintances as to who is reliable and value for money.

I shall enquire from my daughter what her firm charges for an average run of the mill Will.

Thank you.

Bit sad though isn’t it. It’s something virtually everyone needs and many try to avoid thinking about until the distressing inevitability occurs. How much easier, and ultimately stress saving, it would be if people knew what to expect.

[SithHappens]

I'm going to live forever so i don't need one

[SithHappens]

Seriously though we do need to sort one. We dont have children but been thinking more about it, and our concerns now is if something happens to both of us our siblings probably become next of kin and my wife has a half sister who i definitely don't want getting a single penny. I'd rather donate it to Forest than her get anything.

[Andy_Faber]

Seriously though we do need to sort one. We dont have children but been thinking more about it, and our concerns now is if something happens to both of us our siblings probably become next of kin and my wife has a half sister who i definitely don't want getting a single penny. I'd rather donate it to Forest than her get anything.

…in which case it gets complicated. Based on my experience (as an executor), so not advice, Your concern shouldn’t only be if something happens to both of you it should be if something happens to one of you and the survivor a) decides to change their will later, let’s say in favour of a new partner or persistent family member or b) has a need for long term care. Professionally constructed well thought through wills will head off such issues as well as explain the need for a particular type of joint residential property ownership.