Who can resist a bargain? In truth, we have all been tempted by low prices at some time in our lives - but isn't there usually a catch? If we buy a cheaper brand of washing up liquid, does it really last as long as the more expensive brands? If we buy a cheaper brand of digestive biscuit to dip in our tea, does it really taste as nice as the leading brand?
Surely, isn't the same true when it comes to writing your Will? Picture this:
You're walking through a shopping precinct, there's a stand outside your favourite store and you catch a glimpse of what they are selling...
'Let us draft your Will for only £50 plus VAT'
Tempted? Who wouldn't be - especially when your local Solicitors charge more than £100 + VAT for one single Will, and more if you want a Will to mirror your partner's/spouse's Will, or if you require tax planning.
So what's the catch? How can a Will be drafted for only £50 plus VAT? Drafting a Will requires your own time and concentration to consider questions such as:-
Whether it is necessary to have professional Executors to deal with the administration of your Estate after you have passed away. Obviously there are advantages to their appointment, but why not let your Executors decide? If your Residuary Beneficiaries are of age, then why not appoint them?
Who of your beneficiaries (if any) shall be paying Inheritance Tax upon their gifts, if there is a liability?
What gifts have you made during your lifetime and how will this affect your Inheritance Tax liability upon your death, if of course, there is a liability?
Could you benefit from incorporating tax planning into your Will, or are your circumstances more suited to relying upon the Transferable Nil Rate Band?
What is a Nil Rate Band and how is it transferable?
Where will my Will be stored, and will my family be able to find it when they need to?
Whilst your local Solicitors may charge somewhat more than £50 + VAT, there is a reason - you are being advised by professionals who have completed years of legal training, who are regulated and who have insurance should the unthinkable happen. The priority of any solicitor is to provide you with accurate and up to date advice which is appropriate to your circumstances.
Your Will is an extremely important document. It provides for your family, friends, or desired charities, and if it is incorrectly drafted your wishes may not be carried out as you intended. Our clients' Wills are securely stored, and can be lodged at the national Will bank, Certainty - so that it can always be found.
If you are interested in preparing a Will, please contact me on 01256 305519 or email me at sue.squires@lambbrooks.com.
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