Are you interested in making your own will? There are actually many types of wills that are accepted in the UK. The type of will that would suit you best will depend upon your social status and the type of assets that you possess and want to include in your will. Furthermore, the type of will that you should make for yourself is also dependent upon how many beneficiaries you have and whether or not you are married and have children. With that said, the foremost question on your mind would probably be: how much does a will cost? To answer the question of how much does a will cost more accurately, we must first distinguish between whether you want to try making a simple will on your own or if you wish to contract the services of a qualified solicitor in order to draw up your will for you. Most people in the UK choose to have their wills drawn up professionally by a solicitor – and of course, the solicitor’s fees will vary greatly depending upon their location, degree of experience and their actual mastery of the subject matter of making a will. On average, you can expect to pay somewhere around £75—£200 plus vat to have a simple will drawn up by your lawyer. How much does a will cost when it is more complex could raise the prices up by a couple of hundred.
Why would I want to write a will? I’m young and strong.
This is a myth that more and more people are waking up to nowadays. The reality is that even if you consider yourself young, healthy, and strong and relatively free from diseases, you should definitely think about writing your will early. Certainly, you might be thinking that you are not even sure of the things that will eventually be included in your estate when you die, but think of it this way: it is insurance that your loved ones will not be made to go through a lot of annoying red tape in case of your unexpected death. Furthermore, having a professionally drawn up will also ensures that you can minimize the amount of inheritance tax that your estate will have to pay. If your estate falls below the inheritance tax threshold of £325,000 then it is actually tax free.
In essence, writing a will allows your loved ones that you may suddenly leave behind to make decisions on your behalf.
Your Social Media Account
Everyone wants to protect their social media account, but what happens to these accounts after you die? This is something that you can account for in estate planning when you have your will professionally drawn up by a solicitor. Therefore, it is no longer even a question of How much does a will cost, but rather, how far are you willing to go to protect your privacy and interests beyond your death? A will can also come with a power of attorney that directs the executor/s as to what type of decisions to make should you fall into a coma or vegetative state