The average cost of a standard Will produced by a solicitor has dropped in the UK, according to IRN Research. Within the last 12 months, the cost of a professionally produced will has decreased from £124 to £118.
A total of 20 law firms, 20 Will writers and 20 online Will-writing companies were surveyed as part of the research. There are distinct differences in the cost depending on from where a Will is sourced; a solicitor will charge £118 on average, while a document drafted by a professional Will writer will typically cost £86. Online Will writing services typically cost £45 for a simple Will.
IRN Research, the firm behind the survey, suggests that competition within the industry is likely to increase as professionals such as accountants and chartered legal executives start to offer a wider range of services to their clients. Reports suggest that between 10-15% of adults create their own Wills and that this figure has remained relatively unchanged for a number of years.
Andrea Pierce, Director of Legal Services at Kings Court Trust, commented; “Kings Court Trust strongly recommends using a professional to draft a Will. While many people will be tempted to save money by drafting their own Will using a DIY kit, the make-up of the assets you need to account for and how you want them to be passed to beneficiaries can complicate matters. Unfortunately, it’s all too common for us to see Wills be invalidated due to simple mistakes and the resulting problems can often cause distress for the family having to deal with the estate.”
If you would like advice on a professionally drafted Will, please contact our client services team on 0300 303 9000.