How-hidden-costs-could-affect-your-legacy

How hidden costs could affect your legacy!

It might just pay for you to check your Will – especially if it was written some time ago.

There are lots of reasons to review your Will on a regular basis – a new partner in your life, the birth of children and grand-children or the death of one or more beneficiaries.

And it might also be worth looking at the small print and checking there is nothing there that could result in an unexpected shock for your loved ones after your death.

Around the turn of the Millennium, many banks offered customers a Will writing service for as little as £75, or even free.

In return, the banks suggested they should be appointed as executors of the Will – entitling them to up to 2.5 per cent from an estate in legal fees, recent Press reports have revealed.

That does not sound like a lot – but financial circumstances have changed in the last 20 years – especially when it comes to property prices. They have soared by an average of 23 per cent over just the past decade.

This means estates of people on even modest incomes can attract significant fees under these circumstances.

Take the example of an estate worth £500,000 ­– including the proceeds from the sale of a property – which in all likelihood make up the bulk of the money.

At 2.5 per cent, £12,500 would have to be paid out in legal fees from the estate BEFORE the rest of the money was split between the beneficiaries.

This is a significant sum – especially when you consider the typical cost of appointing a suitable professional to do the job would be around £2,200! Plus, if an estate is straightforward to sort out, it is possible for a family member to take on the role of administering a Will, which is free!

Industry experts agree that as well as reviewing your Will after any significant life event, it’s also worth doing every five years.

So, if you have a Will which was drawn up a number of years ago, why not get it checked out by experts to see if it needs updating, or if there are any unexpected surprises in terms of fees or charges included somewhere in the small print.

If you would like a review of your current Will, Will Makers of the Midlands can help – why not get in touch? Contact us on 01952 305105 or 07786 548025 or email enquiries@willmakersofthemidlands.co.uk

Remember, if you don’t have a Will, the authorities will decide how and who should receive your assets according to rules called the ‘Laws of Intestacy’.

Simply call us on 01952 305 105 for more information or to arrange a convenient time to meet one of our consultants.

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I have known David for over ten years and cannot recommend him too highly.

He has written several Wills for me and my family and also Powers of Attorney.

I have recently had my Will written by David. He came to our house and gave us a first class service, he was very helpful and guided us through the process. The after care is also excellent, you are given wallet sized cards which detail your Will and where it is stored, if legislation changes updates to the Will are completely automatic reflecting these changes. I would highly recommend David to any of my friends or colleagues.”

With two young children our major concern was to ensure that we implemented the right provisions for their future care and financial well being. The way that you structured our meeting and the advice that you provided, has left the pair of us feeling incredibly comfortable. We now have a legal document that would ensure our aims have been met. We couldn’t recommend David highly enough.

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I recently had to deal with a difficult situation getting my brother to resolve his Will and powers of attorney due to his illness – with various complications from previous marriages and many emotional barriers to clear solution of his wishes. His own solicitor had made a dreadful attempt at sorting things out and drafted a Will saying the exact opposite to the wishes I had been asked to deliver as executor. Having used David, previously, for my own Will, I called on him to deal with my brother’s affairs in Sussex. David could not have been more helpful, knowledgeable and swift to sort all this out, including travelling to my brother’s home to deal with matters. I don’t think I can recommend David highly enough – he has the ability to deal with what could be distressing and morbid in a most positive and compassionate manner.

Emma Davies

I recently had to deal with a difficult situation getting my brother to resolve his Will and powers of attorney due to his illness – with various complications from previous marriages and many emotional barriers to clear solution of his wishes. His own solicitor had made a dreadful attempt at sorting things out and drafted a Will saying the exact opposite to the wishes I had been asked to deliver as executor. Having used David, previously, for my own Will, I called on him to deal with my brother’s affairs in Sussex. David could not have been more helpful, knowledgeable and swift to sort all this out, including travelling to my brother’s home to deal with matters. I don’t think I can recommend David highly enough – he has the ability to deal with what could be distressing and morbid in a most positive and compassionate manner.

Emma Davies