PANORAMIC VIEW OF WILLS - make sure you are not being overcharged!
By Gail Escolme, 10 August 2010 –
BBC’s Panorama programme brought the issue of Wills to the forefront of everyone’s mind on Monday, highlighting the unregulated activities of Will Writers.
In particular, the programme raised the issue of costs in relation to both the Wills and the Administration of the Estate of a deceased.
Although Will Writers market their services on a low cost basis initially, they recoup their ‘losses’ during the administration of the estate. They claim they are cheaper and more straightforward than Solicitors, but are not necessarily regulated by any professional body.
Charging a fixed fee for the preparation of the Will and the administration of the estate at the outset, what some Will Writers fail to notify clients is that there will also be a charge of 1% of the estate value if they are instructed in the administration. A property of £150,000 and cash assets of £20,000 mean that this hidden charge could be an extra £1,700!
As Solicitors, we are fully regulated and make our costs clear from the outset, something which many Will Writers clearly do not do.
A will can be re-written at any time prior to a person’s death providing they have the relevant capacity to make a Will. If you wish us to review a Will you have made with a Will Writing Service, please contact us; it may literally save you thousands of pounds!
Author: Nicola Steadman, Wills and Probate Solicitor