Wills
When was the last time you updated your Will?
Perhaps you don’t have one at all. If not, you’re certainly not alone: 57% of the UK population doesn’t. Even fewer people – just 1% – have a Lasting Power of Attorney (LPA), but they are arguably more important than your Will, as they dictate what happens to you and your money while you are still alive.
Dying without a valid Will means your estate will be shared out according to the laws of intestacy. These laws were written in 1925, and don’t take into account the complexities of our modern lives, so having a valid Will in place is increasingly important.
If your Will is valid, it will be followed according to your wishes at the time of writing and will not take into account any undocumented wishes you may have expressed since. So, it’s important to update it every five years, or after any major life event. For example, it is not commonly known that marriage invalidates existing Wills, but divorce does not.
A well-written Will can also help mitigate the impact that the UK’s 40% inheritance tax can have on your estate. We can also advise on the most appropriate and tax efficient ways in which you can move your assets to your loved ones before or after your death.
Fees are variable depending on the complexity of the documents and the size of the estate. Starting prices are as follows:
Wills
At BMA Law we try to provide a fixed price for the drafting of wills and some other related services and these are set out below, however these are guideline prices and each client needs to be individually assessed in order to ensure the correct will is drafted that reflects the wishes of the individual client and a full quote will be given upon receipt of instructions.
| Product | Description | BMA Member Fee | Non-BMA Member Fee |
| Basic single Will | Estate below £325,000
No domicile issues No business assets No agricultural assets No complex IHT issues |
starts from
£295 plus VAT |
starts from £310 plus VAT |
| Trust or complex single Will | Estate over £325,000
Above issues or Trust |
starts from
£395 plus VAT (Trust or IHT payable) |
Starts from
£415 plus VAT |
| Basic mirror will | Estate below £650,000
No domicile issues No business assets No agricultural assets No complex IHT issues |
starts from
£450 plus VAT |
starts from £475 plus VAT |
| Trust or complex mirror Will | Estate above £650,000
Above issues or Trust |
starts from
£575 plus VAT (Trust or IHT payable) |
starts from
£605 plus VAT |
| Severance of joint tenancy | £125 plus VAT | £130 plus VAT | |
| Letter of wishes | £125 plus VAT | £130 plus VAT |
The exact cost will depend on the individual circumstances of the matter.
It would not normally be necessary to undertake other work or incur other costs other than those described above. However, we would be very happy to provide you with a more tailored quote for all stages of your particular case once we know about your specific circumstances.
Combined Wills and LPA package
Save time and money with our Wills and LPA package. Receive a 20% discount when you buy your Will and LPA together.