Sensible planning for the future through professional advice means you can have peace of mind should the worst happen.
Legal documents such as Wills and Lasting Powers of Attorney (LPA) require set formalities to be complied with in order to be valid. If the documents do not follow the mandatory formalities, they will be deemed to be invalid and difficulties could arise for your loved ones.
Jennifer Robinson, paralegal in the private client team at Wake Smith Solicitors looks at why a Will is so important and not as expensive as you think.
“A Will is described as one of the most important legal documents you will sign.”
“Although at first thought it may appear easier and cheaper to prepare your own Will, statistics by Co-operative Legal Services have shown poorly drafted or ineffective “do-it-yourself” Wills are to blame for prolonged probate ordeals for 38,000 families a year.”
“It is estimated up to 10 per cent of a deceased’s estate can be absorbed in additional fees as a result of an ineffective Will. Meaning what was cheaper in the first instances, was much more expensive in the long run.”
Wake Smith Solicitors’ fees for a single, straight forward will is £180 plus VAT; a single straight forward will using video is £300 plus VAT. A mirror husband and wife will is £300 plus VAT and costs £450 plus VAT using video. These fees are current as at June 2021 and are also subject to change depending on the complexity of the Will.
Latest research from the Office of the Public Guardian (OPG), the body who oversee LPA registrations, rejected almost 22,000 LPA applications in England and Wales in 2019-20. The OPG charge a registration fee of up to £82 per document to consider a LPA application. This calculates to over £1.8 million in wasted registration fees.
Jennifer added: “By seeking professional advice, a Will and/or LPA can be correctly prepared and put away for an eventuality which hopefully is a while yet to come. We are also offering video services at the moment if you do not wish to attend in person.”
“Even if you have already made a Will and/or power of attorney, it is important to review your documents to ensure it still fits your circumstances and suits your needs.”
“We are familiar with the law and can help you make the most effective choices.”
The law surrounding these documents is complicated. Wake Smith Solicitors’ private client department’s niche strengths are inheritance tax planning, usually via Wills and trusts, advising on potential claims against an estate and how to mitigate these risks and dealing with the affairs of the elderly and vulnerable by means of Lasting Powers of Attorney and Deputyship orders if there is no LPA in place.
For further information on services offered by the private client team, call Wake Smith Solicitors on 0114 266 6660.
