Last month volunteers from local football club Bourne Blades ran and cycled the distance from John O’Groats to Land’s End in a virtual relay to raise money for two local charities. An initial group of 30 volunteers, including three members of the...
Making a Will with BakerLaw
Why use BakerLaw LLP:
You can be confident in our expertise. Common problems with wills, like using the wrong witnesses or forgetting to have it signed, could mean it is not valid when you die. Or even more worrying, if the will is not drafted in the most tax efficient way your estate could pay more inheritance tax than is necessary. Using a lawyer minimises the risk of things like this happening.
The complicated bits are done for you. The law surrounding inheritances (including Inheritance Tax and trusts) is complicated. As lawyers we are familiar with the law and will be able to help you make the most effective choices.
Costs transparency. Where we can we offer fixed fees. If a fixed fee is not appropriate, we provide you with a realistic quote at the commencement of work and regularly keep you updated on costs.
Your will is stored safely. We store the original Will for you, free of charge.
We are regulated. The Solicitors Regulation Authority, who have the power to take enforcement action or close solicitor firms if the rules or code of conduct is breached, supervises us. You can have peace of mind that should this firm cease trading for whatever reason; the Solicitors Regulation Authority will take control of your file and any original documents.
You are protected. If you have any problems, you can make a complaint to us directly and if this is not resolved to your satisfaction you can escalate the matter to the Legal Ombudsman.
Our fixed fees are as follows:-
Single Will from £350 + VAT
Mirror Wills from £500 + VAT (between spouses/civil partners i.e. Wills that are broadly the same and have the same beneficiaries, specific gifts etc)
In addition to the legal fees there are disbursements of £6 plus VAT (per person) for anti-money laundering checks.
We will be in a position to confirm our fees once we have reviewed your will questionnaire and taken your instructions. For guidance, a basic will (£350 + VAT) appoints no more than two executors, includes up to four specific gifts and up to four beneficiaries.
Our fixed fee is discounted on our normal hourly rate and is based on spending 3.5 hours on the matter for a basic single will and 5 hours for basic mirror wills. The normal hourly rate is £230 + VAT.
If you prefer, we can offer our Will service on a time spent basis. This means that the costs will be based on an hourly charge of £230 plus VAT and will be calculated on the time spent on attendances, preparation, consideration and all forms of communication, i.e. letters, emails and telephone calls, whether made or received.
Our fees include:-
Initial meeting to take instructions (approx. 1 hour) either a face to face meeting or video meeting
Advising you fully on your particular circumstances and ensuring all options have been considered, where appropriate
Advising you of your inheritance tax position and potential exposure
Drafting and preparing your Wills
Letter forwarding drafts for approval
Final appointment to sign the signature copies
Complimentary safe storage of your original Wills
As part of our Will drafting service, we will assess whether there is any useful tax planning advice that could be undertaken in respect of your estate. There will be an additional charge for any specific advice given or work undertaken in this regard and we would advise you of this at the meeting.
If you decide to make a more complex Will such as including a life interest or discretionary trust, then we will be able to provide you with a cost estimate/quote as appropriate. As a guide, to include a life interest trust in the Will is approximately an additional £150 plus VAT.
If you instruct us to prepare your Wills, we are happy to place them in storage free of charge.
We would be delighted to assist you once we have a better understanding of your circumstances.
We ask that you complete our Will Questionnaire to ensure the process is dealt with as efficiently as possible. The Will Questionnaire gives you an idea of the information we will require to prepare Wills that suit your particular circumstances and achieve your wishes.
Please complete at least the following sections of the Will Questionnaire:-
– Your Details
– Guardians (if applicable)
– Gift of Residue Estate
– Financial Checklist
Please then return the Will Questionnaire to us by either post or email. We will then contact you to arrange an appointment and forward our Engagement Confirmation and request payment on account of costs. Please note that it is this firm’s practice to request payment of our fees on account.
To satisfy Money Laundering Regulations please also provide photo ID i.e. passport/photocard driving licence and a utility bill/bank statement/Council Tax bill dated within the last 3 months for each client; email copies will suffice. Please have the original documents to hand at our meeting.