My parents want to do a will but want to do it in a way that a solicitor does not take thousands, ie house worth over a million bought in good area years back for little money,My Dads friend died leaving a will and solicitor got over 10 grand for doing very little, so how can he ensure that minimum is paid out,So what does he have to do in the will when doing it up with a solicitor , thanks
Simple and cheap will
- Thread starter dodo
- Start date
Wills cost very little to make. Your parents can d.i.y. or go to any solicitor (but preferably one they know or have been recommended to) to make their wills.
You don't always need a solicitor to extract a Grant of Probate. When the last parent dies the executor ( normally a family member) can opt to take out the Grant themselves - if the estate is not complicated.
And if you are using a solicitor you are entitled as with everything else to phone around and compare prospective fees.
mf
You don't always need a solicitor to extract a Grant of Probate. When the last parent dies the executor ( normally a family member) can opt to take out the Grant themselves - if the estate is not complicated.
And if you are using a solicitor you are entitled as with everything else to phone around and compare prospective fees.
mf
My solicitor drew up our wills after we completed the purchase of land for our house. I was concerned about the price at the time but she assured us that we wouldn't be charged - and we weren't.
The majority of our estate is left to our daughter - I didn't anticipate leaving her with legal fees along with the loss of a parent! I didn't realise that solicitors charge you for dying! Was I being naive? or have I misunderstood the last post?
The majority of our estate is left to our daughter - I didn't anticipate leaving her with legal fees along with the loss of a parent! I didn't realise that solicitors charge you for dying! Was I being naive? or have I misunderstood the last post?
having a will drawn up by a solicitor should not cost much, certainly not more than €100. it is far better to pay this small amount and have things done properly, rather than letting inexperienced and possi ly incompetant non legal persons do it.
relative of mine had will drawn up by accountant, who misunderstood the terms joint tenancy and tenants in common, causing insurmountable problems on the death of relative.
relative of mine had will drawn up by accountant, who misunderstood the terms joint tenancy and tenants in common, causing insurmountable problems on the death of relative.
I'm sitting here looking at a simple d.i.y. will. The estate is worth about 1.5 million and the testator has landed his beneficiaries with an E80K CAT bill. Solicitors don't always get it right but they should know enough to avoid the kind of confusion caused that I'm looking at.
mf
mf
If the estate is worth a considerable amout, your parents should look at taking tax advice as to how the assets are passed to their children as well. I'm not just saying that becaue I'm involed in tax - simply saying it because I have so many cases where there are huge inheritance tax bills because no thought was given to how assets whould be passed to the next generation.
ClubMan said:But are solicitors necessarily authorised/trained to dispense tax advice that might be appropriate when framing a will? Are you charging the client for the time on AAM that you should be looking at their will?
I always understood that while many solicitors would not necessarily be expert on many of the taxes they generally are quite knowledgable about stamp duty and CAT (and maybe to a lesser degree CGT) as these interact with the standard general practice quite often.
MF1 -
My relative had his drawn up by a professional tax advisor and two elderly beneficieries have been lumbered with CAT of €90K each. A simlpe change of wording as mentioned earlier, but he did not understand the difference between joint tenant and tenant in common, or if he did, he misundertood them has caused all this problem.
My relative had his drawn up by a professional tax advisor and two elderly beneficieries have been lumbered with CAT of €90K each. A simlpe change of wording as mentioned earlier, but he did not understand the difference between joint tenant and tenant in common, or if he did, he misundertood them has caused all this problem.