Will writing and Inheritance Tax Price and Services Information
We want to provide you with all the information you need when considering our legal services. Our aim is to be transparent and enable you to make an informed decision when choosing a law firm.
The legal services we provide are personal and tailored to you and your specific circumstances. In addition to the prices and services listed below, we will always provide a written quote – so you’ll know the full cost before you go ahead.
This page contains very detailed information. If you would prefer a simple overview of our service please see Making a Will and Inheritance Tax ›
If you have any queries, please contact our friendly team for no-obligation help.
01643 802 263 enquiries@rjpadgett.co.uk
Staff delivering the service
Rebecca Padgett (Managing Director) will carry out the work on your matter. Rebecca Padgett is a Solicitor and a Chartered Legal Executive. She is also a member of the Society of Estate and Trust Practitioners. Rebecca also holds the Institute of Legal Finance and Management’s diploma in Legal Professional Accounts Rules and Bookkeeping. She has over 18 years’ experience in private client work. Read Rebecca’s full profile here ›
Contents
Will writing
1) Will, including Inheritance Tax review
Additional Wills services, if required
2) Will storage
3) Inheritance Tax planning suggestions
4) Assessment to prove testamentary capacity
5) Statement of reasons for excluding a beneficiary
Example Scenario and Price
6) Example Scenario and Price: Will for a single person
Specialist Will options
Fees are in addition to our Will writing service.
7) Will including a Vulnerable Beneficiary Trust
8) Will including a Family Protection Life Interest Trust
9) Will including a Property Protection Life Interest Trust
10) Foreign Assets Wills
11) Complex assets, business, multiple properties etc
1) Will, including Inheritance Tax review
We will:
- Meet with you to discuss your wishes
- Review your Inheritance Tax position
- Provide you with a draft of your Will
- Provide you with a letter of advice
- Organise the signing and witnessing of your Will
- Provide the signed original Will for you to keep
What is not included:
- Creation of detailed Inheritance Tax planning strategy
- Storage of your Will – available at additional cost. See below.
Timeframe:
2 – 3 weeks
Price:
Single Will, a fixed fee of £300 plus VAT of £60, totalling £360
Mirror Wills for couples, a fixed fee of £450 plus VAT of £90, totalling £540
We are required to verify your identity – this is an additional fee of £30 plus VAT of £6, totalling £36 a person.
Changes to an R J Padgett Will within one year – FREE.
Disbursements (payments to third parties):
None
Additional Wills services, if required
2) Will storage in our fireproof & water-resistant safe, in secure alarmed office
This is a single one-off fee to add your Will to our storage system and provide a receipt.
There is no additional cost, and no fee to retrieve your Will from storage.
We will store your original Will securely and provide you with a copy to keep at home, together with a storage receipt.
You may access your Will at any time. Simply contact us and we will arrange an appointment for you to collect it, usually within ten working days, subject to providing identification.
One off, fixed fee of £100 plus VAT of £20, totalling £120
3) Inheritance Tax planning suggestions
When you make a Will with R J Padgett, we will provide a review and quantify your Inheritance Tax position with you so that you can plan ahead. If you would like to learn how to reduce your Inheritance Tax liability, we can provide simple and practical planning suggestions. Depending on your aims and circumstances, we may suggest seeking additional advice from an independent financial planner.
Fixed fee of £750 plus VAT of £150, totalling £900
4) Assessment to prove testamentary capacity (organise)
If you are an older person or there is a risk your Will may be challenged, we can organise a capacity assessment by a specialist psychiatrist to protect your Will.
This will take additional time. Depending on the availability of the psychiatrist, it could add several weeks to the process of making your Will.
Fixed fee of £150 plus VAT of £30, totalling £180
Disbursements (third party payments): Psychiatrist’s mental capacity assessment, fee varies, estimate between £400 plus VAT of £80, totalling £480, and £750 plus VAT of £150, totalling £900
5) Statement of reasons for excluding a beneficiary
If you decide to leave someone out as a Beneficiary of your Estate, they might bring a claim against the Estate – if they are eligible. We can draft a statement of reasons in support of your decision to help explain your reasoning in the event of a claim.
Fixed fee of £150 plus VAT of £30, totalling £180
6) Example Scenario and Price:
Will for a single person
A single person makes a Will. We meet with the person to discuss their wishes and establish it is unlikely there will be an Inheritance Tax liability. We prepare a draft Will and letter of advice, make any alterations to the Will, and arrange for signing and witnessing. The person decides to store their Will at home.
Legal fees, all fixed-fee basis:
Will, including Inheritance Tax review: £300 plus VAT of £60, totalling £360
Identification fee: 1x individual at £30 plus VAT of £6, totalling £36
Total payable to R J Padgett Limited: £330 plus VAT of £66, totalling £396
Disbursements and third-party costs:
None
Specialist Will Options
Fees include drafting your Will.
7) Will including a Vulnerable Beneficiary Trust
If one of your beneficiaries is vulnerable in some way, you may prefer to provide for them by way of a trust. This fee includes your Will, a full explanation of how a trust would work, and the drafting of the trust itself.
Fixed fee of £750 plus VAT of £150, totalling £900
8) Will including a Family Protection Life Interest Trust
If you’re in a relationship and have children from a previous one, you can provide for your partner while protecting your assets for your children. A Life Interest Trust lets your partner live in your property or receive the income from your assets. It also protects the assets for your children, who would inherit the assets after your partner’s death.
The fee includes a full explanation of how a trust would work and the drafting of the Will and trust.
Fixed fee of £650 plus VAT of £130, totalling £780
9) Will including a Property Protection Life Interest Trust
To protect your share of the family home for your children, you can use a Property Protection Life Interest Trust. This is helpful if you or your partner need to go into a care home after one of you has died. It is less radical than putting your home into a trust during your lifetime and you keep control of your assets.This fee includes a full explanation of how a trust would work and the drafting of the Will and trust.
Fixed fee of £650 plus VAT of £130, totalling £780
10) Foreign Assets Wills
If you own assets abroad, it’s best to have two Wills: an English Will for your English assets and a foreign Will for your foreign assets. This means you get specialist advice in each country you have assets in. Your English Will needs careful drafting as a result.
Fixed fee of £750 plus VAT of £150, totalling £900
11) Complex assets, business, multiple properties etc
You may have an Estate comprising a wide range of assets, or perhaps you aren’t sure how you want to divide your Estate at the present time. This can make it difficult to make decisions for a traditional Will. This fee covers an assessment of your assets and beneficiaries. It also offers suggestions for structuring your Will, considering factors like taxes and asset structures.
Quoted individually, specifically for your circumstances, from £750 plus VAT of £150, totalling £900
Prefer a simple overview? Making a Will and Inheritance Tax ›