How much does it cost to make a will?

Normally a solicitor will charge up to £100 to draw up a will. Charities will help you draw them up for free. Simple wills can be written using basic documents you can buy from bookshops or over the Internet for a few pounds.

Inheritance tax 

This is a tax that is charged on the value of the sum of assets passed on at the time of death and in the last seven years and is deducted from the deceased’s estate.

As this subject is quite a complicated one, see the example below for better understanding

Example 1

Samantha is a widow. Sam’s estate at her death amounted to £575,000. Two years prior her death, she gave gifts to

Her daughter – £40,000 Her son – £35,000

The total estate amounts to £575,000+£40,000+£35,000 = £650,000

She can benefit from the joint IHT exemption for married couples and civil partnerships of £600,000. The inheritance tax is calculated on the £50,000 (£650,000-£600,000). The tax amount on the £50,000 is taken out of the £575,000 estate being passed on.

Example 2

John was single and living with his brother. John’s estate at his death amounted to £330,000.

He did not make any gifts in the seven years prior to his death.

The total value of his estate amounts to £330,000.

The inheritance tax is calculated on the £30,000 (£330,000-£300,000). The tax amount on the £30,000 is taken out of the £330,000 estate being passed on.

Further Information

The Law Society is the organisation governing solicitors, and the web site can help you find a solicitor in your area.

www.lawsoc.org.uk

The Inland Revenue’s web site is very comprehensive and will give you detailed information about inheritance tax.

www.inlandrevenue.gov.uk
The Age Concern website gives information about preparing a will.