Whether it’s the potential cost of making a will that puts people off or the fact that it’s an unsettling topic to discuss, the practice of estate planning is something many of us are guilty of putting on the back burner.
That said, the importance of making a will cannot be underestimated – not only is it an integral component in providing for your family after your death, the presence of a legally binding will ensures that your exact wishes will be met.
Despite this, as of the end of 2022, a mere 30% of the Irish population had made a will.
For the staggering majority putting off the process, it may be interesting to learn that it is neither a costly nor complicated box to tick.
What factors affect the cost of making a will?
While it is possible to frugally draft your will in the comfort of your own home using an online template, it is advisable to seek the help of a solicitor who is trained in the process and who can ensure the document is legally valid.
The average cost of this stands at around €150 +VAT, but it is largely dependent on the complexity of both your estate and your familial circumstances.
Furthermore, the process of drawing up a joint will be a slightly more expensive affair given the involvement of two or more people. This is likely to cost anything from €250 +VAT upwards and again will fluctuate in price in line with the individual situation of each party.
At what age should I consider making a will?
A will can be amended at any point in a person’s life to suit their changing circumstances and wishes. Therefore, people should consider making a will at any time after the age of 18.
It is also highly recommended that an individual makes a will after they become a parent, as this legal document will set out instructions relating to the guardianship of the child.
Why you should consult a solicitor when making a will
There are numerous reasons to call on the experts when carrying out this significant task.
1. You will have a comprehensive will:
Every aspect of your estate, from properties, investments, insurance policies and more, will be delved into to ensure your final document is as detailed as possible with no stone left unturned.
2. It will be a legally binding document:
You will have peace of mind that your wealth and belongings will be handed down in exactly the way you hope.
3. A solicitor’s expertise will offset the cost of making a will:
While flying solo when taking on this task is the cheaper option in the short term, it could cause your family great emotional and financial stress in the long run if the document is found to be invalid after your death.
4. A solicitor will have a more in-depth knowledge of how to deal with complex circumstances:
From a large estate to complicated family relationships, a professional will have the expertise needed to navigate unusual circumstances in the context of making a will.
Summit Law is your trusted solicitor for Will Services
To ensure that your wishes after your passing are acknowledged and actioned correctly, it is advisable to consult a reputable firm, such as Summit Law. As an experienced provider of Will Services, the reputable team will help guide you through your estate planning needs in a way that is easy and affordable.