Budgeting: How much does it cost to write a will, and how to budget for it

What is the cost to write a will?

It depends on how you do it and how complicated your situation is. A will sets out who receives your money, property and belongings when you die, and who looks after any children. Without one, the law decides, and that may not match your wishes. Writing a will is one of the most useful things you can do for the people you care about, and it often costs less than people expect.

The rules for valid wills vary between countries, so check what applies where you live.

How do the options compare?

Here's a worked example of typical costs, in round numbers that work in any currency:

Your own costs depend on where you live and who you use. Prices vary a lot, so it's worth getting a few quotes.

What about a DIY will?

Some people write their own will using a template or kit, which costs very little. It can work for very simple situations, but mistakes in wording, signing or witnessing can make a will invalid or unclear. If your situation is anything other than simple, a DIY will can end up costing your family more than it saves.

When is an online will enough?

Online will services guide you through questions and produce a will, often with a check by a legal professional. They can be a good, affordable option if your situation is straightforward: for example, you want to leave everything to a partner, and then to your children equally. Check what the service includes, such as a review, storage of the will and free updates, and whether it's valid in your country.

When should you use a solicitor?

When your situation is more complex. Paying for professional advice is worth it if you:

• Have children from more than one relationship
• Own a home, especially with someone you're not married to
• Own a business or property abroad
• Want to leave money in a trust, for example for young children
• Have a family member with additional needs
• Expect disagreements about your wishes
• Have significant savings, investments or pensions

A solicitor can also advise on tax and make sure the will does what you intend.

Mirror wills for couples

Couples often make mirror wills, which are two nearly identical wills that leave everything to each other and then to the same people. Many solicitors offer these for less than two separate wills. Money questions to ask before marriage covers other things worth discussing as a couple.

How can you write a will for less?

Some charities run schemes where you can have a simple will written for free or at low cost, often with an invitation to leave a gift to the charity, though usually it isn't required. Some employers, unions or insurance policies include will-writing as a benefit. Preparing well before you meet a solicitor, with a list of what you own, who you want to benefit and who you'd like as executor and guardian, saves time and therefore money. Asking two or three providers for a fixed-fee quote makes it easier to compare.

What else should you plan alongside a will?

A will works best with a few other things in place. Life insurance can provide for your family, and pensions often have their own beneficiary forms, which should be kept up to date. A lasting or enduring power of attorney, where available, lets someone you trust manage your affairs if you can't. Which insurance do you need covers life cover and other policies.

Letting your family know where your will is kept, and leaving a list of accounts and important documents, makes things much easier for them later. How to budget for a funeral covers another conversation worth having.

When should you update your will?

Review it every few years, and after big life changes: marriage, divorce, a new child, buying a home or a death in the family. In some countries, marriage or divorce changes how a will applies, so check the rules. Small updates can sometimes be made with an addition, but a new will is often clearer. Keep the original somewhere safe, like with your solicitor or a will storage service, and tell your executor where it is.

How do you plan for the cost in Wealtie?

If you're saving for a will or other legal costs, give them their own line in your expense categories, so you can see when they're paid. A monthly limit in the budget tracker helps you fit a one-off cost into the month without stretching other spending.