Over-50s 'often lose out' when making a will

Enlisting the help of an expert when making a will could be leaving friends and relatives short of some much needed funds, new research has found.

With some solicitors and professional will writers charging as much as five per cent of an estate's value, Saga emphasised that this cash could be better put to other uses.

For example, it could buy a car, a holiday or even a deposit on a house for one of the people set to benefit from the will.

Research conducted on behalf of the company found that 90 per cent of older people choose a solicitor or financial advisor to deal with their wills and probate.

Roger Ramsden, chief executive of Saga Services, explained: "For the individual owning an average-value home, worth £180,000 it could mean the estate paying a commission of as much as £9,000."

He noted that although the charges can be astronomical, there are measures that can be taken to ensure this is not the case. Writing your will with a solicitor-approved DIY Will Kit can help.

Published on: July 19, 2011

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