Which option should I go for?
Well it depends.
Firstly, “inheritance tax planning” is often used by solicitors to invite people to make a will. The reality is only 4% of estates actually pay inheritance tax, so most estates don’t actually need that much tax planning. Secondly, trusts that are created by wills cost money to run and administrate. They shouldn’t be created unnecessarily.
So our view is that only three types of people should use a more expensive, sit-down appointment solicitor:
- You are wealthy (e.g. leaving over a million)
- You have extensive overseas assets
- You have unique requirements that require bespoke assistance (e.g. a disabled child)
In each of these cases it would make sense to pay a bit more, as you’ll end up making significant savings as a result.
For everyone else (the 96%), there is either the option of a free will, or an IFG Will. A free will makes sense for 2 types of people:
- People with extremely simple wills – e.g. they are single, not leaving any bequests, don’t have children and don’t have very many assets (for example, when I was a student, I used a free will to draft my will)
- People with legal training, who are confident on the legal formalities to attend to, and their drafting of any specific bequests
Then there’s IFG Wills.
We designed IFG Wills because we noted that most people (60%) don’t have a will – and they should have one – both religiously and for practical reasons. But most people didn’t have a will because, lets face it, hiring a solicitor is a pain. And most people feel a bit daunted by the idea of doing a DIY will.
So we created an experience that brings together the best of both worlds. You get the legal expertise and bespoke review and sign-off of a solicitor, and the stay-at-home comfort and speed of a free online will.
But we want to be genuinely neutral/impartial here. That’s why we’ve linked all the options from our “competitors” (we don’t really see them that way, and we don’t get any payment from them).
You can easily try out the free will options, and get started on your IFG Will process (it is essentially filling out a clever form) very quickly and before paying -and that’ll help make up your mind more than anything.