Start a Will Writing Business: Start This for Under £300
Startup Cost: £50–£300 | Difficulty: Beginner | Time to Start: 7 Days | Business Type: Local
Introduction
Starting a will writing business in the UK can be a lucrative and scalable venture, requiring minimal startup costs and offering a high earning potential. With the right training, insurance, and resources, you can offer a valuable service to clients while generating a significant income.What is a Will Writing Business?
A will writing business involves helping individuals create and manage their wills, lasting powers of attorney, and other estate planning documents. As a will writer, you'll work with clients to understand their wishes and create a personalized plan to ensure their assets are distributed according to their wishes after they pass away. With the right training and resources, you can offer a valuable service to clients while generating a significant income.Video Breakdown
This article is based on a YouTube video that covers the key steps and requirements for starting a will writing business in the UK. Watch the full video on YouTube for the full walkthrough.Key Takeaways
* Minimal startup costs of £399 for training and £30-£40 per month for professional indemnity insurance * Partner with a drafter service to generate wills for £30 per will * Charge between £150 and £200 for a standard will, with lasting power of attorney services commanding higher fees * Offer referral fees to mortgage brokers and other professionals to market your servicesStartup Costs in the UK
MicroBiz365 keeps costs under £300; free tools and our PDF where possible. Here's an itemised breakdown of the costs involved in starting a will writing business in the UK:| Item | Approx. Cost (UK) | Notes |
|---|---|---|
| Training | £399 | Enroll in the Institute of Professional Will writers associate course |
| Professional Indemnity Insurance | £30-£40 per month | Purchase through a broker like Hiscoox or Simply Business |
| Drafter Service | £30 per will | Partner with a drafter service to generate wills |
| Website & hosting | £0 | Use free tools and our PDF to set up your business website |
| Branding basics | £0-£40 | Create a professional logo and branding materials |
| Tools/equipment | £50-£100 | Invest in drafter service software, a computer or laptop, and a mobile phone |
| Contract/template | £0-£50 | Create a contract template for clients |
| In practice, you can get to your first paying client for a total setup spend of roughly £100–£250, well under the £300 mark, then upgrade tools and protection as the business grows. |
Tools & Equipment Needed
* Drafter service software * A computer or laptop for client meetings and communication * A mobile phone for marketing and client communication * A printer and scanner for document preparationHow to Start
1. Get trained by enrolling in the Institute of Professional Will writers associate course for £399 2. Obtain insurance by purchasing professional indemnity insurance through a broker like Hiscoox or Simply Business for £30-£40 per month 3. Find a drafter service to partner with and generate wills for £30 per will 4. Set up your business by creating a business website for credibility and lead generation 5. Market your services by offering referral fees to mortgage brokers and other professionals 6. Start generating wills and earning a significant incomeEarnings & Scaling
You can earn between £150 and £200 for a standard will, with lasting power of attorney services commanding higher fees. With the right training and resources, you can generate a significant income from will writing services.Pros, Cons and Risks
Pros: * Minimal startup costs * High earning potential * Opportunity to help clients create a personalized plan for their estate Cons: * Requires training and certification * May require ongoing professional indemnity insurance * May require ongoing marketing and lead generation efforts Risks: * May face competition from established will writing businesses * May face regulatory changes or updates that impact the industryUK-Specific Tips
* Ensure you comply with UK regulations and laws regarding will writing and estate planning * Consider partnering with a drafter service to generate wills and other estate planning documents * Use free tools and our PDF to set up your business website and branding materials * Consider offering referral fees to mortgage brokers and other professionals to market your services * Ensure you have the necessary professional indemnity insurance to protect yourself and your businessFAQ
What are the costs of starting a will writing business in the UK?
The costs of starting a will writing business in the UK include training (£399), professional indemnity insurance (£30-£40 per month), and the cost of partnering with a drafter service (£30 per will).How much can I earn from will writing services?
You can earn between £150 and £200 for a standard will, with lasting power of attorney services commanding higher fees.What training do I need to become a will writer?
You'll need to enroll in the Institute of Professional Will writers associate course for £399 to become a qualified will writer.Conclusion
Starting a will writing business in the UK can be a lucrative and scalable venture, requiring minimal startup costs and offering a high earning potential. With the right training, insurance, and resources, you can offer a valuable service to clients while generating a significant income. For more ideas on starting a business with minimal startup costs, see our post on low-cost business ideas. Browse more ideas on MicroBiz365.Want More Business Ideas?
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