DIY Will friend or foe? “Nearly 60% of adults across the UK have not written a Will” according to research done by Unbiased.co.uk and explained in an article by this is money.
This means that 60% of British adults are leaving their estate to be handled under the government’s Rules of Intestacy. In some cases this can leave your loved ones unaccounted for or spark family disputes if your still not convinced have a read of our blog post do I need a Will? So in order to ensure your estate is handled the way you want means it’s about time to write a Will.
When writing a Will, it is generally advised to use a qualified professional to ensure the Will is written correctly and will make the administration of your estate much easier for your executors. At the very least it is recommended to have a solicitor check over your Will to catch any mistakes, but if you are going to have a solicitor check your Will it may be financially worthwhile to have a professional write your Will initially.
A qualified solicitor can provide you with valuable information about the best options of how to distribute your estate to provide the most protection for your beneficiaries. If you have a more complex Estate this advice could be invaluable. As having a carefully thought out plan and well-executed Will could protect your beneficiaries from a long and complicated estate administration after your death and prevent unnecessary exposure to inheritance tax or family disputes.
You can write your Will by yourself, but this is more likely to cause complications after your death. You should be extremely careful when writing a Will, yourself as it is much easier to make mistakes. A small mistake in the wording or in how it’s been signed can render the Will void leaving your estate to be distributed according to the rules of intestacy.
Common mistakes in making a Will, according to the Citizens Advice Bureau are:
• not being aware of the formal requirements needed to make a Will legally valid
• failing to take account of all the money and property available
• failing to take account of the possibility that a beneficiary may die before the person making the Will
• changing the Will. If these alterations are not signed and witnessed, they are invalid
• being unaware of the effect of marriage, a registered civil partnership, divorce or dissolution of a civil partnership on a Will
• being unaware of the rules which exist to enable dependants to claim from the estate if they believe they are not adequately provided for. These rules mean that the provisions in the Will could be overturned.
There are many Adverts on the Internet offering “Do it Yourself Will for £X” or “legal DIY Will for cheap”. You should be extremely cautious when using these services as you could be taking legal advice from an unprofessional, unqualified, and often uninsured provider. After researching a few of these companies some were offering DIY Wills for the same price as some qualified solicitors or Will writers would charge.
Using a DIY Will kit could risk your loved one’s future. A DIY Will is more vulnerable to being made invalid. This means your estate would be handled as if you had not written a Will at all.
At Final Duties we have a specialist panel of solicitors that are experienced and qualified to help you prepare your Will, with you and your families’ best interests in mind. Having a professionally written Will can give you the peace of mind that if anything were to happen to you your estate Will be distributed according to your wishes.
If you are interested in using our Estate planning service, please call us on 08007318722 or send us an inquiry via our website and a member of our team Will contact you.