With the rise of online templates and DIY kits, it has never been easier to write your own Will. The appeal is obvious – it is quick, cheap, and seemingly straightforward. However, DIY Wills are often littered with problems leading to costly disputes, unintended consequences, and sometimes, complete invalidity. Potential problems include:
There are strict legal requirements for a Will to be valid. Any failure to comply can lead to invalidity or disputes about the validity. This could mean that any previous Will has not been revoked or the rules of intestacy will apply.
One legal requirement for a valid Will is for it to be signed and witnessed correctly. Failure to comply with these requirements could mean that beneficiaries are excluded from benefitting or that the Will is completely invalid.
The language of your Will has to be precise, and small errors can have significant consequences.
Understanding your inheritance tax (IHT) position is an essential part of Will preparation. A DIY Will can fail to take advantage of available reliefs and exemptions. In some cases, it can also lead to a higher IHT liability.
Certain individuals may have a legal right to make a claim against your estate if they feel as though reasonable financial provision has not been made. Online and DIY Wills do not offer advice on mitigating risks and steps to take to protect your estate.
Circumstances change – marriage, divorce, children, grandchildren, your financial position can all impact your Will. DIY Wills often don’t future-proof your Wills and you certainly don’t get advice about the implications of life events.
A DIY Will won’t advise you on potential pitfalls with jointly owned assets, business interests, life policies, pensions, foreign assets, or foreign Wills. You could therefore find that your estate isn’t passing to your intended beneficiaries.
For further information, email nb@cbglaw.co.uk and Nosheen will send you our FREE downloadable guide on all matters relating to effective estate planning and your protection.
