DIY Wills: Bargain or Bust?

None of us like the thought of getting our affairs in order for when the time comes when we aren’t here anymore, but until you take the step and make a Will, there is no guarantee that your assets will go to the people or charities that you would have chosen to benefit once you have passed away.

If you die without a Will, your estate will be distributed in accordance with the intestacy rules which essentially keeps your estate with your family. If you don’t have children and your parents pass away before you, your estate could end up with your siblings, aunties and uncles or cousins. Irrespective of whether you had a good, bad or even no relationship at all with these relatives during your lifetime. If you are married your spouse will inherit, however if you are not married, your partner will not be entitled to anything – regardless of how long you have been together.

DIY Will kits can be bought cheaply on the high street and also online, however are these cheap kits simple to use and an effective way of saving money?

Wills are complex legal documents tailored to your assets, and your intentions. A “one for all” template cannot possibly suit every possible personal circumstance that may arise and this can lead to entire Wills being invalid, gifts not going to the intended beneficiaries, or even assets being omitted from the Will completely. All of which will then cause problems and expense for your loved ones once you’ve gone.

Solicitor-prepared Wills are not expensive, and the majority of firms will be able to provide a fixed fee quote depending on what your intentions are, and the complexity of your estate.

By using a reputable legal firm you have the benefit of their professional expertise and advice along with peace of mind knowing that your Will has been drafted and executed correctly, and that when the time comes, it will be valid. This removes the stress and uncertainty of a legal battle to challenge the Will from your family and friends at what is already a difficult time.

Solicitors can also provide inheritance tax advice, to ensure that as much of your estate as possible goes to the people you choose to inherit, rather than a large portion of it being eaten up by an inheritance tax bill. Did you know that inheritance tax is charged at 40% of anything over £325,000.

Of course there are exemptions that can be used in certain circumstances, but some of these can be very complex.

When you visit a solicitor to have your Will drawn up, the solicitor will take and keep detailed notes of your wishes and intentions on the file, which can be useful in the event that the Will is contested by an unhappy relative. Whilst it is impossible to prevent someone contesting a Will, a professionally drawn up Will is more likely to stand up to scrutiny as solicitors keep detailed records and can put in place safeguards if your intentions leave scope for someone to contest the Will.

As Wills are so important, it is essential to be aware that many things can invalidate a Will, it is impossible to go through every single pitfall here, but for example if the Will has been signed or witnessed incorrectly, it may not be valid, nor will it be valid if it has been defaced or marked in any way.

The law surrounding UK Wills  and assets abroad is complex, and it may be that you will need a Will in each jurisdiction that you have assets in. To ensure that your Will is fully comprehensive and no assets are missed out, it is a good idea to speak to a solicitor. They will know what questions to ask you to make sure that all bases are covered.

When it comes to Will drafting, the devil is in the detail, in some circumstances you need to be specific for example if you wanted to leave a gift to your husband, simply stating “my husband” would not be sufficient. However when it comes to leaving gifts to children, naming them all individually may not be a good decision. This is simply if you have more children in the future who are not named in the Will, you run the risk of those subsequent children not inheriting anything when you pass away.

In the event that a DIY Will was made but wasn’t valid, if you then passed away what happens to your estate would depend on whether there was a previous valid Will, if there was, then your estate would pass as per the last valid Will you made. If there wasn’t a valid Will, then the estate would pass under the intestacy rules.

Let us show you that making a Will doesn’t have to be scary. Call our friendly Wills team on 01924 379078 to arrange an appointment.