Creating a Will is arguably one of the most important documents a person will create throughout their lifetime and is a useful way to protect family and loved ones. Due to its importance, it is worth doing this properly.
Many people are put off asking a solicitor to draw up their Will for them due to the cost of the service. Instead, some turn to DIY Will services which offer a seemingly cheaper alternative. However, when things go wrong, it is likely that the cost of putting these mistakes right will outweigh the cost of a professionally drawn Will.
While a DIY Will may seem attractive due to the price, it is often a risky approach as low-cost online or DIY Wills can create some fundamental errors further down the line, and in the worst-case scenario it could lead to your Will being declared invalid. The implications of this can be serious and could lead to further complications resulting in large legal bills and tax inefficiency.
Key problems with online or DIY Wills –
- They are not personal to you or your own circumstances;
- They often do not contain clear instructions and therefore there is the risk that the document will not be executed properly;
- You will not benefit from the security of knowing your Will was prepared by a professional;
- Your Will writer may not have indemnity insurance in place, which all solicitors are required to have;
- There may be no ‘disaster planning’ element contained in the Will and if certain events do occur such as a beneficiary dying before the testator, it may not be covered by the Will;
- There can often be spelling mistakes in beneficiary’s names or addresses which may cause significant issues later down the line.
Without consulting a professional to draft your Will, you run the risk of not fully considering important things that your Will should address. For example:
- What happens if a beneficiary passes away before you?
- What happens to jointly owned property?
- Who has the right to challenge the Will after your death?
When DIY Wills go wrong, the financial and emotional cost of dealing with the estate can be huge and therefore it is always advisable to visit a professional who can help draw up a well thought out, personal and reliable Will that aims to cover all eventualities.
Get in Touch
If you are considering having a Will drafted, have concerns about a previous Will you have made or would simply like to get in touch about the services we offer here at Barrett & Co, please do not hesitate to contact us. Please telephone on 0118 958 9711 or email [email protected] and someone from the team will be in touch to assist with your query.