Do It Yourself? Why it’s a bad idea for Wills
Invalid wills create cost and trouble for family and friends
Trying to draft and execute your own will can sound like a good idea now, but in the long term can create issues, costs and emotional distress for relatives left behind.
If you’ve a complicated situation with your assets or friends/family, a DIY will is risky. What if you have children from more than one relationship or are cohabitating but are separated? What happens then? These are questions you may fail to address if you create your own will, which could leave some people out in the cold when it comes to what assets you’re leaving them.
For example, do you want to include any step-children as your children? Do you know how to make sure that a bequest to your daughter goes to her children if your daughter dies before you, rather than going back into the estate, to the advantage of other beneficiaries? Mistakes are commonplace and unfortunately, can lead to expensive legal disputes, and tense relations between family members.
As well as that if you have already made a Will but you get married or enter into a civil partnership your Will is automatically revoked so a new one will be required.
So, when it comes to making a Will, it can be a false economy to try to do-it-yourself, especially when it’s usually a simple matter just to touch base with your solicitor to make sure that you aren’t missing something important.
Image by Gerd Altmann from Pixabay