With the rise of online Will writing kits, AI, downloadable templates and DIY off the shelf kits it is understandable that some people will be tempted to give it a go themselves when it comes to their Wills. The increase in Will writers with promises of cheap Wills may also seem like a quick affordable option but there are significant risks with all of these and with more estates being challenged after death do you really want to take the chance?
Whilst we acknowledge that in some circumstances such options maybe suitable for people with small estates and uncomplicated family matters, the slightest error could cause a problem.
Solicitor’s fees by comparison to the above options may not be cheap but the old adage of “you get what you pay for” springs to mind, and whilst you may be saving money now you may be costing your estate more expense in the future.
With the rise of online Will writing kits, AI, downloadable templates and DIY off the shelf kits it is understandable that some people will be tempted to give it a go themselves when it comes to their Wills. The increase in Will writers with promises of cheap Wills may also seem like a quick affordable option but there are significant risks with all of these and with more estates being challenged after death do you really want to take the chance?
What problems can occur?
Common issues can be:
Failure to meet Legal Requirements
This can be because they have not been signed or executed correctly. The law around Wills is very specific on how a Will is to be signed and witnessed.
If a Will is executed by someone who it later turns out lacked mental capacity at the time, the Will can also be deemed invalid.
Failed gifts
Clauses dealing with specific gifts in a will may be worded poorly and risk the gift failing. Legal wording can be very different from everyday language, and one word can affect the whole clause and how it works.
Lack of advice in regard to Inheritance Tax
This last one is more prominent now than ever with the government making changes more estates are likely to be taxable. When you do a Will yourself or with a DIY will writing company you may not get correct or full IHT advice.
Overcomplication
We have seen Wills completed by solo will writers which are overly complicated for the client’s needs and lead to complicated affairs after death, usually by the use of unnecessary trusts.
The cost of getting it wrong?
If a Will is invalid or poorly drafted your estate (all or part of it) could be intestate and the rules of intestacy will apply, meaning who you want to benefit may not.
This along with other factors can lead to disputes, delays and additional costs in the thousands. So, a solicitor’s fees may not seem too bad after all, when you are getting full, professional legal advice and removing these risks that may occur later on.
If you do not have a Will in place and want further advice or have a Will that needs updating we are happy to help. We have offices in Aberdare, Blackwood, Hirwaun and Merthyr Tydfil where our friendly, professional team can guide you through the will making process.
