Risks of writing a Will yourself
One of the most important things you can do for yourself and your loved ones in your lifetime is to make a will. If you care enough about what happens both to your loved ones and your assets on your death, you will want to ensure you adequately provide for them when you are gone.
When you have decided to make a will there are several options available, you can seek the service of a qualified lawyer or solicitor, going to a specialist will writing company, or doing it yourself. Do-it-Yourself Will packages are now easily available online and on the high street, but it is important to be aware of the risks involved with writing a will yourself without help from a legal advisor.
Wills that are poorly drafted can prevent your assets going to your chosen beneficiaries, lead to expensive court action, or cause stress to surviving relatives. Without legal help and advice, it is easy to think you have drafted your will properly and it is therefore important to carefully consider how you go about drafting yours.
1. Executing the will: there are strict legal requirements as to how a will is signed and witnessed – a simple mistake can make your will invalid. For example, the law is clear that your will should not be witnessed by someone who stands to benefit from your will or anyone who is married to an individual named as a beneficiary.
2. Clarity: a clause in a will, for example leaving a gift to a close friend, may be classed as invalid if it is not clear or is in any way ambiguous. For example, in your will you state that you wish to leave your watch to your friend John but do not state which specific watch, this gift can fail if there are many watches and your Executor is unsure as to which watch you refer to.
3. Inheritance tax: inheritance tax may be payable on your estate when you die and you may not have the specialist knowledge or expertise on how to write your will in a way that will reduce, or even eliminate, the inheritance tax bill on your death.
4. Changes in circumstances: if you write your own will, you are likely to be unaware of when you need to review or even rewrite your will. For example, marriage revokes any wills which are not written in anticipation of your marriage to that specific person. Also divorce will make a will invalid as far as any gift to an ex-spouse is concerned.
5. Dependants: if you choose to leave out a close relative who you financially supported during their lifetime, a claim can potentially be made against your estate and time and large sums of money may be spent in resolving the matter through the courts. This can cause stress and heartache for the loved ones you leave behind.
Writing your own will may be a less expensive option but it may not prove cost effective in the long run. Having your will professionally written provides the peace of mind and reassurance that all your wishes will be carried out when you are gone. Your will is one of the most important documents you will ever write, so why leave it to chance? Make sure it is properly written by seeking the help of a professional will writer.
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