DIY Wills: Risks & Costs vs. Professional Wills

A will is a legal document that outlines how you want your assets (money, property, possessions) distributed after your death. You can write a will yourself, but doing it incorrectly can have devastating consequences for your loved ones:

• Your wishes not being carried out: If the will is invalid or ambiguous, the law will determine how your assets are distributed, which may not align with your intentions.
• Costly legal disputes: A poorly drafted will is more likely to be contested, leading to expensive and emotionally draining court battles, potentially even with family members.
• Unnecessary delays: Errors in the will can cause significant delays in the probate process, leaving your loved ones waiting longer to receive their inheritance.
• Increased inheritance tax liability: Mistakes in the will can inadvertently increase the amount of inheritance tax owed.

Instructing a solicitor to draft a professional will is the most effective way of avoiding these issues and ensuring your wishes are carried out appropriately after your passing.

DIY will kit - convenience vs risk

A DIY will kit is a template or pre-printed form that you can use to document how your assets will be divided after your death. Many of these kits are available online and in stationery stores, but they also carry a considerable risk which can often outweigh the initial cost saving.

The serious risks of DIY wills

• Incorrect wording - even small errors in wording can lead to misinterpretations and disputes. For example, if you use a vague term like "my belongings" without specifying what they include, it can confuse your executors. Do they include savings accounts? Jewellery?
• Lack of tailored legal advice - DIY kits are usually one-size-fits-all templates that won't have advice specifically tailored to your situation. A generic template might not be suitable if you have stepchildren or a more complex family structure.
• Legal requirements - Wills should be executed according to legal rules (proper signing and witnessing) and errors can invalidate the entire will. The will can be challenged if the witnesses are not truly independent (e.g., a beneficiary's spouse).
• Complex Estates - DIY kits aren't suitable for estates involving trusts, business assets, overseas property, or inheritance tax liabilities. You'll require specialist legal advice if you own a business as a DIY will kit won't address business succession planning.

Essential will-making checklist (applies to all wills)

Whether you draft a will using a DIY kit or use a solicitor, you need to consider:

Identifying all your assets

Create a detailed inventory of everything you own, including:

• Property (houses, land, holiday homes).
• Bank accounts (current, savings, ISAs).
• Investments (stocks, shares, bonds, pensions).
• Vehicles (cars, motorcycles, boats).
• Personal possessions (jewellery, art, antiques, valuables).
• Life insurance policies.
• Digital assets (online accounts, social media platforms and profiles).

Your beneficiaries

Identify who you want to inherit your assets. Be specific with full names and addresses whether it's your spouse or civil partner, children (including step-children and adopted children), grandchildren, other family members, friends, and charities.

Appointing your executors

Select trusted individuals (usually two) to administer your estate. They will be responsible for carrying out the instructions in your will.

You should also appoint substitute executors in case your first choices are unable or unwilling to act. Make sure to inform everyone named as an executor or substitute of their appointment.

(If applicable) appointing guardians for minor children

If you have children under 18, you will need to appoint guardians to care for them if you and the other parent were to pass away.

Specific gifts (legacies)

You can leave specific items or sums of money to particular people or charities. It's as simple as stating "I bequeath my antique watch to my grandson, John Smith."

The remainder of the Estate

After all gifts and money have been distributed, the remaining assets (the residue) are divided amongst beneficiaries. This is often expressed as a percentage, for example: "I give the residue of my estate to be divided equally 50-50 between my children, Sarah and David."

Witnessing, storage, and updates

The will must be signed with two independent witnesses present who are not beneficiaries or spouses of beneficiaries. They must also sign the will in your presence. This is crucial for the will's validity.

Store your original will in a safe and accessible place. Inform your executors of its location. You can store it with a solicitor, bank, or at home in a fireproof safe.

Your circumstances may change over time (marriage, divorce, birth of children, acquisition of new assets). Review your will every few years or after any significant life event.

Contesting a will - the cost of errors

Wills are usually contested because they're poorly drafted and littered with errors. However, contesting a will is expensive, time-consuming, and stressful. Common grounds for contesting are:

• Lack of Mental Capacity: The will maker didn't understand the nature and effect of the will when they made it.
• Undue Influence: The will maker was pressured or coerced into making the will.
• Improper Execution: The will wasn't signed and witnessed correctly.

The cost of making a will with a solicitor

The cost varies based on the complexity of your estate. A simple will could cost a few hundred pounds; complex wills will cost more. Get a quote for a precise figure. However, this cost is a small investment compared to the potential financial and emotional cost of a contested will.

Why choose SB Lawyers for your will?

Our team of experienced solicitors has a combined specialist experience of over 54 years in will drafting and estate planning. This extensive experience means we have the expertise to handle even the most complex situations and ensure your will is legally sound and effective. This vast experience also means we have likely dealt with similar situations to yours and can offer the best possible advice from the offset.

• Expert, Tailored Legal Advice: We provide advice specifically for your circumstances in plain English, ensuring your will accurately reflects your wishes and is legally sound.
• Minimised Risk of Disputes: A professionally drafted will significantly reduce the risk of challenges.
• As a firm regulated by the Solicitors Regulation Authority (SRA), you can be confident that we adhere to the highest professional and ethical standards.

Secure your legacy: get a will drafting quote from SB Lawyers.

029 2046 1480help@sblawyers.co.uk