Believe me, I can understand the temptation to download a free DIY Will or pay a fraction of the price you would a solicitor for a Will. They can appear to be a cost-saving and quick solution to not having a valid Will. My warning would be that the short-term benefit of paying next to nothing for your DIY Will very often puts you at risk of causing you and your family long-term losses.
I have seen so many clients over the years who tell me they have prepared their own Wills or have ‘downloaded something from the internet’!
Immediately this fills me with dread, and I always ask to see a copy. 99% of the time the Wills are not fit for purpose, they have been incorrectly prepared and assets do not end up with the intended beneficiary. Provisions may have been made to a predeceased beneficiary without a substitutional beneficiary being nominated – this means the estate will now be distributed in accordance with the Intestacy Rules and could be directed to a family member the client no longer has a relationship with or has never even known!
One size doesn’t fit all
Also, with many people having ‘blended’ families i.e. unmarried lifelong partners, children from previous relationships, stepchildren etc, an estate passing by way of Intestacy could cause problems, in that your unmarried lifelong partner will not benefit at all from your estate and neither will any stepchildren you may have spent your life raising.
This can cause a lot of unnecessary financial issues and heartache in addition to the grief of losing a loved one.
A simple Will may not be what you require with your blended family.
You may require a Life Interest Trust Will, which leaves your share of the property you co-own with your current partner to your children from your previous relationship, whilst entitling your current partner to remain within the property throughout their lifetime. Thereby ensuring a balance from which both your children and new partner are protected.
So what should I do instead of making a DIY Will?
Seeing a professional allows your family and financial circumstances to be considered rather than a one shoe fits all DIY Will. You will leave with tailored advice and a Will that suits your specific needs. On many occasions, when speaking with clients I hear ‘I didn’t think of that’ or ‘I didn’t know that could be done’.
As cheesy as it sounds, knowledge is power – so why choose to be uninformed and risk what you have spent your entire life building when you can be certain you have safeguarded your assets for your loved ones?
For me it’s a no brainer… say no to DIY Wills, as you do get what you pay for!
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Disclaimer
The contents of this blog or any other published by Talbots Law cannot be considered as legal advice. You should take no action without prior consultation with a qualified solicitor or legal professional.