DIY Will – A good or bad idea?
Technically in the United Kingdom, by law you can write your own Will as long as you have two adults to witness and sign it. However, is a DIY Will a good or bad idea?
There are many complexities to consider when writing a Will, firstly your financial and personal situation and how complex it may be – do you own property? Do you have additional assets such as businesses? Do you have dependents?
When should you write your own Will?
In general you should only write your own Will if your wishes are very simple. For example, if you’re married and:
- you want to leave everything to your partner, or
- if they die before you, you want to leave everything to your children.
If there’s anything more complicated than that, you should probably use a solicitor or a Will Writing Service. For example, if you have stepchildren or you aren’t married or in a civil partnership.
When should you go to a professional?
You should definitely use professional help to write your Will if:
- you own property abroad
- you’re trying to reduce your Inheritance Tax bill
- you have foreign investments or bank accounts
- you own a business that you’re leaving to someone as part of your Will
- you have people who are financially dependent on you other than your immediate family
- your Will includes any wishes that might be misunderstood or are even slightly complicated.
Although DIY Will templates can be bought relatively cheaply and could be seen as a way as saving money in the short term, if there are any issues in the writing or the witnessing of your Will then your estate may fall into the ‘rules of intestacy’, meaning your wishes may not be carried out and this could cost your estate and loved ones a lot more in the long run. It is also much easier for DIY Wills to be challenged, which could also mean your estate is frozen for a considerable period time and lead to large legal costs for your loved ones.
How can a professional help?
A professional Will writer, such as the Will Writers at Glamorgan Legacy Ltd, can help to ensure your Will is written correctly, witnessed, and legal. They can also help you to understand the legality with points such as the guardianship of minors, trusts and inheritance tax. By using a professional Will writer you can help to reduce potential stress for your executors and loved ones.
If you have any queries please contact us and we can discuss this with you.