D.I.Y Wills - Can't I just write my own Will?
We know that having a professional write your Will can seem costly and the lure of the cheaper Do-it-Yourself Will packs can be appealing, but will you be saving money in the long run?
We all try to save some money by doing the odd jobs ourselves instead of hiring a professional however, there are some things that are worth paying a bit extra for.
D.I.Y Will packs may seem like a great option but that may not necessarily be the case for everyone.
Problems that could arise with a D.I.Y Will;
The capacity of the testator (person who is making the will). The testator must understand what writing a Will means and to who and how they wish their assets to be distributed. If the testator is seen to lack the mental capacity to make these decisions the Will could be contested.
Distributing the assets. It should be written clearly how the assets are to be shared amongst the beneficiaries and also what should happen if the chosen beneficiaries predecease the testator. Intestacy will be applied if no reserve beneficiaries are chosen, meaning assets may be shared in a way that was unwanted.
The signing of the Will. A Will has to be signed by the testator and witnessed in a specific way. If this is not done correctly the Will can be deemed invalid and the rules of intestacy apply.
Updating the Will. Wills must be updated correctly in order to remain valid. Simply crossing out sections and writing the changes alongside can cause major issues during probate, especially if these changes have not been witnessed properly.
Losing/Damaging the Will. This could also happen to a professionally written Will, but no-one may know a D.I.Y Will was even written. Storage options are available for professionally written Wills and there is also the option of registering it in order to make it easier to find when needed.
Any of these issues could cause the Will to be invalid potentially leading to Probate process being drawn out and additional fees arising, which in some cases could be up to 10% of the estate value!
So, yes you can write your own Will just be careful and make sure there are no mistakes or the law may decide where your assets go!
If you would like to have your Will professionally written or would just like some more information contact us today.