Thinking of doing it yourself?
Whether it be online, on television or in magazines, there are countless advertisements for DIY Will templates and cheap Will services offered by unqualified drafters. These can be tempting propositions in terms of cost. However, there are important points to consider before considering going down this route.
The Validity of Your DIY Will
A large number of Wills cannot be executed because they have been deemed invalid, leaving beneficiaries with a time-consuming and expensive probate process to deal with after a death; it could also mean costly inheritance tax implications for your loved ones. If your document does not comply with one or more of the legal requirements for a valid Will, your efforts to make a Will will be wasted. It is important to ensure that your Will is written by qualified and experienced Will writing professionals, and to be aware that many of the cheap Will writing service providers are not qualified Will writing professionals and therefore may cost your family more in the long run when problems with the Will unravel after your death.
Errors in Your Will
Although there is no legal requirement for your Will to be written by a Will writing professional, time and again we see Wills with errors, and those are then deemed invalid because of confusing or conflicting instructions. Wills which don’t account for possible future contingencies, such as marriage, divorce, death or births can also run into problems. For example, if you get married, any will you have written will be automatically revoked, unless it expressly states that it has been written in contemplation of marriage. Where you need to make changes to a Will, a codicil has to be created and initialled by you and both witnesses – simply amending the document will deem the Will invalid. Another common error is the failure to account for beneficiaries who are entitled to benefit from your Will which can result in a costly court process. Ensuring you instruct a Will writing professional will prevent such problems further down the line and therefore provide value in the long run.
Expert Will Writing Professionals
The journey towards becoming a Will writing professional takes many hours of education and training. Instructing a qualified and experienced Will writing professional puts your Will in the best hands, giving you peace of mind that your affairs will be in order when you die, and your wishes carried out exactly as you intended.
Inheritance Tax Issues
Careful inheritance tax planning will ensure as much of your estate as possible is passed on to future generations and does not get swallowed up with hefty inheritance tax bills. Inheritance tax liability is no longer the reserve of the rich, as house prices have steadily increased in value over recent years, more and more people are becoming liable for inheritance tax when they die. There are a number of options available which can help to mitigate inheritance tax. The law surrounding inheritance tax can be highly complex and confusing, and errors in tax planning can have huge consequences which could leave your beneficiaries in financial difficulty. Instructing an experienced Trust & Estate Planning Consultant ensures your affairs will be in good hands. Our professionals at Legacy Wills & Estate Planning will tailor a plan for your exact needs. We will explain your options fully, giving you a clear understanding of the entire process.
Keeping Your Will Safe
One of the other many benefits of instructing a professional Will & Estate Planning Consultant to write your Will is that it will remain in a safe place and will be easily accessible when you die. Our clients’ Wills are stored safely in a secure, fireproof and watertight facility and can be easily and quickly accessed. It is risky to keep a Will at home, where it can be lost, or destroyed by fire, flood or even intentionally destroyed by a relative.