Why is writing your own Will a risky exercise?

• Your loved ones may miss out on property or other assets that you intend to leave to them
• Other people may inherit your estate who you would not wish to benefit
• You may end up paying more inheritance tax than you need to
• You may miss the opportunity to safeguard your assets from the impact of care home fees
• Your executors may not have all of the powers and authority they need to administer your estate properly and efficiently
• A DIY Will can be more easily challenged

No matter how straightforward you think your affairs are, there is always potential for something to go wrong.

You should not put off making a Will. Dying without a Will can cause problems if you want someone who is not closely related to you to receive some of your estate.

The management of personal assets, including money, property, business interests, gifts, trusts and debts, is a challenging task – and one which can result in significant, time-consuming problems if administered incorrectly.

With expert, cost-effective advice and support, a solicitor will be able to help you get your Will right and make sure that your loved ones benefit from your estate in the way that you intend.

Considerations before you write your Will

If you want to have control over how your assets are distributed after you die, then you must write a Will. If you die without a Will – a condition known as ‘intestacy’ – then you run the risk of your assets being distributed against your wishes. Only spouses, civil partners or close relatives can inherit from your estate under the rules of intestacy.

For this reason, you should consult a Solicitor to draft a Will as soon as you can, even if you think you don’t need one yet.

To write a Will, you need to consider:

• who you want to administer your estate
• whether you need to appoint guardians for minor children
• who you wish to benefit from your Estate and to what extent
• whether you need to hold assets in trust for any of your beneficiaries

Writing a Will can be incredibly complex. Without professional advice, it can easily go wrong.

Seeking legal advice

We advise always seeking professional advice when drafting a Will – but there are certain situations where guidance is particularly important, such as when:

• You legally share assets with someone who is not your spouse or civil partner
• Part of your estate to left to a minor or dependent
• You have children from multiple marriages or a second spouse
• You are considering excluding someone who may consider that they should be included
• You have gifted assets during your lifetime
• You own property or live outside the UK
• You are a business owner

Beware, it is very easy to make mistakes or leave something out when writing a Will and you may not realise that you have done so.

DIY Wills – are they worth the risk?

Some of the most common risks of DIY Wills include:

• Missing legal information in commercially available Will-writing packs
• Incorrectly assessing the value of your own estate
• Failing to follow procedure to ensure your Will is legal
• Lack of secure storage for your Will
• Failing to follow correct witness procedures
• Small mistakes with wording may lead to misinterpretation
• Amending your Will without submitting a codicil (legal amendment)

Ultimately, the issues caused by DIY Wills can be caused by a simple – and far too easy – misunderstanding. There are many factors that you may not think to consider until the situation arose, including:

• How a child’s inheritance will be protected until their majority
• What happens to a gift if no one is able to receive it
• How your debts will be handled upon your death
• Who your executor will be if no one is specified

These are just some of the circumstances where an experienced Wills and probate solicitor will be able to support you and provide peace of mind.

Keeping your Will safe and secure

With the myriad of legal considerations and potential pitfalls, DIY Wills present a real risk to your estate and intended beneficiaries. If not handled correctly, you may find that your Will is invalid or incorrect, resulting in your estate being distributed against your wishes.

It is not a risk that you should consider taking.

No matter how simple your estate appears, you should always take the time to discuss your Will with a solicitor as soon as you can to protect your loved ones’ rights to your estate.

Getting it right the first time will prevent distress and other issues later on, as one error in paperwork or language could spell significant problems.

For support and guidance in drafting your Will, contact David Lane, our Head of Wills, Probate and Trusts at dlane@ansons.law, or call him directly on 01543 267237.

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