It is always a good idea to have a Will in place, regardless of your stage of life. However, there are risks if your Will is not worded correctly, and many legal cases have resulted from DIY Wills. We’ll take a look at the most common problems of not having a professionally drafted Will.
There are stringent rules that apply to Wills and if, for example, a Will is not signed and witnessed correctly, it will be invalid. If your Will is deemed invalid, then an earlier valid Will takes effect instead. If you don’t have an earlier valid Will, then your estate will be ‘intestate’ and will pass to your closest relatives in strict order of priority. This may not be what you wanted.
Dangers of making your own Will include:
Inheritance disputes
If a Will is ambiguous or poorly drafted, beneficiaries may be more inclined to challenge it legally. A well-drafted Will, which clearly sets out what your wishes are, will reduce the risk of disagreements or misunderstandings arising. Legal action is costly and could drain your estate of funds. It could also cause irreparable damage to family relationships.
Disputes often occur because those left behind disagree over what the deceased’s wishes were. Taking professional advice means you can discuss your exact intentions with your estate planner to ensure that your Will accurately reflects your wishes.
If your loved ones know that you worked with a professional to set out how your estate is to be passed on, they will have more confidence in your Will. This could also deter those who may wish to challenge your Will, even if they know your intentions, but just disagree with it.
An estate planning professional will also be able to give you advice about any potential difficulties. For example, if you were intending to cut someone out of your Will, who would ordinarily expect to benefit, i.e. a child, they will be able to discuss the implications of doing this.
They will also be able to give evidence as to your testamentary capacity or soundness of mind, should this be questioned, as well as confirming that you understood the contents of your Will.
Your estate might not pass to those you want to receive it
If you make your own Will, there is a risk that your assets might not be passed on to your chosen beneficiaries. For example, if you leave your share of your home to your spouse or partner, with an understanding that on their death this will then pass to your children, you have no guarantees that this will happen.
They could remarry or simply change their mind and rewrite their Will to leave your share to someone else. There is a risk that they could lose the money to fraud or a poor investment.
There is a way to avoid this from happening. You can use your Will to leave your spouse or partner a life interest in your share of the property. This means they can live in the property for as long as they wish, and when they no longer live there or pass away, your share will then pass to your chosen beneficiaries.
It is highly recommended to have a professional draft a Will with this type of provision, as the clauses need to be clearly and correctly worded for the Trust to take effect.
Will is not correctly executed
If your Will is not correctly signed and witnessed, it will not be considered valid. Another issue that can arise is if a beneficiary or their spouse were to witness your Will, any gift you have left to them would be void.
Handwritten changes to a Will can also invalidate it. It’s always advisable to have a new Will drafted if you want to make amendments.
We offer a free, no obligation, Will review service.
Contact us to arrange a call on 01775 421501 or email hello@willowgatewills.co.uk