Many people in the UK choose to write their own Will rather than use professionals. They may save some money but if it goes wrong they won’t be around to sort it out, their beneficiaries will have to.
The average man in the street simply does not have the knowledge to draw up legal documents and cutting corners by going the DIY route, usually costing around £20, is false economy. In fact a badly drafted Will is likely to cause more problems for the people the Will is supposed to benefit than not writing a Will at all. Simple mistakes can actually invalidate the Will or result in higher legal costs. In the event of a dispute over the Will, only one person benefits…the lawyer.
For example something as simple as not signing the Will properly will make it invalid and you die intestate with all the problems that creates. There are rules for deciding who inherits your assets, depending on your personal circumstances. It takes longer to sort out your affairs which could mean even more distress for your loved ones, especially if they need money from your estate to help pay urgent bills.
And a lack of knowledge about the tax laws quite often means more money paid unnecessarily in inheritance tax. Great for the taxman, but not for your loved ones and beneficiaries of your Will. A professional Will writer will also ensure your Will is frequently updated to reflect any changes in your personal circumstances as well as the tax laws. And you can’t simply make amendments to your Will, it has to be done correctly which means a codicil has to be created and initialled by two witnesses, one of whom cannot be the beneficiary.
There’s no substitute for doing it properly, your Will is quite probably the most important document you will ever sign, don’t take chances.