‍Writing your own will can seem like a straightforward and cost-effective approach, and it is certainly an option available to you. However, while it is possible to draft a will on your own, there are several potential pitfalls to watch out for, that can be avoided. Here are some important considerations to keep in mind if you are considering writing your own Will.

Legal Compliance

‍Ensuring your will is legally compliant is crucial. The law of intestacy in England is specific and detailed. If a will does not meet these legal requirements, it could be deemed invalid, leading to the estate being distributed according to intestacy laws rather than your wishes. While you can draft a will yourself, professional estate planners are knowledgeable about these requirements and can help ensure that your will is legally sound.

Clarity and Precision

‍A will needs to be clear and unambiguous. Non-professionals might inadvertently use vague language or overlook potential contingencies, which can lead to misunderstandings or disputes among heirs. Precise legal terminology is essential to ensure that your intentions are clearly understood and followed. Professionals can help you draft a will that minimises the risk of ambiguity and potential legal battles.

Tax Considerations

Effective estate planning involves understanding the tax implications of transferring assets. If you are not aware of certain situations or stipulations, you may overlook critical tax issues, resulting in higher tax burdens for the estate or beneficiaries. For example, failing to set up trusts or not considering the tax-efficient transfer of assets can lead to unnecessary taxes. Estate planners are well-versed in these areas and can devise strategies to minimise tax liabilities.

Comprehensive Clauses

‍A well-drafted will should include essential clauses that address potential issues like the appointment of guardians for minor children, specific bequests, and the disposition of digital assets. DIY wills often miss these vital components, which can cause confusion and conflict, particularly regarding the care of dependents. Professionals ensure that your will covers all necessary aspects of your estate and care wishes.

Reducing the Risk of Contestation

‍Homemade wills are more susceptible to being contested by family members or other parties. Claims of undue influence, lack of capacity, or fraud are easier to assert against a will that was not professionally prepared. Professional estate planners can help mitigate these risks by ensuring the will is comprehensive, properly witnessed, and executed according to legal standards.

Regular Updates

‍Life circumstances change, and so should your will. It’s essential to update your will regularly to reflect significant life events such as marriage, divorce, the birth of children, or acquisition of new assets. Professionals can remind you and assist in updating your will to ensure it always reflects your current wishes.

Conclusion

‍Writing your own will is certainly an option, and for some, it might seem like a straightforward and cost-saving measure. However, the potential risks and complications that can arise highlight the value of professional guidance. While it is possible to draft a will on your own, seeking professional assistance can ensure your will is legally compliant, clear, tax-efficient, comprehensive, and less vulnerable to contestation. This ultimately safeguards your intentions and provides peace of mind.

We'll happily talk to you for free about any concerns you have around making your own Will. Request a callback using our booking form, or give us a call on 01424 319 808 today.

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