What are the pitfalls of a DIY Will?

During the pandemic, many people decided to revaluate their estate planning and look at writing a will for the first time.  So, what are the pitfalls of a DIY Will?

There are so many ways to obtain a Will including online templates available on the internet, a will writing service through a provider or through a solicitor. For many the cost of a Will needs to be taken into consideration. They can vary greatly in price. Sometimes the adage you get what you pay for can be true in this case.

Although it may seem like a simple document if you financial and family affairs are straight forward an online service may be perfect for you. However, there can be risks involved with this and this can become more costly if they are deemed to be insufficient not only financially but emotionally too. To be certain you get it right it is advisable to take advice on the matter.

Confusion and more costs

Unfortunately, many wills are challenged in court, and this is on the rise. Most disputes do not end up in court but can still incur great costs. They can be challenged for several reasons, one of them being the testator did not understand the effect the Will that they signed would have on family members.

They can also be challenged on the grounds of undue influence on the testator by a person who benefits directly or indirectly causing a Will to be executed that does not reflect the testator’s wishes.  An incorrect execution of a Will can make it invalid and lead to disputes.

Other issues can be an unexpected inheritance tax that needs to be paid. This can result in financial loss for the beneficiaries.  Another issue second marriages and children from different relationships can also make affairs complicated. 

When deciding to write a Will clients should note that a solicitor’s firm is required to have professional indemnity insurance and this in turn can protect clients from loss from incorrectly drafted Wills.

Remember that a Will speaks for you when you are no longer able to do this.  It therefore needs to be well drafted with clear wishes and instructions so that your intentions can be carried out properly.  If you use a solicitor for this process, it can reduce a number of problems and issues at a time that is emotional and distressing for your loved ones.