The Dangers of Making a DIY Will

Drawing up a Will is your only security in ensuring that your savings and assets are divided according to your final wishes. Many people do not understand the implications of not drafting a will – a legally binding Will at that, falsely assuming that family members will just split the assets fairly amongst each other. Others fear the cost implication involved. A basic Will drafted by a solicitor will cost anything between £100 and £300 but can go up to £600 if you need additional advice on inheritance tax. While it might sound pricey to some, a well-drafted Will could save you a lot of needless anxiety and further costs in the long haul.

You can, of course, draft your own Will without the expertise of a professional, but you need to be well aware of the risks involved. As they are considered legal documents, you can get easily lost in the legal mumbo-jumbo. Even the slightest mistake can render the Will ineffective. DIY Wills also do not accommodate for any changes in your circumstances.

We will have a look at a few potentially dangerous pitfalls you can run into if you wish to proceed with the do-it-yourself approach.

The Pitfalls of a DIY Will

As straightforward as it might seem at face value, there are a lot of complexities involved in making a Will. To avoid any ambiguity or confusion, you will need to express your wishes clearly and make provision for any number of eventualities. The wording needs to be very specific, and the right terminology has to be used. You will have to keep your wits about you and understand exactly what is required to make your Will worth the paper it is written on. Many people do not understand what it takes to make a DIY Will valid.

As mentioned, if you are not familiar with the correct legal terminology in drafting the Will, you run a very real risk of having your final wishes discarded upon your death. This means you will die "intestate", so the law will intervene on the behalf of the deceased, and decide who inherits what in accordance with the Rules of Intestacy. Losing a loved one is already devasting in itself, so finding out that the will is invalid can cause significant distress amongst already bereaved loved ones.

Do you know what is expected of your witnesses? Most people are aware that witnesses have to sign the Will in their presence, but what they do not know is the witnesses may not be beneficiaries or married to the beneficiaries, as this alone can invalidate the will. In addition to witnesses, you will need to appoint executors, guardians in case of minors, trustees if your estate requires one, and a complete, clear list of beneficiaries. It can be so easy to overlook any of this vital information.

You need to be aware of which assets will form part of your Estate and pass under your Will. This is something that can get very complicated, as there are several scenarios where assets are passed outside of the Will, say, pensions and life policies, only to name but a few. And what should happen if any of your beneficiaries should die before you? Their share of the estate will have to be divided up again.

While death leaves people heartbroken and confused, it also brings out greed in some. Should you draft your own Will, you will not know how to mitigate the possibility should someone claim against your Will with the argument that you were not of sound mind when drafting it. The Courts of Chancery are facing a steady stream of applicants competing to prove that they were, in fact, the true intended beneficiaries, despite what your DIY will stated.

There are many reasons why professionals will advise you against drafting your own Will, and pushing their own agenda at a fee does not feature. The ramifications of getting a Will wrong is serious, and while it may cost you some money, the interpretation of clauses of a professionally drafted Will has stood the test of time.

You should only consider drafting your own Will if your affairs are very straightforward, for example, a married, childless couple who intend to leave everything to the other person, and vice-versa. For most other situations, it is highly recommended to use the services of a local solicitor that specialises in wills and probate.