Write your own will? Watch out for these basic mistakes if you’re using a cheap DIY kit
Write your own will? Watch out for these basic mistakes if you’re using a cheap DIY kit
More and more people are turning to homemade wills to save money during the financial crisis – but lawyers fear this could lead to a sharp rise in inheritance disputes.
So-called DIY kits can be bought from a stationery store for as little as £20.
They offer an inexpensive way to ensure that basic goods are distributed according to your wishes upon your death.
Without professional guidance, you could overlook family members or accidentally give everything to one person, leaving others with nothing
But unfortunately, without professional guidance, you can also overlook family members or accidentally give everything to one person, leaving others with nothing.
In some cases, for example, if a will is not properly signed by two adult, independent witnesses who are not beneficiaries, the will may even be invalid. A lawyer charges from € 150 for drawing up a basic will.
The rule of thumb is that if your wishes are very simple and your financial situation is not complicated, you can have a do-it-yourself will.
Andrew Wilkinson, Head of Inheritance Litigation at Lime Solicitors, says: ‘While DIY kits look quick and easy, they typically have a one-size-fits-all approach that doesn’t work for everyone.
Complicated family arrangements and tax implications are often overlooked. Without professional guidance, there is also the risk that ambiguities, errors or incompleteness will arise in a do-it-yourself will.’