When was the last time you updated your Will – and do you even have a Will? An alarming number of people do not have this most basic – yet crucial – of legal documents.
In our time poor society, a Will may seem to be just another thing on the to-do list and something that you never quite get round to.
Enter the rise in popularity of online / DIY Wills.
Quick, cheap and convenient, it is hardly surprising that many people are using this as a way to tick the “Get my Will done box.” DIY will packs have become increasingly popular over the past couple of years, offering a cheaper alternative to seeking professional help from a qualified will writer. Some of these packs start from as little as £6.99 and can be completed within minutes.
However, as an attractive idea as it may seem, there are many pitfalls of using an DIY online Will. Hamza Mustafa, Head of Private Client at AFG LAW, explains more –
A Will is often deemed the most important document you will ever write. It is an essential way of ensuring your savings and assets are distributed and divided how you see fit when you pass away. If you die without a Will, or with an invalid Will, your wishes may not be followed.
Common Mistakes
Wills have very strict rules about the way they are prepared and executed. If a Will does not comply with the provisions, it will be invalid. This is often only discovered after death which can result in assets being inherited by family members you did not want including in your Will.
There are many errors that can result in an invalid Will including: –
- The Will not being witnessed properly
- Misspelt names
- The failure to prepare a new Will after marriage. A marriage will automatically revoke a Will unless there it specifically states that it was made in contemplation of marriage
- Correct legal wording not being used
The Will may be too simplistic
It may seem very easy to download an online template and create your own Will in minutes – but therein lies the problem. These templates are often too simple and do not allow or more complex provisions or unexpected situations, for example the premature death of the beneficiaries.
The Will may be incorrect or miss important details
Wills are complex, detailed documents – and an untrained eye can easily miss out key information, such as savings accounts or pensions, meaning that beneficiaries could miss out on key parts of the estate.
Most Wills are made years before a person’s death and then their circumstances change. They may have, for example, left their house to a specific Beneficiary but by the time they have passed away, their house has been sold and the Will not updated. This would mean that the intended Beneficiary does not receive anything.
There are many cases where homemade Wills have led to ambiguity where there is an unclear meaning. It is not unusual for the Court to get involved in determining what the deceased originally intended. This could result in the Court’s judgement being different to what the deceased intended so in order to ensure your Estate is administered the way you had planned, it is always advisable to obtain professional advice.
Tax implications may be overlooked
Tax is a minefield at the best of time, but when it comes to Wills it can become even more complex. You may not realise that there are ways that you can reduce the amount of inheritance tax you pay through your will, so that your loved ones can benefit as much as possible from your estate.
Inheritance Tax is currently charged at a rate of 40% of your chargeable estate when you die. A homemade Will is often drafted without taking Inheritance Tax into account. However, by taking professional advice it is often possible to mitigate this tax. By making use of available allowances and reliefs, your Estate may pay little or no Inheritance Tax.
How to assess capacity
A Solicitor or professional Will writer will ask questions to assess the capacity of the client and to make sure the client understands exactly what is going in their Will. If capacity is an issue, a medical professional will also be instructed. This procedure is unlikely to have been followed when preparing a homemade Will and this may make it easier for the Will to be challenged by family members who are not inheriting.
When the Court is asked to consider whether someone had capacity, they will examine contemporaneous notes from when the testator made their Will. If the testator has instructed a professional, this will include the Solicitor’s file and attendance notes as well as any medical reports. When a person has not instructed a professional to prepare their Will then there is likely to be a lack of this information.
About us
The Wills and probate solicitors at AFG LAW understand that making a Will is one of the most important decisions of your life. That’s why we work closely with our clients making sure we get their wishes right the first time.
Our experienced team of Wills and probate solicitors provide legal advice and guidance on all Wills and probate-related matters, including inheritance tax, inheritance tax mitigation and tax planning.
Get in touch
For more information on how our team can help you, please contact us on 01204 377600.