The Risks of a DIY Will
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Many individuals choose to create a DIY Will, hoping to save on legal fees. However, this decision can often result in unforeseen challenges and expenses for family members, who may find themselves facing complicated issues at an already difficult time, warns Nazmin Sultan-Khan, a solicitor in the Wills and Probate department at A L Law Associates, Harrow.
DIY Wills are more frequently deemed invalid or cause issues requiring court intervention compared to professionally drafted Wills. These complications can add stress and financial strain for loved ones left to sort things out.
DIY Wills are more frequently deemed invalid or cause issues requiring court intervention compared to professionally drafted Wills. These complications can add stress and financial strain for loved ones left to sort things out.
What can go wrong with a DIY Will
A homemade Will carries the risk of being declared invalid, which is the worst possible outcome. In such cases, your estate will not be divided according to your wishes and your assets might end up with someone you never intended to benefit. Additionally, even if the Will is not entirely invalid, it could still lead to disputes over certain parts due to a lack of understanding of legal requirements. This can happen, for instance on specific wording or when it has not been witnessed properly, for example:- Executors – some homemade Wills fail to appoint an executor because the person who created the Will mistakenly believed it was enough to simply name the beneficiaries. An appointment of an executor is a vital part of the Will and without naming an executor the Will may be valid however the already existing laws will determine who deals with the estate administration and this could potentially involve someone who you would not usually want to be involved in your estate.
- Trustees – If your Will requires trustees but does not include the necessary legal provisions, it could lead to a lengthy and costly court process to appoint suitable trustees after your death. These expenses would normally be deducted from the trust assets, reducing the amount available for beneficiaries.
- Children – When drafting a Will, it is essential to name a suitable guardian for young children. If no guardian is specified and you pass away leaving children under 18 years old, the court will need to appoint someone to take legal responsibility for them. This process could result in someone you would not have chosen being assigned to raise your children. Additionally, the court proceedings can be lengthy and expensive, potentially depleting a significant portion of your children’s inheritance.
- Beneficiaries – A DIY Will might lack a default provision, meaning that if a beneficiary has already passed away, the estate could be distributed according to intestacy rules. A homemade Will might attempt to leave a gift to an entity that is not legally eligible to receive it which could also trigger the intestacy rules, this outcome may not align with your intentions.
- Gifts – A DIY will can create issues with the listed gifts. Beneficiaries should be clearly named and the items to be gifted must be explicitly defined. If there is any uncertainty about who the intended beneficiary is or what the gift entails, the matter may need to be resolved by the court. This process can be both expensive and time consuming, reducing the available inheritance and delaying its distribution to beneficiaries.
- Taxes and costs – Certain gifts may need consideration as to who should pay any associated costs involved, or the age at which the gift should be inherited. If the Will does not specify these issues, then the courts will decide them and this may end up causing costs to beneficiaries unfairly or even against their own wishes. It could also result in higher taxes having to be paid.
