The DIY Will – Is it worth the risk?
Most, if not all of us, have seen the DIY Will packs readily available on our high street offering the opportunity to make a Will for as little as ten quid. Even a quick search using an internet search engine will - at last count - bring up 6,650,000 results all offering “cheap” Will writing services.
However, I know that my DIY skills go no further than putting flat pack furniture together (well just about!) so how can you be certain that your DIY Will writing skills will achieve what you want to happen after your death?
Although talking about making your Will may seem to be morbid we all know that death is a “fact of life”. When making a Will the solicitor’s role is to point out those matters you need to consider and also any pit falls there might be with what you have in mind. In the end it’s all about peace of mind and ensuring that at a difficult enough time things are as easy as possible for your loved ones and friends left behind.
One of the disadvantages with a DIY Will is the possibility that any potential opportunity to do any tax planning is missed. The Inheritance Tax (‘IHT’) threshold is currently £300,000 and you will have to pay IHT at a rate of 40% on the amount of your estate over the threshold. It is best to consider at the time of making your Will how you can effectively minimise or even remove the IHT liability on your estate.
A simple Will leaving everything to your spouse may seem like the easiest option and in fact, on the first death there would be no IHT liability as gifts to a surviving spouse are exempt from IHT. However, anything left to the survivor will push up the value of their estate and could lead to a substantial IHT burden on their estate and less money in the pot for your children.
It is also worthwhile remembering that gifts to registered charities are exempt from IHT but it is vital to ensure that the details provided in the Will for the charity are as accurate as they can be. Insufficient detail or indeed a spelling mistake could mean that the gift fails for uncertainty.
Another potential problem is where you don’t consider what should happen to a gift if the main beneficiary predeceases you. The effect of this may be that your Will becomes completely ineffective and your estate is distributed as if you had never even made a Will. This would mean that your estate would be distributed in accordance with the Rules of Intestacy and may pass to those members of your family who you never intended to benefit.
However cheap it may seem to do a DIY Will now, the potential problems a poorly written Will could cause will cost your estate much more to sort out than any “saving” you think you are making now.
FWDLAW ASSOCIATES cares about you, your time and your money and our Will writing service is not only cost effective but quick and easy too. If we can’t make you money, we’ll save you money.
