Everybody with any loved ones or assets should write a Will, unfortunately not all Wills actually do what they were intended to.
You can write your own Will. In fact, high street stationary shops will even sell you a kit to enable you to do so. But whilst the low cost of these DIY Will kits may seem very appealing at first, the £20 you spend writing one now, could in fact cost you a lot more later down the line when changes need to be made, or when your family need to go through probate after you have passed. This can be very stressful for those that you leave behind, and during a time when they are mourning, having to deal with your estate using a Will which is incorrect – or worse invalid – is the last thing you would want for them.
If your wishes are quite simple, for example; you are single, have few assets and no children, then a DIY Will may well be a viable option. However, when things start to get a bit more complex, you really need professional advice to avoid any mistakes, for example:
- if you have an unmarried partner; or
- if you have minor children to be provided for; or
- if you own property jointly with anybody else; or
- if you’re married or have a partner and have children together; or
- if you, or your partner or spouse have children from previous relationships; or
- if you have assets over the tax-free allowance, or have assets overseas; or
- if you own a business which is intended to survive you
Even for the simplest of provisions, one of the most common issues with DIY Wills occurs when it comes to witnessing the document. For a Will to be valid it must be signed by the person making the Will (the Testator) and two independent witnesses who must be over 18, and must be present at the same time. Neither of these witnesses can be beneficiaries of the Will or married to anyone who is. If the Will is not signed correctly it will be invalid, meaning your estate will pass in accordance with the Government’s ‘Rules of Intestacy’, which will often end up with your estate not being distributed as you intended.
To ensure the provisions you make are fit for purpose and are valid at the time of your death, it is best to use a qualified professional Will Writer, to not only draft the document for you, but to also ensure it is signed and witnessed correctly avoiding any difficulties for those you leave behind.
Heir Tight Wills helps clients put in place robust provisions and valid documents, to protect their loved ones and their assets both during their lifetime and after their death. For a FREE Consultation to discuss writing or updating your Will & estate planning provisions, contact Rachael Rodgers on 0845 519 7585, or CONTACT US via email.