Safeguarding your legacy shouldn't come at the expense of accuracy and thoroughness.
The world we live in today has demanded a conscientious shift in many of our habits.
The emphasis on social distancing and avoiding unnecessary contact with people outside our household during the Covid pandemic, coupled with the subsequent deteriorating financial climate with high inflation and rising costs of goods and services, may have tempted some to venture into territories they wouldn't have considered earlier.
One such task is drafting your own will. This article delves into the drawbacks of DIY wills, and why obtaining professional advice is vital to ensure your will is legally valid and that it achieves everything you wish for, for you and your loved ones.
1. Overestimating Simplicity
Contrary to popular belief, estate planning isn't always straightforward. Owning property in another country, having an extensive estate, or even owning a business might complicate matters.
The intricacies of inheritance tax (IHT), trusts, and other estate planning mechanisms necessitate expert guidance. A DIY approach might seem financially sensible initially but could lead to higher tax implications later on, which a specialist could have preemptively avoided.
2. Failing to Safeguard Your Estate
While it's your prerogative to decide beneficiaries, the legal framework provides certain individuals with the right to stake a claim on your estate. If overlooked, these claimants can jeopardize your original intentions posthumously.
Professionals possess the knowledge to identify potential claimants and suggest precautions to minimize successful claims.
3. Overlooking Legal Validity
A will's legitimacy hinges on its adherence to legal stipulations, as prescribed by section 9 of the Wills Act 1837. Any oversight in the signing and witnessing process renders it void.
4. Encountering Inadvertent Errors
A validly attested DIY will isn't immune to oversights. Some common pitfalls include:
Beneficiaries or their partners acting as witnesses, rendering gifts to them void.
Ambiguous phrasing leading to interpretative dilemmas.
Misunderstanding property ownership nuances, leading to failed gifting attempts.
Insufficient clarity on the distribution of residual estate, leading to unintended asset allocation based on intestacy laws.
Uncertainties in a will can spark unwarranted disputes, emphasizing the importance of clarity and precision in the document.
5. Overlooking Essential Appointments
The absence of specified executors in your will can lead to unsuitable individuals managing your estate upon your demise. Appointing trusted individuals ensures your estate's accurate and ethical distribution.
Moreover, for those with minor children, guardianship is a critical concern. Contrary to the widespread myth, godparents or close relatives aren't automatic guardians. A will provides the avenue to appoint trusted caregivers, an element frequently missed in DIY attempts.
In Conclusion
Our team at Peritum Wills have have the skills and care necessary to ensure that your final wishes are crafted with the precision and expertise they deserve.
Contact us now for a FREE consultation to discuss your new will requirements or to review your existing arrangements.
Colin Barrett-Treen is a Director & Principal Estate Planner at Peritum Wills.
Ancojada wills Limited trading as Peritum Wills is not authorised or regulated to provide financial advice.
All financial advice is provided by other regulated businesses.
The Financial Conduct Authority does not regulate Taxation, Trust advice or Will writing.
Trusts are a highly complex area of financial planning.
Information provided and any opinions expressed are for general guidance only and not personal to your circumstances, nor are they intended to provide specific advice.
Tax laws are subject to change and taxation will vary depending on individual circumstances.
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