Thinking about writing your own will to save a few quid? The temptation is understandable. With online templates and stationery shop kits readily available, it can seem like a quick and easy way to tick a vital task off your list.
However, at KhanMather Solicitors, we often see the unintended consequences of ‘DIY’ wills. While they might seem like a thrifty solution now, they can create significant legal and financial problems for your family down the line. In many cases, the supposed savings are dwarfed by the legal fees and stress incurred by your loved ones trying to sort out an invalid or poorly drafted will.
Here’s why that ‘do-it-yourself’ approach could end up costing your family more.
- The Risk of Invalidity
For a will to be legally binding in England and Wales, it must adhere to strict rules set out in the Wills Act 1837. These include:
- It must be in writing.
- It must be signed by the testator (the person making the will).
- The signature must be made or acknowledged in the presence of two witnesses.
- The two witnesses must also sign the will in the presence of the testator.
Simple, right? But small mistakes can render a will completely invalid. We’ve seen cases where a signature wasn’t in the right place, a witness was also a beneficiary (which invalidates their gift), or the will wasn’t dated correctly. If your will is invalid, your estate will be treated as if you died without one, leading to it being distributed under the rules of intestacy, which may not be what you wanted at all.
- Ambiguity and Misinterpretation
One of the most common issues with ‘DIY’ wills is a lack of clarity. A solicitor uses precise legal language to ensure your wishes are clear and unambiguous. A home-written will might use vague phrases like “my family home” or “my personal belongings,” which can lead to disputes.
What constitutes a “family home”?
Does that include the garage, the garden shed, or even the land it sits on?
Who exactly is included in “my family”?
These ambiguities can spark heated arguments between loved ones, potentially leading to costly legal battles to interpret your true intentions.
- Failing to Account for All Assets
A professionally drafted will from a firm like KhanMather goes beyond just your house and savings. We work with you to create a comprehensive picture of your estate, including:
- Bank accounts and investments
- Pensions and life insurance policies
- Overseas property
- Digital assets (online accounts, cryptocurrency, etc.)
- Personal possessions with sentimental or high value
A ‘DIY’ will might miss a key asset, or fail to correctly transfer it, leaving part of your estate to be distributed by intestacy rules—a scenario that can cause immense frustration and financial loss for your family.
- Inheritance Tax and Financial Planning
Inheritance Tax (IHT) is a complex area of law. A solicitor can advise on potential tax liabilities and help structure your will in a way that minimises the amount of tax your estate has to pay. This could involve using trusts, making specific gifts to charities, or taking advantage of various reliefs and exemptions.
A ‘DIY’ will is unlikely to take these complex tax planning opportunities into account, potentially resulting in a much larger tax bill that reduces the inheritance your loved ones receive. The money saved on a solicitor’s fee could be a drop in the ocean compared to the additional tax your family ends up paying.
- Your Family’s Emotional Well-being
Perhaps the most significant cost of a ‘DIY’ will is the emotional toll it can take on your family. The grieving process is difficult enough without the added stress of trying to navigate a legal minefield. Disagreements over an unclear will can cause irreparable rifts between siblings and other family members.
A professionally drafted will gives you and your family peace of mind. It’s a final act of care that ensures your wishes are respected, your loved ones are provided for, and the administration of your estate is as smooth and straightforward as possible.
While the upfront cost of a solicitor might seem like an expense, it is an investment in your family’s future. It ensures that your estate is handled correctly, your wishes are followed, and your family is protected from unnecessary legal and emotional turmoil.
If you are considering making or updating your will, please contact Georgina at KhanMather Solicitors on 0161 850 9911 today for a confidential, no-obligation discussion. We are here to help.