DIY Wills - the hidden dangers

Updated: Mon, 17 Aug 2009 15:18:10 +0000 by alsters456

It’s your money. You’ve worked hard, saved diligently and invested carefully so isn’t it right that you decide where your money goes, even if you’re no longer around to oversee the decisions?

We don’t like to think about what will happen after we’ve gone but it’s generally accepted that a will is the best way to ensure our wishes are honoured.

However, almost two thirds of adults in England and Wales don’t have a will. And even though you’d think making a will would become more important as you get older, there are still over two million people aged over 65 who haven’t made one.

Neil Raiseborough, a specialist wills and probate expert at law firm Alsters Kelley, says these figures are even more alarming when you consider what happens if you don’t have a will.

"If you pass away without having made a valid will, your estate will be distributed in accordance with the laws of intestacy,” he explains.

"These laws are generally considered out of date and they dictate that there is a strict pecking order as to which family members will inherit your estate. Sadly, these laws make no reference whatsoever to the wishes of the deceased and they are widely considered to be out of touch with modern society.”

As such, ‘off the shelf’ or ‘DIY’ wills have become increasingly popular with people wanting to ensure their wishes are respected after they’ve died.

However, Neil Raiseborough warns that the only thing worse than not making a will at all is making a mess of writing one and that DIY wills aren’t all they’re cracked up to be.

"So many things can and do wrong,” he says. "For example, few people know who they can and can’t use as witnesses to their wills. I’ve come across sad cases where a major beneficiary is barred from inheriting because they acted as a witness.

"I’ve also heard of cases where wills haven’t been signed correctly or even not at all, rendering them partially or wholly invalid.

"It’s such a shame that someone has gone to the effort of making a will but, because corners have been cut, their final wishes can’t be carried out.

"More often that not, the families of those who’ve made DIY wills, find themselves employing the services of a solicitor to untangle the contradictions and ambiguities which often cause disputes.

"We’re certainly seeing an increase in these cases. It’s really sad to see because these families are already trying to cope with grief and, to add to the pressure, they also have to jump through legal hoops to recover what was intended for them but what hasn’t been documented properly.”

He says there other advantages to using a qualified solicitor to draw up a will including receiving advice on guardianship and financial maintenance for children and choosing the age at which they may inherit.

Solicitors can also provide guidance on planning the mitigation of inheritance tax, other taxes and asset preservation.

They can also help you decide on the right person to administer your estate, give you guidance on incorporating trusts in your will, and how to deal specifically with business assets.

"We’d all prefer to focus on the present than think about what will happen after we’ve passed away,” he concludes, "but if you want to save your family additional heartache at such a difficult time, then make sure the one thing you do is leave behind a professionally drafted will.”

Further information on wills, probate, tax and trusts can be found at www.alsterskelley.com or by calling 0844 561 0278.

Alternatively, The Law Society can help you find a reputable, local solicitor via their website: www.lawsociety.org.uk/choosingandusing/findasolicitor.law