Writing a Will is an essential step in ensuring that your assets are distributed according to your wishes after your death. Do-it-yourself (DIY) Wills have become increasingly popular due to their affordability and convenience however they can carry risks that can lead to unintended consequences. Shelley Collingbourne, Partner and Lorna Payne, Senior Associate in our Private Client team explain.
While DIY Wills might appear convenient and budget-friendly, they often lack the necessary legal accuracy, which can lead to complications.
Errors in wording or missing information can significantly impact the clarity and effectiveness of the Will. This in turn may cause disputes amongst beneficiaries, potentially resulting in costly legal fees and even court battles. Additionally, such mistakes might even invalidate the Will, causing your estate to be distributed according to state laws that may not follow your wishes.
Creating a DIY Will also means that there is no one to ensure that there is a record of your mental capacity to create a Will. If someone wishes to challenge a Will after you have died, they will often argue that you did not have the requisite mental capacity to create your Will. Often when a DIY Will is prepared there is no evidence to confirm that you did have capacity and if it is determined that you did not have capacity to make the Will, the Will can be ruled invalid.
You may also not be aware of those that the law considers you are obliged to provide for. Therefore, you might exclude an individual from your Will who can then bring a claim against your estate. A solicitor preparing a Will for you ought to advise you on those that have a potential claim against your estate so that you can take steps to reduce that risk as much as possible.
When a Will becomes complicated
Creating a Will can become significantly more complicated when considering factors such as business ownership, blended families, and international assets.
If you own a business, it’s important to consider succession planning and how your business interests will be managed or transferred upon your death.
If you have children from a previous marriage, a Will can balance the inheritance among all beneficiaries to prevent potential disputes and ensure that your wishes are carried out. This might involve setting up trusts or specific allocations to guarantee everyone is treated fairly.
Lots of people think that being part of a “blended family” makes drafting a Will too complicated. In fact, there are lots of options for people in this position and a solicitor can advise you and tailor your Will to provide for your unique family circumstances.
Additionally, owning overseas investments or property adds another layer of complexity with varying international laws and tax implications that can complicate the estate planning process.
Using a solicitor will ensure your Will is legally sound and that your wishes are accurately reflected.
Get in touch with us
At Sydney Mitchell, we have a wealth of experience in helping our clients protect their families by helping to support them by putting their affairs in order. If you would like to talk to us about making a Will or updating an existing Will then get in touch with a member of our team.
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