Aug
19
Written by:
FJG
19/08/2010 08:56
A Will is one of the most important documents you can make so why would you want to draw one up yourself rather than instructing a lawyer? Why, indeed! Thousands of people choose the DIY route no doubt in order to save money but little do they realise that it could cost their family a great deal of money in the long run when a lawyer has to sort out the problems after the person has died as they are no longer there to sort it out themselves.
So what can go wrong with a homemade Will? One of the commonest problems is it may not be legally binding. A Will must be signed by the person making it (the testator) and witnessed by two independent adults who must be present at the same time when the testator signs it. If they sign at different times it is invalid. A beneficiary mustn’t be a witness as this could compromise their inheritance.
Another common problem is it may have put it in such a safe place that no-one can find it!
Kate Wombwell, Head of Private Clients at Fisher Jones Greenwood warns “ I have seen DIY Wills inadvertently creating life-interests rather than making straight forward gifts; Wills without executors (or where there is only one who has died before the testator); Wills where not all the testator’s estate has been distributed resulting in a partial intestacy and Wills that haven’t made any sense at all as the testator has picked precedents at random perhaps from a previous Will or off the internet and failed to leave clear instructions.”.
A lawyer will usually charge between £100 and £300 for a basic Will but for this you will be seeing a legally qualified person who will listen to what you want and advise on how your wishes can be carried out. Your lawyer will also store the Will for you in their strong-room free of charge and some will even send you a reminder to review your Will from time to time to make sure it still meets your requirements.
Beware cheap Will writers too. They are not necessarily legally qualified and what appears to be an inexpensive Will could end up costing you several hundred pounds if they charge an annual storage fee.
So don’t cut corners as this could result in high legal costs or, at worst, an invalid Will which could mean your estate passing to people you don’t wish to benefit.
For further information on Wills please contact Kate Wombwell at Fisher Jones Greenwood LLP on 01206 217585.