subject: DIY Wills - Good idea? Bad Idea? [print this page] DIY Wills - Good idea? Bad Idea? DIY Wills - Good idea? Bad Idea?
DIY Wills have been the subject of much debate for a number of years. This is principally because each individual's circumstances are different and whereas a straightforward Will can indeed be prepared simply and principally by the person involved, another could be more complicated, with the terms not covered by a standard template, causing problems further down the line.
Unfortunately, price is obviously an issue for some people, who recognise the need for a Will to be prepared, yet are keen to opt for the cheapest solution possible, despite the importance of this document and the need to have experienced input.
It is worth remembering that any errors made within the Will could result in it being found invalid, or even in the need to pay considerable legal costs, for those left behind.
One area where many Wills fall down on validity is not so much the content, but its execution in the form of the signature. Two independent people who are not beneficiaries, must both witness and sign the Will at exactly the same time for it to be valid.
Be aware too, that not only should expert advice be sought when setting up trust funds for children, but that ultimately, the amount of Inheritance Tax which will become due on your Estate in the event of your death, will depend heavily on the instructions you leave within your Will so with this in mind, the services of a professional Willwriter should be sought. Although you may save a few hundred pounds on the initial Will writing by trying to do it yourself, your beneficiaries could lose out on a few thousand pounds.
A good alternative to DIY Wills is an offering whereby a low-cost online Will can be prepared, along with the advice and input of a professional, to ensure that the document is legally binding and that money to be spent on taxes can be saved as much as possible.
