Why DIY Wills Can Cost A Fortune

8 January, 2022 3 minutes reading time

Pitfalls of Do It Yourself Wills

DIY wills are tempting and readily available. You can find forms online and complete a will quickly, sometimes for under £10. However, a DIY Will can leave your family in a difficult emotional and financial situation.

A recent investigation by the Money Mail has revealed that low-cost, poorly drafted or ineffective DIY Wills are responsible for a spate of inheritance disputes being brought to court. At £6.99, Amazon’s Will Kit was the cheapest to be scrutinised by the Money Mail’s professional panel. The most expensive was the LawPack Last Will & Testament kit sold by WHSmith for £22.99.

Poor or Missing Guidance Notes

It appears that Amazon’s offer was not hot on providing thorough instructions, leaving the user at risk of leaving out vital information. Neither did it mention the need for appointing a substitute beneficiary; a very important provision in cases where the main beneficiary dies before the person leaving a legacy.

Inheritance Tax Issues

Worryingly, the online packs made no mention of inheritance tax (IHT). They also failed to highlight how important it is to specify the age you wish children to receive monies from your estate.

Importance of Witnesses

One of the most common mistakes with DIY Wills relates to the execution of the document itself, such as failing to get the Will witnessed correctly by two independent adults at the same time (neither of whom can be a beneficiary). Other errors include misspelt names, missing addresses and failure to sign the document correctly. This may seem straight-forward, but falling short in this respect can cause issues and serious family disharmony down the line.

Changing Circumstances

Problems can also arise if your circumstances change. Many DIY Wills do not cater for this. For example, if you get married, any Will you have previously written will be automatically revoked, unless it expressly stipulates that it has been written in contemplation of marriage. So, a DIY option may seem cheap, but in reality, it’s likely to cost more than asking a legal professional to draw one up for you in the first place.

Read the Small Print!

The Mail’s article highlighted a case involving Nine Minute Will. Neville Altoft had a life insurance policy worth £6,300. Using their online service, he stipulated that his long-standing partner June Green should inherit his estate, including Neville’s life policy payment.

However, June received a £1,890 bill from Nine Minute Will. Unable to pay, she hasn’t received any inheritance. The Mail reports that Nine Minute Will’s terms and conditions allow them to act as executors and charge fees. These fees, they told Ms. Green, will be “substantially higher” if Nine Minute Will handles probate and estate distribution. Nine Minute Will’s parent company, MedEx, claims they had reason to believe Mr. Altoft hadn’t disclosed all his assets. They say the legal fees resulted from “extensive communication.” Other hidden costs, like storage and retrieval fees, can also apply.  

Inheritance disputes are increasing, so it’s wise to be prepared. Be cautious about DIY wills. Online forms rarely replace meeting with an experienced professional. The mistakes outlined above can cause significant problems. While a solicitor’s basic will may cost more than a DIY option, the risks of doing it yourself could ultimately cost your family far more. Contact us for more information about making a will or to arrange an appointment. We’re here to help.

Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.

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