Making a Will is a hugely important step in our lives, which many of us put off. This can be for a number of reasons, such as cost, thinking you are too young to need one or thinking that you have nothing of value to leave in a Will.
However, a Will actually does much more than just distributing your belongings when you die and there are many reasons why you should make a Will, regardless of your financial position.
Dying without a Will in place means the rules of intestacy apply and your assets will be distributed as guided by the law, meaning the people who you want to inherit your assets, may not.
If you live with your partner but have never married and leave no Will, your partner will not get anything from your estate. This could leave your partner in serious financial trouble.
You need to ensure that your wishes for your children are put in writing to have the best chances of them being carried out.
These are a few of the many good reasons why you should make a Will, but why shouldn’t you ‘Do It Yourself’ with a DIY Will rather than use a solicitor?
Firstly, this is a very important document which can mean the difference between financial security and serious financial issues. If you make even a small mistake in the preparation of your Will, this could render it invalid, meaning that the person or people you really wanted to benefit from your estate are left completely high and dry.
Although cost may be a factor in many people’s choice to complete a DIY Will, the decision to do this can have very serious implications.
Some of the most common errors on a DIY Will are:
Not witnessed correctly
Not telling anyone it is there, or where to find it
Not updating it regularly
Witnessed by a beneficiary
Making amendments without a codicil
By using a specialist solicitor to draft your Will, you can protect your wishes but also protect your loved ones from any mistakes you may make if you drafted your Will yourself, so you will have complete peace of mind that your wishes are carried out for you once you die.
For more information about this article or any aspect of our Wills, Probate & Trusts services (including Care home fees recovery and powers of attorney), please call us on 0333 34 44 54 8 and we will be delighted to help you (there is no charge for initial telephone discussions).
This information provided in this article is not intended to constitute legal advice and each relationship breakdown requires careful consideration in our view by a fully qualified Solicitor before decisions are made and before you embark on a certain course of action.
0207 183 2898