Published on: 24th October 2018

DIY Wills - a recipe for disaster

In any given week Casey & Associates consultants meet with a wide cross-section of society; young and old, existing clients and prospective clients alike. A common situation we come across where prospective clients don't feel that they require professional assistance in preparing a Will is that they have already written a Will themselves.However, under normal circumstances those same people accept that if they had a health problem they would have no hesitation in visiting a GP. Similarly, when something goes wrong with their car most people don't attempt to repair their car themselves, rather they would defer to a mechanic who specialises in such matters. When you consider that a Will is probably the most important document that anyone ever creates, it is surprising the number of people who don't feel it should be created by specialists in the field. Here are some classic problems this can cause:

1. A "DIY" Will is often no simpler than a few lines stating that such and such a person leaves their estate to another person, with a signature and a date at the bottom of the page. Some people go as far as having the Will witnessed, but many neglect to do so. Both things are very important and the witnessing has to be carried out in a specific manner.
2. Rarely are any contingencies included in a "DIY" Will in the event that a proposed beneficiary predeceases the person whose Will it is. To do so is very important
3. Many "DIY" Wills fail to nominate executors. The reality is, you can't have a Will without them.
4. No "DIY" Wills contain any form of trust, whereas it is often the case that the inclusion of a trust of one kind or another enhances most Wills and, for some, is imperative.

A poorly constructed, badly worded, "DIY" Will can cause more problems than it solves on the death of the person who created it. This can cause arguments among those left behind, unnecessary tax bills and assets passing to all the wrong people. Here is an example of an innocuous looking gift of residue in a DIY Will which would cause a family battle: "to my son James and his wife Gillian and their children in equal shares". James had one child from a previous marriage. Gillian had one child from a previous marriage. James and Gillian had two children together. When the testator died James and Gillian had divorced. Who should get what? Much of the estate would be used up in legal and court fees sorting out the situation. Don't leave things to chance, leave things to the experts. If you would like to meet with one of our Consultants to discuss any of the issues raised in this article or any other Estate Planning topic please telephone 01732 868190 or click here.

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