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PEOPLE taking out ‘free Will options’ could end up paying a heavy price in the future, a leading expert has warned.
Steve Bish, from S Bish Estate Planning, says that Free Wills Month – which runs through October – often leads to some people falling for clever marketing tricks.
And he has urged people to check the small-print before signing up.
Steve, who is set to release a new book called Where There’s A Will There’s A Way, said: “Your Will is the most important document you will ever own. It represents your wishes from a lifetime of hard work.
“It’s a document which is worthy of your time and investment, not something to rush or get on the cheap.
“While the idea of creating a free or do-it-yourself Will might seem convenient and cost-effective, it is often fraught with hidden risks that could lead to unintended consequences.
“Weighing up the options of a properly written Will or one rushed off on a template, the risks aren’t worth taking when you’re talking about your legacy and what you can leave to your loved ones,” he said.
Steve said people need to be especially cautious of any companies offering ‘free Wills’.
“Some companies will inevitably use Free Wills Month to ‘upsell’ more expensive products. If they fail to persuade you to buy their additional services you could find yourself being given a template to fill in, which will carry the same pitfalls as a DIY Will.
“Don’t run the risk of misinterpretation or errors in your final wishes: it might be Free Wills Month but it could end up costing you a look more in the long run.”
Here, Steve outlines the five biggest issues that can come from a poorly drafted/DIY Will.
Risk of Invalidity
A DIY Will may not comply with all the legal requirements. For example, a Will needs to be witnessed and signed in the presence of two independent adults over 18 who are not beneficiaries in the will or married to a beneficiary.
If these formalities are not followed precisely, the court may deem your Will invalid, leading to your assets being distributed according to intestate laws. This could mean your loved ones inherit nothing, while unintended beneficiaries receive your assets.
Misinterpretation and Ambiguity
Using vague language or imprecise terms in a DIY Will can lead to confusion and disputes among beneficiaries. For instance, leaving a ‘fair shar’ of your estate to your children without defining what that entails, or designating property to ‘my heirs’ without specifying individuals, leads your Will open to be contested.
Failure to Address Unique Circumstances
DIY Wills often fail to consider complex family dynamics or special needs. For blended families, specific language is required to ensure stepchildren or ex-spouses are included or excluded as intended. Similarly, beneficiaries with disabilities may require special needs trusts to avoid jeopardising government benefits. Without personalised legal guidance, these nuances can be overlooked.
Lack of Professional Legal Advice
Estate planning involves more than just drafting a Will. It includes strategies for minimising taxes, establishing powers of attorney, and creating trusts. A DIY Will typically neglects these broader considerations, which a professional can address through thorough planning. They will also help ensure that there are no ambiguities.
Increased Likelihood of Challenges and Disputes
Ambiguities and errors in DIY Wills can lead to family disputes and costly court cases. Whilst they lead to interesting stories, you could see your legacy being divided amongst lawyers, rather than loved ones.
Potential beneficiaries may challenge the validity of the Will and unclear instructions could prompt lawsuits. In one notable case, a DIY Will left an inheritance to a beneficiary “if they remained in a relationship.” The court spent months determining whether a casual dating arrangement constituted a valid “relationship,” delaying the distribution of assets and increasing legal fees.
Professional drafting minimizes such risks, ensuring your wishes are upheld without controversy.
Image source: S Bish Estate Planning
Also read:
How Smart Estate Planning Protects Your Business and Family Future
