The Dangers of Homemade Wills
Creating a homemade Will is tempting because it is generally thought to be simple and would save on costs. However, there are many significant dangers associated with this. These are some key reasons why not to...
Legally Invalid
Improper Execution: Homemade Wills often fail to meet the formal legal requirements for execution, such as proper signing, correct wording and the presence of the required number of witnesses, all of which can make the Will invalid.
Inconsistent Provisions: Homemade Wills might have contradictory instructions which could invalidate other parts or all of the Will.
Failure to Revoke Previous Wills: Not including the correct revocation clause in a homemade Will might not actually revoke any prior Will made, leading to problems and confusion for the Executors.
Misinterpretation and Ambiguity
Vague Language: Without legal advice and expertise, the language used in a homemade Will can be unclear and ambiguous, leading to misinterpretation, resulting in wishes not being followed through.
Unintentional Omissions: Important details might be left out, causing confusion and disputes among beneficiaries. Using a qualified Solicitor to create a Will with correct legal wording would avoid this happening.
Disputes and Challenges
Family Disputes: Omissions and misinterpretation of homemade Wills can lead to arguments and conflicts among family members and potentially to legal battles.
Increased Likelihood of Will being Contested: Homemade Wills are far more likely to be contested in Court, especially if there are suspicions of lack of capacity or undue influence. A qualified Solicitor is under an obligation to use their experience and knowledge to make sure their client has capacity and if they are unsure will insist on a medical opinion.
No Consideration of Tax Implications
Estate Taxes: Proper estate planning involves ways to minimize Inheritance tax and other tax liabilities, which might not be considered in a homemade will. Always consult a qualified Solicitor to their advice.
Tax Consequences for Beneficiaries: Without proper advice, if assets are not distributed in a tax-efficient way, there could be unintended tax consequences for beneficiaries.
Not Considering All Assets and Liabilities
Missing Assets: A homemade Will might not fully account for all assets and debts, which could complicate the administration of the estate.
Complex Assets: Missing certain assets, e.g. business interests, international property, or digital assets from a homemade Will, may require more specific and qualified handling.
Lack of Professional Guidance
No Legal Advice: Making a homemade Will without a qualified estate planning Solicitor to provide valuable advice on a wide range of issues, including guardianship for minor children, leaving specific gifts, and setting up relevant trusts, may mean missing out important information or provisions which may have been needed.
Updates and Changes: Seeking professional advice and guidance ensures that the Will is up to date and is compliant with changing laws and personal circumstances.
It is important to remember that the average cost to contest a Will is approximately £10,000 to £15,0000, so to defend a case would cost just as much!
So, while creating a homemade Will might seem simple, straightforward and free, the risks and potential complications can often outweigh the benefits. Consulting a qualified Solicitor ensures that your Will is legally sound, comprehensive, and reflects your true wishes and intentions, providing peace of mind for you and your loved ones.
We have a broad and experienced team at Lawson West Solicitors, you're in safe hands when discussing your Probate, Trust, LPA or Will matter with us.
If you need assistance, please give our friendly team a call on 0116 212 1000 or 01858 445 480 or complete our Contact Us form.
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