Make your own Will packs are becoming increasingly popular. They are quick to buy, cheap and can be done in the comfort of your own home.
With the self help guides, you are advised about everything that you need to know – or are you?
Self help guides are:
very detailed. The booklets provide you with a lot of valuable information but it is also very time consuming to read them;
not a complete guide and do not cater for all circumstances. They are a standard “fit-all” set of document which may not cater to your individual needs;
full of examples but how do you know what is right for you or whether there are other circumstances which are not covered by the example which would be more suited to you;
designed to give you peace of mind in the comfort of your own home. But what is the guarantee that we have hoped to achieve has been effectively documented in writing;
cheap, but given the amount of time you spend reading the document, does a Solicitors fee really sound that bad?
Nothing takes the place of a qualified expert.
If you are keen to use a self-help guide we would recommend you to check the following:
Have you got the wording of your Will correct? If there is any ambiguity, this could mean that what you think is going to happen to the assets, doesn’t
Do you understand each clause of your Will and the consequences of them? Unfortunately Wills contain legal jargon which often is not understood by the lay person.
Are you leaving any specific gifts to anyone? Have you thought about whether there should be any substitution gifts in place in the event that the gift in question is sold or lost?
Have you considered the event where your named beneficiaries may not survive you and in such event, who should get their share?
Not including a person in a Will because you have fallen out with them does not mean that the person cannot make a claim against your Estate when you die. Have you clearly understood the effects and provisions of the Inheritance (Provision for Family and Dependants) Act 1975?
These are just a few examples of what many people do not take into consideration when drafting their Will.
We would recommend that all self prepared Wills are checked through by someone who is legally qualified to ensure that your wishes are carried out the way you want.
Foreign assets
If you have assets abroad, you should strongly think about writing a Will in the country where those assets are.
You must also remember that a Standard revocation clause needs to be amended so as to not revoke any foreign Will you have made.