Beware of “Free” Wills

Do it Yourself (DIY) Wills

Beware of “Free” Wills. Anyone may draft their own Will if they wish and therefore pay only for the ink and the paper required to create the document, or the cost of a DIY kit from a High Street stationer. Any such “Do it Yourself” (DIY) Will should be perfectly valid ON CONDITION THAT it meets all the criteria set out in section 9 of the Wills Act 1837. However, whilst DIY Wills can seem appealing and cost effective on face value, they can cause complex issues after your death that can become expensive to solve. Errors relating to substitute beneficiaries, protecting biological children’s inheritances above stepchildren’s inheritances, and Guardianship disputes occur regularly because of DIY Wills.

I could certainly save money if I undertook my own dentistry or vehicle repairs; however, due to my lack of knowledge and experience in either of these areas, I would fear for the condition of my teeth and the legal validity and general roadworthiness of my vehicle as a result.

“Free” Wills

Considering the potential long-term damage of creating your own Will, you may instead choose to seek out a firm which offers to provide you with a “free” Will, as is extensively advertised on television. However, when a person or a company offers to create a “free” Will for you, it is basic common-sense to wonder why?

It can often be the case that the Will is not truly “free” and has strings attached. Many so-called “free” Will offers include hidden commitments from you in the terms and conditions, such as the Will firm being appointed as Executors of your estate (the people responsible for administering your estate after you have passed away). Their professional service as Executors will not be free of charge, and fees can vary wildly. Solicitors, banks, Legal Services companies, and trust corporations might charge anywhere between the equivalent of 1-10% of an estate value and may even include an hourly fee in addition to this. None of this potential future cost is necessary nor obligatory.

There can sometimes be benefits to appointing a professional Executor in your Will if your estate is particularly large or complex, or if there are no family or friends whom you consider suitable to act. However, there is no requirement to appoint a professional Executor without good reason. If your estate is not particularly complex, then it could be handled by a family member, and that family member could seek professional assistance after your death only if required, thus reducing the potential cost to your estate.

Therefore, please do undertake careful research into any firm offering “free” Wills, before committing to use them. Please also check the small-print terms of their “free” Will offer, and make sure you thoroughly read and understand all documents provided to you.

Professionally Produced Wills

A third option is to employ specialist advice and have your Will created by a professional Will drafter. Although a solicitor firm is an option, there are also many specialist professional Will Writing firms available, any of which may provide a more cost-effective Will drafting service.

Provided that you ensure that the firm you use is suitably qualified, experienced, and insured, then the perceived additional initial cost shall also buy you peace of mind. Furthermore, if you use a smaller firm, they may well not need to charge you VAT, which will automatically reduce the cost to you by 20% as a result.

Summary

If you do choose to take up the offer of a “free” Will service, then please make sure that you are clear about your potential future commitment to that firm and the ultimate true potential cost to your estate. The term “free” can sometimes be misleading. Beware of “Free” Wills.

Remember the well-established claim that “There is NO Such Thing as a Free Lunch”.

For further information, without consultation fees nor obligation, please visit TRFwills.