Beware So-Called “DIY” and “Free” Wills

How do I Create a DIY Will?

A person is at liberty to draft their own Will if they so wish, and therefore pay only for the ink and the paper required to create it, or the cost of a “DIY” Will kit from a High Street stationery shop. Any such “DIY Will” should be perfectly valid provided it meets all the criteria set out in the Wills Act 1837. However, whilst DIY Wills can seem appealing and cost effective on face value, they can often cause complex issues after your death that become difficult and expensive to solve. Examples of the problems “DIY Wills” create include:

Errors relating to substitute beneficiaries if one of your chosen beneficiaries dies before you do; and

Protecting your biological children’s inheritance above your stepchildren’s inheritance; and

Guardianship disputes if you die before any of your children reach the age of 18 years; and

The age at which your children inherit CONTROL of an inheritance due to them from you. A child beneficiary (under the age of 18 years) may enjoy capital and/or income from your estate at any age, which would be provided for their benefit by an adult or adults of your choice. However, a 19 year old beneficiary may not yet be sufficiently responsible to manage a significant amount of money. They may also be subject to “peer group pressure” from people who do not necessarily have your beneficiary’s best interests at heart. Therefore, you may wish for a child beneficiary not to inherit full CONTROL of their inheritance until they are perhaps age 21 or 25 years.

Is there such a thing as a FREE Will?

When a professional Will drafter offers to create you a “free” Will, it is basic common-sense to wonder why?

Would you work for free?

It is often the case that the Will is not truly “free” and has strings attached. Many so-called “free” Will offers include hidden commitments in the terms and conditions. These hidden terms can include the Will firm being appointed as Executors of your estate.  Solicitors, banks, Legal Services companies, and Trust companies might charge anywhere between the equivalent of 1 to 10% of your estate value, and may even include an hourly fee in addition to this.

Another common hidden condition is that although the Will being offered is technically free, it only applies to a proportion of the full service for which you must pay. Therefore, although you have a free basic Will, you must pay extra for it to be fully suitable for your circumstances. You may also be committed to purchasing other services from the “free” Will provider.

In conclusion, please remember the well-established statement “There is NO Such Thing as a Free Lunch!”.

For further details of local Wills in the Devon and Wolverhampton areas, provided at a FAIR and AFFORDABLE price, without fear of consultation fees or obligation, then please visit our Wills page.