DIY Wills and the risks they present

General, Wills

DIY Wills and the risks

According to a past YouGov survey, a staggering 96% of people who prepare their own Will say they do not need external advice, with 21% stating that fears over the cost of professional advice prompted them to do it themselves.

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The report shows that one of the main reasons people prepare their own Will is because they dont feel that they need legal advice, with very few using related services such as long term care and funeral plans that might be offered by the provider of the Will.

The YouGov report states that 65% of people said they would consider preparing their Will themselves to keep costs down. With around one in ten people writing their own Will, the report identified that DIY Will writing is a key inhibitor to market growth.

DIY Wills offer a far cheaper alternative, usually costing around 20. Its even possible to pick up a DIY kit from WHSmith for 16.99; cheaper options still are available on Amazon and other retail sites.While an off-the-shelf Will may seem very attractive at this price, it can be a very risky approach. If errors are made, or if the strict witnessing rules are not followed correctly, the document could be invalid. The implications of that can be serious. Not only do you risk leaving your family with a financial and emotional mess, but your legacy could be crowded by legal bills or unnecessary tax fees.

Many Will writers now offer highly competitive rates and involving a professional greatly reduces the risk of any issues that could delay the distribution of the estate. A professionally written Will can cost as little as 140 and will ensure that the estate, potentially worth hundreds of thousands of pounds, is protected in line with your wishes.

A DIY Will could result in costly mistakes that may not be discovered until after that person has passed away, by which time it is too late to rectify the damage that the poorly written Will has caused.

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