Table of Contents
1. Introduction
2. The Risks of DIY Wills
3. Essential Elements of a Will
3.1 Opening Words (Commencement)
3.2 Date
3.3 Revocation Clause
3.4 Appointment of Executors
3.5 Legacies (Gifts)
3.6 Gifts of Residue
3.7 Attestation Clause
4. Special Considerations
5. Digital Assets
6. Reviewing and Updating Your Will
7. DIY vs. Professional Will Writing: Cost Comparison
8. Conclusion
1. Introduction
In recent years, DIY Wills have become increasingly popular. Many people see them as a quick, easy, and affordable way to put their final wishes in writing. While there’s some truth to this, writing your own Will isn’t as simple as jotting down who gets what. This guide will walk you through the essential elements of a Will, highlight potential pitfalls, and help you decide whether a DIY will is right for you.
2. The Risks of DIY Wills
Before we dive into the nuts and bolts of Will-writing, let’s talk about the elephant in the room: the risks. While DIY Wills can be a good option for those with simple estates, they’re not without their dangers. Here are a few things that can go wrong:
– Invalidation due to errors: If you make mistakes in drafting or witnessing your Will, it could be deemed invalid. This means your estate might be distributed according to intestacy laws rather than your wishes.
– Ambiguous language: Without legal training, you might use language that’s open to interpretation, leading to disputes among your beneficiaries.
– Overlooking important details: You might forget to include provisions for scenarios like beneficiaries dying before you, or fail to account for all your assets.
– Tax inefficiency: A DIY Will might not be structured in the most tax-efficient way, potentially leaving your beneficiaries with a larger tax bill than necessary.
– Failure to update: Life changes constantly, but people often forget to update their DIY Wills to reflect new circumstances.
3. Essential Elements of a Will
Now that we’ve covered the risks, let’s look at what actually needs to go into a Will. Remember, while this guide provides an overview, it’s not a substitute for professional legal advice.
3.1 Opening Words (Commencement)
Your Will should start by clearly identifying you and the nature of the document. For example:
“This is the last Will and testament of John Smith, of 123 Main Street, Anytown, postcode AB1 2CD.”
If you’re known by any other names, include those too. This helps avoid any confusion during probate.
3.2 Date
While not always legally required, dating your Will is crucial. It helps establish which Will is the most recent if multiple versions exist. You might write:
“This Will is made on the 4th day of November, 2020.”
Pro tip: If you’re planning to marry soon, include a statement that the Will is made in expectation of that marriage. This prevents the Will from being automatically revoked when you tie the knot.
3.3 Revocation Clause
This clause cancels any previous Wills you might have made. It typically reads something like:
“I revoke all former Wills and testamentary dispositions made by me.”
If you have a separate Will for foreign property, make sure to exclude it from this revocation.
3.4 Appointment of Executors
Executors are the people who will manage your estate after you’re gone. You might write:
“I appoint my sister, Jane Smith, and my solicitor, Thomas Brown, to be the executors and trustees of my Will.”
It’s wise to appoint at least two executors in case one is unable to act. A maximum of four people can act as your executors at any given time.
3.5 Legacies (Gifts)
This is where you specify who gets what. There are several types of gifts:
– Specific gifts: “I give my gold watch to my nephew, James.”
– General gifts: “I give 100 shares in XYZ plc to my friend, Sarah.”
– Demonstrative gifts: “I give £1,000 to my local animal shelter, to be paid from my Barclays savings account.”
– Pecuniary gifts: “I give £5,000 to my brother, Michael.”
Be as clear and specific as possible to avoid any confusion.
3.6 Gifts of Residue
After all specific gifts and expenses are paid, what’s left is called the ‘residue’. You need to specify who gets this to avoid partial intestacy. For example:
“I give the residue of my estate to my children in equal shares.”
If any beneficiaries are under 18, you might need to set up a trust. This is where things can get complicated, so professional advice is recommended.
3.7 Attestation Clause
This clause confirms that you’ve signed the Will in the presence of witnesses. A typical attestation clause might read:
“Signed by me as my last Will in the presence of two witnesses present at the same time who have signed this Will in my presence.”
4. Special Considerations
Certain circumstances require extra care:
– Blind or illiterate testators: The Will needs to be read aloud to the testator before signing, and this should be noted in the attestation clause.
– Non-native English speakers: If the Will isn’t in your first language, it should be noted that its contents were explained to you in your native language.
5. Digital Assets
In today’s digital age, don’t forget about your online presence. Consider including instructions for your:
– Social media accounts
– Email accounts
– Digital photos and videos
– Cryptocurrency
– Online banking and investment accounts
6. Reviewing and Updating Your Will
Life changes, and your Will should change with it. Review your Will regularly, especially after major life events like:
– Marriage or divorce
– Birth of children or grandchildren
– Significant changes in financial circumstances
– Moving to a different country
After you have written your Will with us, you can keep it up-to-date easily and cost-effectively through a Legacy Care Plan.
7. DIY vs. Professional Will Writing: Cost Comparison
While DIY Wills are cheaper upfront, they may cost more in the long run if mistakes lead to legal disputes. Here’s a rough comparison:
– DIY Will kit: £20 – £100
– Online Will writing service: £50 – £200
– Solicitor-drafted Will: £150 – £600+
The cost of a professionally-drafted Will often includes advice on tax planning and other complex issues.
8. Conclusion
Writing your own Will can seem like a straightforward task, but as we’ve seen, there’s a lot to consider. While DIY Wills can work for those with very simple estates, they’re not suitable for everyone. If you have a complex family situation, significant assets, or any doubts about the process, it’s worth seeking professional advice.
Remember, a Will is one of the most important documents you’ll ever create. It’s worth taking the time to get it right. Whether you choose to go the DIY route or seek professional help, the most important thing is to have a valid, up-to-date Will in place. Your future self (and your loved ones) will thank you for it.
