The Dangers of DIY Wills

Writing your own last will and testament might seem like a good idea. After all, how difficult could it be? You’re just saying where you want your property to go when you die. But that’s only one important thing your will should address.

Do you have minor children? They can’t own property so who will take care of their inheritances for them? Who will care for them if you can no longer do so? Do you run your own business or do you have pets? These are all things people often fail to consider when writing a Will for themselves.

Will forms that you can buy from high street shops are typically designed to cover only the most basic estate planning needs. If your situation is anything other than basic, your loved ones could be left in financial difficulty after your death, trying to deal with issues from a poorly drafted Will….they could even end up worse off than if you had died intestate (leaving no Will at all).

Just as everyone’s fingerprints are different, so are everyone’s estate planning needs. What will work for you and your family will most likely be different from what will work for your sister or your next door neighbor. The bottom line: A generic last will and testament won’t do you or your loved ones any good.

More of the dangers of DIY Wills

In addition, many of these DIY forms will contain a disclaimer of some sort, something like, “The information contained in this pack is not legal advice and is not a substitute for legal advice. For legal advice consult with a legal professional.”

So, there you have it. Even the DIY Wills recommend that you seek the expertise of an experienced estate planner.

At the end of the day – You Get What You Pay For!
Would you perform your own surgery, repair your own car, or colour your own hair? Although doing things yourself can save time and money in the short term, the long-term result might not be what you need or expect.
A Will is a legally binding contract that cannot be un-done after your death.  You wouldn’t dream of managing the sale of your house whilst alive without the help of a legal professional so why should it be any different when dealing with the disposal of your house on death?

What is the Bottom Line on the dangers of DIY Wills?

Just as seeing a dentist to stop the pain in your tooth makes sense, seeing a qualified estate planner who is familiar with the probate, trust, and estate tax laws can be critical. The time and money you’ll spend on the services of a qualified estate planner will be well worth it in the long run.