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ADVERTISEMENT FEATURE<br />
The pitfalls of<br />
D.I.Y will writing<br />
James Beresford,<br />
Head of Wills, Tax,<br />
Trust and Probate at<br />
Slater and Gordon<br />
There are a number of potentially disastrous pitfalls you can encounter when writing<br />
your own will. We examine some of the more common problems.<br />
Why should I make a will?<br />
• It allows you to choose who you<br />
wish to benefit from your estate<br />
and who you do not wish to benefit<br />
from your estate, on your death<br />
• It allows you to appoint guardians<br />
to care for minor children, in the<br />
event that both parents die whist<br />
the children are still minor<br />
• It can be used to protect your<br />
assets, for example, from a<br />
spendthrift or from divorcing<br />
family members<br />
• It can be used to protect your<br />
beneficiaries, for example,<br />
from being taken advantage<br />
of financially<br />
This guide will help you understand<br />
that having your will drafted<br />
professionally is a small price to<br />
pay, as it can save a substantial<br />
amount of money in the long run.<br />
Why should I get proper<br />
legal advice?<br />
Often, a home-made will is not<br />
worded in such a way that makes it<br />
legally enforceable. This may be<br />
because the terms of the will are<br />
ambiguous or because the will fails<br />
to effectively dispose of your assets<br />
in the correct manner. Can you<br />
afford to take the risk that your<br />
home-made will does what you<br />
think it does?<br />
• The Courts of Chancery entertain<br />
a steady stream of litigants vying<br />
to show that they were the<br />
intended beneficiary from a<br />
poorly drafted will<br />
• Legal documents still use old<br />
fashioned language, more often<br />
than not, and yet the implication<br />
of a single incorrect word can<br />
affect completely what your<br />
will does.<br />
• The interpretation of will clauses<br />
in professionally drafted wills<br />
have stood the test of time for<br />
centuries<br />
• The legal rules surrounding<br />
making a valid will are very<br />
exacting and are strictly enforced<br />
by the courts. One strike and<br />
its out.<br />
• Unqualified will drafters do not<br />
always understand the intricacies<br />
and nuances of will clauses. Legal<br />
clauses can sometimes be cut and<br />
pasted to a perceived template<br />
which can put it out of sync and<br />
result in errors.<br />
For these reasons, and many<br />
more, you should ensure that your<br />
will is drawn up by a specialist<br />
qualified lawyer.<br />
If I make a DIY will, what<br />
can go wrong?<br />
In short, potentially everything!<br />
At best some gifts in your will might<br />
not take effect – at worst your will<br />
might not be valid at all.<br />
Your executors<br />
• Do you know why you need an<br />
executor?<br />
• How many executors? (the<br />
answer is not always the same)<br />
• What if you don’t specify anybody<br />
to be an executor: do you know<br />
who then controls how your estate<br />
is collected in and safeguarded,<br />
and ensures that it is paid over to<br />
the rightful beneficiaries?<br />
Trustees<br />
• Do you know if your estate will<br />
need a trustee? And how many<br />
trustees?<br />
• What happens if you need a trustee<br />
but haven’t specified one?<br />
• Why are the executors usually<br />
also the trustees and do they have<br />
to be the same people?<br />
• Why might you want different<br />
types of trustees?<br />
Guardians<br />
• Do you know who will raise your<br />
infant children if you do not<br />
specify somebody?<br />
• And what role might the Family<br />
Law Courts then have in deciding<br />
who should raise your children?<br />
• Who has priority if you appoint<br />
more than one guardian – could<br />
this lead to a “tug-of-love”?<br />
• Do you want a distant relative<br />
raising your children if their only<br />
motivation is getting access to<br />
the money you have left behind?<br />
Gifts and Legacies<br />
Using the correct language in your<br />
will is vital to ensure that your wishes<br />
can be carried out after your death.<br />
• What happens if somebody you<br />
include in your will dies before<br />
you – where does that gift go?<br />
• Did you know that some gifts<br />
automatically pass to somebody<br />
else if you do not specify a<br />
fall-back provision?<br />
• What happens to a gift if you no<br />
longer own that asset at your<br />
death?<br />
• What if you have several assets of<br />
the same description but of differing<br />
financial value, e.g. cars<br />
• What happens if some items in<br />
your will have to be sold by the<br />
estate to pay debt, Inheritance<br />
Taxes, or administration fees?<br />
Even how you describe a gift in your<br />
will can affect whether or not that<br />
gift will take effect – so don’t take<br />
that risk!<br />
Beneficiaries<br />
How would you feel if you knew that<br />
your estate did not go to the people,<br />
charities, or organisations that you<br />
choose, or if it has not been used for<br />
the purposes that you had intended?<br />
• Do you know what the law say<br />
about infants receiving assets or<br />
money from your estate?<br />
• How do you ensure that you can<br />
leave inheritance for a minor and<br />
it will be protected until they<br />
reach an age that you feel they are<br />
mature enough to be responsible<br />
for it, for example at 21 or 25?<br />
• Can you make financial provision<br />
to provide for a family pet, and if<br />
so how?<br />
• How can you be certain that money<br />
you have left to a charity is used in<br />
the way you want it to be used, such<br />
as for your local area?<br />
• Why is the name, address, and<br />
registered charity number<br />
important?<br />
Whilst you want to be certain that<br />
your estate passes to those people<br />
or organisations that you choose,<br />
what if you want to ensure that it<br />
does not pass to a certain individual<br />
that you may have fallen out with,<br />
or possibly worse – that you are not<br />
yet divorced from?<br />
How would you feel if that person<br />
ended up inheriting your estate<br />
because your will had not been<br />
drawn up correctly, invalidating it,<br />
just to save a bit of money?<br />
What if I have already<br />
written my own DIY will?<br />
Contact us immediately for advice<br />
and any assistance that you might<br />
need to rectify it.<br />
And… next time you want to write a<br />
will, or make any changes to your<br />
existing will, give us a call so that we<br />
can draft your will professionally and<br />
take the worry out of not knowing if<br />
you have written your will correctly!<br />
Our team of specially trained<br />
lawyers prepare thousands of wills<br />
every year and can advise you on<br />
any of the more complicated or<br />
specialist clauses that might be<br />
relevant to your circumstances,<br />
for example:<br />
• What if I want somebody to be<br />
able to live in my house after I have<br />
died – what provisions do I need to<br />
include in my will?<br />
• What if I own my own company or<br />
run a business and want it to carry<br />
on after my death, or what if I want<br />
to pass it on to my employees or<br />
family members?<br />
• What if I own property abroad –<br />
do I need to know anything about<br />
the law of the country where that<br />
property is situated? And how<br />
does that country’s inheritance<br />
laws affect a will I write in England<br />
and Wales? And is it relevant if I<br />
already have a will made abroad?<br />
• What if any of my beneficiaries<br />
are receiving benefits from the<br />
government? Can I leave them<br />
something without jeopardising<br />
their entitlement?<br />
• Can I leave an inheritance for<br />
somebody in a way that nobody<br />
else will know who it is intended<br />
for (that is, make a secret gift)?<br />
These might sound like fanciful<br />
provisions but our specialist will<br />
drafting lawyers prepare wills<br />
with highly complicated personal<br />
and tax saving provisions like these<br />
every year.<br />
Increasingly, we are coming across<br />
DIY wills that do not make the<br />
provisions intended at the time they<br />
were written and blissful ignorance<br />
ensures that the errors in the will<br />
are never corrected. And it’s then<br />
too late.<br />
A poorly drafted will can have<br />
expensive tax consequences or lead<br />
to expensive court litigation, just to<br />
understand how the law says your<br />
estate must be divided.<br />
So don’t leave it to chance just to<br />
save a few pounds now – it could end<br />
up costing your estate considerably<br />
more than you could ever imagine.<br />
James is the author of a book<br />
“No will – no say” which is a simple<br />
guide to wills and estate planning<br />
and covers the essential points you<br />
need to consider when thinking<br />
about writing a will.<br />
To make an enquiry without<br />
any obligation, call us on<br />
0203 319 2685.