Whilst often not particularly costly, getting a will drafted by a legal professional will cost more than doing it yourself. If you want to save money, you might be tempted by the idea of using a will kit. But there’s a reason most people choose to hire a legal service provider.
What are the disadvantages of writing your own will?
Writing your own will carries a number of risks:
- Although you might save money initially, you could unknowingly make organising your finances harder for your family after you’ve passed away. Additional fees resulting from unclear wills can cut up to 10% from the value of a person’s estate, so DIY wills are not always the cheaper option in the long run.
- There is the possibility of your wishes not being clear enough. There are standard ways of wording requests in wills, and although the language may seem unusual, it is designed to make your intentions easy to understand after your death. Some templates include this wording, but some do not. There must be no doubt about who you want your assets to go to. If your wishes are unclear, they may not be carried out as intended.
- If there are any question marks over your wishes, there is a greater chance of the will being contested. This can make things more difficult for your beneficiaries and your executor(s), both financially and emotionally.
- If your will is not made correctly, the company that supplied the template is usually not liable. In practice, there may be very little anyone can do if problems arise.
- If your will contains major errors, it could be completely invalid, which may create serious problems for your loved ones if they were relying on your inheritance.
You should seek professional advice to write your will if:
- You own property abroad
- You want to reduce the amount of inheritance tax your beneficiaries may pay
- You have foreign investments or bank accounts
- You own a business that is being passed on to a beneficiary in your will
- You have people who are financially dependent on you who are not immediate family members
- Your wishes are complex and might be misunderstood
Whilst having a legal professional write your will does come at a cost, many people find the added expense is worth it for the peace of mind. Depending on how simple your will is, it could cost as little as £150.
When can you write your own will?
If your wishes are very simple, essentially if you’re married and everything is going to your spouse or to your children if your spouse dies before you, writing your own will could be an option. But if anything is more complicated than that, for example if you and your partner are not married, or if you have step-children or children from a previous relationship, it is advisable to seek legal advice instead of trying to write your will yourself.
If you know your will is incredibly simple and you’d like to write it yourself, remember:
- The will must be signed, dated and witnessed correctly. Some of the most common mistakes with DIY wills relate to the document itself, such as not having it witnessed properly.
- Your spelling must be correct, especially when it comes to people’s names.
- Be specific about everything. For example, never refer to your spouse as “my wife” or “my husband”, or your children as “my children”. Always use their full names.
- If you update your will, destroy any old copies and clearly state on the new version that this is the one you want to be followed.
- Make sure your executor(s) know where the will is kept.
If you’re looking to cut the cost of writing a will without the risk or confusion of doing it yourself, compare prices for different will writers and solicitors in your area. That way, you can still get good value while making sure your will is prepared by a legal professional and your wishes will be carried out when the time comes.
Looking to have your will written by a professional?
We can put you in touch with up to four legal service providers to help you write your will.