DIY WILLS – what you need to know before you start
If your estate is small and not complex in terms of family, finances and property, drafting a DIY Will should be straightforward and cost-effective. However, there are some things to consider before you go down this route and I suggest you take proper advice from a Wills and Probate expert before you embark on this journey. You don’t know what you don’t know and it is often the case that a person’s estate is in fact, more complicated than was first thought.
Writing a Will can be complex and mistakes made by someone who is inexperienced in this field or who has simply consulted Google for advice can result in numerous and unexpected consequences. For example, a lack of knowledge of estate planning could lead to a large inheritance tax bill for the beneficiaries causing financial problems. Young children could be left without the carer that was planned for them. An incorrectly drafted Will could be deemed invalid meaning that the estate would be dealt with according to the rules of intestacy (as if there was no Will) with the wishes of the deceased being disregarded.
Drafting your own Will might seem like a good way to save money now but in the long run, it could actually cost your estate thousands of pounds. In addition, there is also the potential emotional stress and financial burden this would inevitably put on your loved ones, so my advice is to speak to an expert and then decide on your course of action. Paying a bit more now to make sure you have the Will that truly meets your needs and that of your loved ones could save a great deal of distress in the future.
That being said, if you don’t have a complex estate it is possible to draft your own Will. Here are some things for you to consider before you start:
DIY Will Writing Kits
Download a DIY kit or buy one from reputable stationers. These kits should have a guide about what to include in your basic Will, including how to appoint executors and guardians and how to leave specific gifts.
Will Writing – The Rules
There are certain rules that need to be followed otherwise the Will could be deemed invalid. Points to consider are:
- Ensure the document is signed by a witness
- Beneficiaries cannot sign as witnesses
- You must ensure you sign the Will properly
- Do not staple your Will
- Additions to a Will must be done in the appropriate manner, with a codicil, they cannot simply be attached or handwritten into the Will.
Inheritance Tax
Estates with assets valued over £325,000 will pay 40% inheritance tax on any sum above that threshold. The spousal exception to this rule means you can leave everything you own to a spouse or civil partner in a Will and they will not be liable for Inheritance Tax. Therefore, a surviving spouse can leave up to £650,000 to their beneficiaries free of inheritance tax when they die. Please contact us if you think you may be liable for Inheritance Tax. Advice now could save you thousands.
You should also bear in mind that although your assets may not reach the threshold right now, inflation could mean your house value rises over the coming years, so it is worth being aware of that and putting things in place now to mitigate it.
Appointing a Guardian for your children
If you have children under the age of 18 you should appoint a guardian for them and detail this in your Will. This issue is often overlooked but very important. If you and your partner die and you have not thought about who your children should live with and made this clear in your Will the Courts would decide. This could result in your children being placed in the care of social services.
Marriage and your Will
Marriage cancels out a previous Will unless it clearly states otherwise. If you have not amended your Will since you got married or entered into a civil partnership you should review your Will.
Divorce and Your Will
Unless otherwise stated, when you divorce, the divorced partner mentioned in the Will is considered deceased so, they will not benefit from it. This may not be what you want, for example, you may have parted amicably or your ex-partner may have children to whom you would like to leave something.
Unmarried Partners and Your Will
If you live with someone but are not married to them or in a civil partnership with them, if you want your partner to inherit from you when you die, you must write them into your Will.
When an unmarried partner dies with no Will, no matter how long they have been together, the laws of intestacy apply.
This is frequently misunderstood and we have seen many people whose partners have died intestate leaving them with no inheritance.
If you are living with a partner please feel free to get in touch with us, we can advise you on how best to ensure your partner is provided for after you die. https://beesandco.com/contact/
The Government website can also provide you with information: https://www.gov.uk/browse/births-deaths-marriages/death
