Will writing, do it yourself or use a professional?
Once you have decided to protect your estate and ensure it goes to those you want it to, you have two options open to you: –
- Write it yourself, or
- Use a professional
While both are perfectly valid, writing your own Will is not always as easy as it first seems. Issues that a layperson would not have thought about can arise when you write your own Will that can cost your beneficiaries a great deal.
Here are a few examples:
If your estate is complex it may require specific planning to avoid or minimise inheritance tax that could be payable on your death.
You may wish to make specific gifts to individuals but these can fail if a beneficiary has witnessed your Will, meaning any gift to them would be void.
You may have personal reasons for excluding someone from your estate but this could still result in it being challenged. A professional Will Writer would advise you on the best course of action to avoid this.
If you have young children, you might omit to appoint a guardian to care for them in the event of your death, which could mean them into the care system.
WHAT DOES A PROFESSIONAL WILL WRITER DO THAT YOU CAN’T?
- A professional Will writer will cover all the issues that you, as a layperson would not think of.
- A professional will start by asking you to list your assets and liabilities in order to value the size of your estate.
- You may also be offered estate planning advice to reduce any inheritance tax that your beneficiaries may become liable for.
- Your family circumstances will be considered so that the right protection for vulnerable adults or young children can be put in place if needed.
- You will be able to discuss your options should you wish to exclude someone from your estate and you will be made aware of any associated risks.
- A professional Will writer will advise you on various trusts that may be open to you in order to protect your estate/beneficiaries.
- A professional will assess your capacity, which could avoid any challenges further down the line.
- A professional will consider any risks of undue influence.
- Writing your own Will may at first appear to be saving you money. However, it can also cause a lot of stress for you and your family and could ultimately cost your beneficiaries dearly after you have passed away.
If you are planning to use a professional Will Writer I would advise you to use someone who is trained in succession law and appropriately insured for their work.
You can contact us here: https://beesandco.com/contact/
