A DIY will may save you a few pounds now but could leave an expensive mess behind for your loved ones after your death. You need to get it right and wills can be challenged for a number of reasons.
If the will has not been properly signed and witnessed it is invalid. If it is invalid you have no will and the law will dictate what happens to your estate. This may not result in what you wanted to happen to your assets and could lead to people getting a lot more or less than you wanted.
If its contents are not clear it could cause a dispute about the meaning of the will. It may be that it was drafted in such a way that there are people such as husbands, wives and children who can make a claim against your estate. This could lead to expensive legal arguments involving lots of different people who have an interest. You can use your will to minimise the impact on your estate of Inheritance Tax. You may also be able to protect your share of your house against being used for your surviving partner’s care home fees following your death.
If you and your partner have children from previous relationships you can use you will to ensure that you make proper provision for all of your loved ones.
The cost to your estate of a legal challenge could run to many thousands of pounds, leaving little or nothing to your family after the lawyers have had their pickings. There is no substitute for proper advice to ensure that your estate ends up where you want it to go and that it does not end up in someone else’s hands.
For more information, please contact David Boon at Muxloe Wills on 0116 239 2409.