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The Risks of Writing Your Own Will

On November 9, 2017

The Risks of Writing Your Own Will

Many people believe writing a Will is straightforward and easy to do, however in today’s modern society of divorce and civil partnership this is not the case.

We work hard during our lives to buy property, cars, precious items, make investments and build up savings, and all of these assets form our estate when we die. A Will ensures that these assets are passed on to the people of our choosing. If we die without a Will the rules of Intestacy are applied to the estate and a court decides who will inherit and sometimes not in a tax efficient way.

Unfortunately, people who write their own Will may also find that the courts end up deciding who will inherit their estate. For example: – if the instructions in the Will are unclear because of the wording used or if the Will has not been properly signed and witnessed.

If you are considering making your own Will, rather than seeking professional guidance, it is important to recognise all of the risks involved:

  • Legal language is more precise than the language used in everyday life and it is essential the wording is correct to ensure the Will is valid.
  • Your executors will be responsible for administering your estate correctly and if they administer the estate incorrectly they could risk a claim of personal liability.
  • Additional costs may be necessary for the beneficiaries of your Will if a dispute arises because of unclear wording.
  • Imprecise drafting of the Will can result in unforeseen tax consequences

 

If you use a professional to write your Will you can be sure that the Will is valid and your assets are passed on to those loved one you wish to benefit after your death in a tax efficient manner.

Peter Robinson & Co. is able to create a Will specific to your needs – while giving you the peace of mind that it is handled properly.

Get in touch with Peter Robinson & co. for advice on all aspects involved in making a Will.

  • By Peter Robinson  0 Comments 
  • Peter Robinson & Co., risks, wills
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