Seek Help with DIY or Online Wills
A lady wrote into a national newspaper recently saying that her husband had purchased a DIY Will from a newsagent. When making a will, he left the family home to all five of his grandchildren once they reached the age of 25.
On the face of it, this seemed to be a fair and straightforward instruction. However, as the legal advisor rightly pointed out, this would in fact mean that the Executors of the Will would then need to look after the interests of the home until the first grandchild reached 25. This could mean that if the Executors decided to sell the home to make it a cash asset rather than a property inheritance, the gentleman’s wife may be forced to move out.
This is an excellent example of why, although buying cheap online wills or templates and writing it yourself may seem like a great idea, you should always seek legal advice when preparing it to ensure that you have avoided the numerous legal pitfalls and remembered to include everything.
Remember too that a professional Will writer should also be able, whilst preparing the document, to advise you on making decisions which will benefit your next of kin in the best way possible, including planning your Estate specifically to minimise the amount of Inheritance Tax which will fall due.