Only 40% of the UK’s population has a will with many people motivated to make a will to save their family financial hardship after they have gone. However, a worrying new survey has revealed that a quarter of those who have made a will has a will that is ineffective.
A study, which comes from Saga Legal Services showed that a quarter of those who have written their will have done so with no consultation from a legal professional. One in five of those wishing to create a will use an online template or purchase a will kit from a shop, whilst 5% of those who claim to have a will have just written something up without even looking at any legal framework.
The issue highlights the danger of DIY wills and the problems that can arise by creating a will without the input of a specialist solicitor.
Danger of Creating Your own Will
According to the Saga Legal Services survey one of the major reasons that people opted to create a DIY will was in an attempt to save cost, with 37% stating that they were attracted to a DIY will due to the low cost. However, many of the wills created at a low cost will be ineffective and could lead to a larger cost in the long run.
The survey showed that one in fourteen people have experienced a problem with a DIY will or know of someone who has. 46% said it led to a dispute with 39% of all those asked saying that the process took longer as a result of the DIY will.
Common Issues With DIY Wills
One of the major issues with DIY wills is that they are often rushed through or are not suitable for complex family needs. A DIY will can prove useful if you are single or have a very simple family structure. However, complexities in family circumstances can result in major issues with inheritance. Another issue is that changing circumstances are often out of date with people forgetting to update their inheritance meaning that the will can be invalid.
Even the way your will is bound can create issues, with DIY wills often being contested as it can appear that pages are missing. Emma Myers, Head of Wills, Probate and Lifetime Planning at Saga Legal Services, who authorised the report said: “If a Will is deemed invalid the estate would be dealt with under the inflexible rules of intestacy, meaning only pre-defined people inherit.
“Even if the Will is valid, the wording you use may not be clear and things may inadvertently go to the wrong people or in the wrong order, meaning that your loved ones will have to seek a court order setting out their decision regarding distribution”.
Creating a Will? Contact Us
The best way to ensure you are leaving your loved ones with proper inheritance is to contact our team of skilled solicitors and have them check your will or create one for you. We understand that creating a will is not a very joyous thought. However, it is imperative to ensure that you leave your loved ones with something when you are gone and to give you peace of mind. Get in touch today using our online contact form.