When it comes to preparing your Will, seeking appropriate legal advice from a qualified professional is a must to ensure that your assets are distributed in accordance with your wishes.
Some individuals do decide not to seek legal advice and prepare ‘a homemade Will’ but there are significant risks with taking this approach. If these risks are borne out, then dealing with any challenges or mistakes can be lengthy and costly.
There is also the potential for the homemade Will to be deemed invalid meaning that a previous Will might be relied on, or your estate may pass under the Rules of Intestacy.
Even if you believe that your estate is ‘straightforward’, it is extremely important that you get the appropriate legal advice from a qualified professional to ensure that the Will is drafted correctly and signed in accordance with the legal requirements for a valid Will.
Validity of Homemade Wills
If a Will is not valid, then your estate may pass under the Intestacy Rules which may not reflect your wishes and may mean that your estate will pass to people you did not intend to benefit.
If your estate were to fall under the Rules of Intestacy, this will determine who will benefit from your estate. This may be problematic as the people who may end up inheriting may not be the people who you would have wanted, or chosen, to inherit.
The Rules of Intestacy do not provide for co-habiting partners or stepchildren which could mean that loved ones might be left out of inheriting from your estate.
It is possible for them to make a claim against your estate for provision under the Inheritance (Provision for Family and Dependants) Act 1975, but they must fall within the category of potential applicants and the claim process itself can be lengthy, costly and very stressful.
Benefits Of Using A Legal Professional
If a professional drafts your Will, then they will ensure to ask you about those who you wish to make provision for, as well as ensuring that you have testamentary capacity, that you are of age, and that the formalities for signing a Will are followed.
The legal professional can also take steps to protect your estate against those who may wish to challenge your Will i.e. because they have been left out of your Will deliberately.
They would also be able to advise you as to the use of trusts in your Will which may be beneficial to protect children from previous relationships whilst making provision for your current spouse or partner.
Preparing a Will needs a lot of thought and often there are matters that arise that you wouldn’t necessarily have thought about had you prepared the Will yourself.
Next steps...
If you require further information on creating a Will, please contact our team on freephone 0800 011 6666 or email legal@timms-law.com.
For more information about Wills, please visit our webpage here.
