A will allows you to decide who should benefit from your estate and who you wish to be excluded after your death. It can be used to protect assets, which is especially important if there is someone you think might be irresponsible or not likely to use their inheritance in the right way.
But with so much importance resting on the document, it is key that all steps are taken to make sure it is legally sound.
Sandro Forte, CEO at Forte Financial, said: “A DIY will is exposed to being declared invalid if the terms of the will are ambiguous. This will mean it fails to effectively dispose of your assets in the correct manner.
“By contrast, clauses in professionally drafted wills have stood the test of time and overcome legally scrutiny for centuries.
“Legal documents still use a fairly ‘old-fashioned’ language and this is largely because the implication of a single incorrect word can often affect what your will intends.”
There are several other points to consider:
- If somebody you have included in your will dies before you do then the asset may pass to someone other than intended.
- Gifts automatically pass to somebody else if you do not specify a fall-back provision.
- Problems occur if you no longer own an asset at your death which has been specified in your will, as well as if you have several assets of the same description but of different financial value (e.g. watches) – considerable confusion can arise.
- If there is an inheritance tax liability and provision has been made to pay the resulting tax bill some of your assets may have to be sold to pay HMRC.
- The law is very clear about minor children receiving assets or money from estates – ow will those assets be protected until they reach an age that they are financially responsible?
- Has the provision been made to care for family pets?
- Have specific instructions been made as to how any funds to be donated to charity are used?
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Mr Forte issued a warning for those not convinced that putting together a will without professional guidance is a bad idea.
He said: “If the will hasn’t been properly witnesses it would be deemed invalid. If any amendments to the Will have not been properly structured this too could invalidate it.
“If an individual wants another person to continue to live in their property after their death an incorrectly written DIY will often leads to these individuals being forced from their home.
“And remember – without adequate provision in a will any business assets, property abroad or other assets will be frozen or inherited by those other than the intended.”
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