Online and DIY Wills - What are the risks?
The COVID-19 pandemic saw a dramatic increase in the number of people wanting to get their affairs in order and subsequently, an increase in the use of online Will drafting companies and DIY Wills.
If you want to decide what happens to your money, property and possessions after you die it is important that you make a Will. Despite this, research finds that around two thirds of UK adults do not have a Will.
Whilst a DIY Will or an online Will may sound tempting, particularly as they are marketed as the quickest and cheapest option, you could unknowingly be exposing yourself to a number of serious risks.
For example: -
1. You don't know what you don't know
- People often believe their affairs are simple and want to make a straightforward Will. However, without an understanding of the relevant law, it is difficult to make this assessment. It is easy to underestimate the complexity of your affairs
- Mistakes can be made even in the simplest of Wills – they are not always easy to spot
- You might not be aware of all the options available to you. Solicitors often find that people have not heard of life interest trusts, discretionary trusts or a right to occupy property and therefore they do not know the benefits of including these options within their Will
- You may not realise your Will is poorly drafted. Ambiguous/vague drafting could result in clause/s being deemed invalid causing them to fail
- A poorly drafted Will could also have unfavourable tax consequences
- Failure to dispose of assets correctly would trigger intestacy. Under the intestacy rules, you risk your assets passing down your bloodline in accordance with the law. You would therefore lose the opportunity to control whom you would like the benefit from your estate.
2. Legal disputes
- Unfortunately, mistakes in your Will generally come to light once you have passed away. This leaves your loved ones to deal with the consequences.
- If your Will incorrectly deals with your assets, it could lead to upset within the family resulting in lengthy, costly and emotionally draining legal disputes
3. Unregulated companies
- Setting up an online Will drafting company does not require legal training or experience. Therefore, without legal training, companies may not be in a position to offer tailored advice on inheritance tax, trusts, marriage breakdown or overseas assets
- Unregulated companies are not required to follow regulations, seek legal supervision nor obtain indemnity insurance. Solicitors however, are required to obtain professional indemnity insurance covering claims worth millions. Online will drafters often limit their liability to the minimal cost of preparing the will
- Online Will drafting companies are also not required to verify the identity of their customers or even meet them face to face. This makes it incredibly easy for somebody to impersonate you or even force to you into drafting a Will against your wishes. This could lead to disappointed beneficiaries and leave them with no option other than making a claim against your estate on the basis your Will is invalid
Accordingly, with the complexity of modern family structures, modern assets and changing tax regimes, seeking professional advice is the only way to ensure your wishes are properly secured within your Will and your Will is actually valid.
If you are considering making a Will or updating your Will, our team of legal specialists would be happy to help. For more information visit our Wills & Trusts page.
You can also call me on 01271 340896, or email me at alice.jellard@bhrlaw.co.uk
Alice Jellard
SOLICITOR
Barnstaple
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