WILLS – Mistakes, Errors and Omissions
A DIY Will or a cheap internet Will may seem like a good deal now, but the hidden costs can be £1,000s. So many mistakes, errors and omissions are made in such Wills. And, these often only come to light when an individual has passed away. Consequently, the cost of rectifying such mistakes, errors and omissions can be thousands.
With a professional Will writer you certainly get what you pay for!
Examples of common mistakes, errors and omissions
Here are a few examples of some of the most common mistakes people make with cheaper Wills:
- They don’t date the Will or only partially date it
- Not witnessed correctly
- They don’t fully distribute the estate
- Amendments and scribbles made throughout making it invalid
Some other very common mistakes are:
- Attestation clause is not correct or sufficient (usually when an individual has drafted the Will themselves from scratch).
- The Will has not been signed by the testator properly.
- The Will has no revocation clause.
As a result, these mistakes, errors and omissions can invalidate a Will. Without a valid Will the Rules of Intestacy come into effect, meaning your estate may not be distributed as you would have liked.
There are other implications of cheap Wills which you should take into consideration. Such as:
- Your estate could be liable to Inheritance Tax when it could have been reduced or completely mitigated, if you had planned for it.
- Furthermore, you may end up paying unnecessary Care Home fees and thereby reducing your estate value when, yet again, you could have taken steps to prevent this.
- Your children could lose out on their Inheritance by a remarriage, known as Second Marriage Syndrome, should the survivor of a married couple remarry.
- Most importantly, if you have minor children and you fail to appoint Guardians, they could end up in care of the local authority.
- Claims under the Inheritance (Provisions for Family and Dependants) Act 1975 can be made against your estate. Consequently, this will delay the estate administration and run up significant legal fees.
And, remember that MARRIAGE REVOKES A WILL! If you remarry, then you need to make a new, unless your Will was made in contemplation of marriage. It really is worrying that so many people don’t realise this.
Our advice is, for your own peace of mind, to stay well away from cheap Wills. These should ring alarm bells. Use a professional firm, like us to write your Will. We will work with you to ensure that your estate passes to the ones you want it to. This, subsequently means, the least amount of stress for your loved ones. And when the time comes, your estate will be dealt with in a timely and cost effective manner.
To read our full blog and real life stories about The Distressing Cost of a DIY Will Kit & How to Avoid it! click here.
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