I thought I’d give you a few facts and figures about Wills especially DIY Wills.
Let me say from the beginning that if a DIY Will is written correctly with all the issues considered and covered then it will much cheaper than getting a Will done professionally.
However, how many people actually do know enough to write their own?
Pre-printed templates can be bought for a tenner in several places or you can do a similar thing online. That’s cheap. What isn’t cheap is when the Will is badly drafted or doesn’t cover what you need. Your loved ones will then be employing solicitors and possibly going through a torrid time emotionally and financially when they could do without it.
There are lots of facts and figures around the internet but around a quarter of people who actually have a Will have written it themselves.
Around 20% (1 in every 5) bought a template or went online and followed the online process. This leaves a very worrying 5% who have written their own … with little or no guidance.
Fortunately the older we get, the wiser we get as only 1 in 7 over 50s will have a DIY Will which compares favourably with the under 50s where a whopping 2 in 5 have done their own. I am guessing that the main reason here is cost.
So why do it yourself?
Cost is a major factor with just under 40% doing it on price, around 25% thought it was quicker and more convenient and 20% preferring to keep their personal business to themselves. I can understand that. The questions we ask are intrusive so we can understand your circumstances and give the best advice. However, we are governed by the Data Protection Act AND regulated by the Society of Will Writers so you can talk to us with confidence.
What happens if it all goes wrong?
Intestacy is primarily governed by an old Act from 1925 and one in 1975. There isn’t much room for manoeuvre within these Acts so some deserving people will miss out and others will think it’s Christmas.
Around 1 in 7 have had problems with a DIY Will. This can and does result in disputes and delays. Do you REALLY want that for your loved ones?
Interpreting a badly written Will during probate can add to the misery.
As I said at the start, there is absolutely nothing wrong with a well written and current DIY Will. However, if you do have a DIY Will and want peace of mind then we are happy to discuss and review it for you. There is no charge for the initial consultation. Get in touch if you need your DIY Will reviewing.