Thinking about preparing a Will? While your Will may be rather simple, our Solicitor Kaisha points out some things to consider over at Echofied.
Q:
I need to write a Will. As it is likely to be rather simple (leave everything to my wife, then daughter) can I simply type it out and store it securely, or is legal advice necessary?
A:
Hi Michael,
Whilst your wishes may be rather simplistic and legally you are allowed to write your Will yourself, a DIY Will template is not always a great idea! Will drafting can be quite complex. There are certain ways of writing clauses in Wills that have been tried and tested over the years, so as to remove any confusion or uncertainty about what you are trying to achieve with your Will. There are also very strict rules about signing your Will and having it witnessed. Common mistakes in signing your Will could mean that your Will is invalid.
There are some situations where I would consider it absolutely necessary to obtain legal advice:
- If you own property or investments in another state or overseas.
- If you own a business or are an officer of a Company.
- If you are financially responsible for someone other than your immediate family.
- If you are trying to set up a testamentary trust for a particular beneficiary.
Whilst you might save money with a DIY today, there may be large costs to your Estate if you get anything wrong.
Need to get your Will organised before the New Year? Talk to the team at Coutts Lawyers & Conveyancers.
This Q&A first appeared online at Echofied.
