You can buy free or very cheap online Wills, so why ‘waste’ money on a lawyer or solicitor?
Here are some of the reasons:
- When you die your Will becomes your figurative ‘bible’. It is followed to the letter and is incredibly important in ensuring your wishes are met as you would like. Mistakes cost FAR more to rectify than the modest amount is costs to get a Will written by a professional, particularly mistakes which can take an emotional as well as a financial toll on those left behind: something that is impossible to quantify.
- A lawyer will be able to give you advice about inheritance tax (IHT). Bear in mind, an individual currently has what is called a “nil rate band” of £325,000. Anything over this is taxed at 40%. Potentially this can be a lot of money, so it is well worth seeking the guidance of a professional to advise on steps that could alleviate this liability.
- When people consider what they want to do with their assets after their death, they don’t normally consider what could happen if people die in the ‘wrong order’. For example, where should their wealth go if their children pre-decease them? As unbearable as this may seem, it can happen and it is much better if it has been thought about and provision made in your Will;
- Some Wills are complicated, particularly where there are second families. The wording will be crucial; you don’t want to get it wrong.
- Increasingly Wills are being challenged after someone has died. Minimise this risk by taking professional advice.