Is a do-it-yourself will a good idea?
There are hundreds of ‘do-it-yourself’ Will templates available online. But what are the risks of writing your own will without professional assistance?
When to create a Will?
Of course, writing a Will is always more important when you have a family and assets to leave to them. If you have children, you’ll want to appoint guardians for them if you pass away when they’re still minors. Furthermore, leaving money in a trust for your children makes sure their education and development will be taken care of.
What risks of ‘do-it-yourself’ Wills
Though you can find hundreds of templates for Wills on the Internet, drawing up a Will without professional help can have serious consequences:
- You could write instructions that are unclear and, so, can’t be carried out
- You could forget to insert vital clauses, such as revoking an earlier Will
- You could omit to include vital information, because you don’t have the benefit of an attorney, certified financial planner or fiduciary specialist
- You could make the mistake of thinking that a software package or internet document asks all the same questions that a professional would ask
- You may not have the correct number of witnesses, or it could be incorrectly signed
- You may not have the expertise required to correctly set up Trusts and other mechanisms
- You may not have the skills or experience to understand what taxes are triggered by death duties, how they are administered and when they become payable.
The time to draw up your Will is now. Combined with proper financial planning, a Will is a tool that can protect your assets and provide an easier future for your family.