Making a will – part one
- Already got a will? If so, it is simple to add legacies
to your favourite charities. When revising your will, remember to take
along your current will if possible.
- No will? Then you can make one yourself, go to a will writer or you use a solicitor.
- DIY will form: While better than no will at all, this could lead to trouble for your family. One danger is ambiguity – a man who nicknamed his wife 'Mum' left his estate to 'Mum', and his mother got it all. And your family could end up paying far more tax from your estate than they need do.
- Will writers are making headway into the will writing market these days, and can produce a valid will at reasonable cost.
- Solicitors offer a wide range of legal expertise, across a wide range of prices. Because of their range of services, you are likely to have a long term relationship with a solicitor, giving the advantage that they will be likely to be aware of your circumstances and understand your needs.
- Although will-drafting rarely goes wrong, it can happen, so it is important to ask both will writers and solicitors the following before going ahead:
- Do they carry substantial indemnity insurance?
- Do they belong to a recognised organisation that upholds standards?
- What training in will writing do they have? Ask both and compare.
I recommend consulting a solicitor when making a will.
Wise's Whimsical Wills
Mrs W. was copying a goulash recipe and wrote, "1lb chuck steak,
2 lg onion, and if my husband murders me when he tastes this I leave everything
to my children, 1lb plain flour, 1 clove garlic … " In the
absence of any other will when she died, this was decreed valid.