“Homemade is best – or is it?”
10 out of 10 to anyone who, in our hectic lives, still finds the time and energy to make their Christmas gifts themselves!
As children we would spend many December afternoons making presents for our grandparents and other family members. Each year our mother would decide on the type of gifts and buy the materials, and we’d be cutting and gluing colourful window decorations, painting wooden boxes, coat hangers and egg cups, stitching bookmarks, and wall decorations, crocheting table mats and pan holders - you name it. We had great fun doing it, possibly less fun cleaning up afterwards, but definitely with a warm feeling of achievement when we watched the recipients admiring the fruits of our labour (or at least pretended to in an Oscar-worthy effort).
I equally take great pleasure in receiving homemade gifts. A jar of chutney, bag of biscuits or a knitted scarf make me appreciate that in a very busy world someone has taken the time to make this.
But not all things homemade are a joy to receive. As legal advisors, every now and again we find ourselves presented with homemade Wills, often after the Testator has passed away. The feeling is usually neither warm nor delightful because Wills are far from simple documents and mistakes creep in easily, the consequences of which can lead to all sorts of costly problems.
Regularly clients come to us saying “it’s only going to be a simple Will” but during our discussion it becomes clear that there are various aspects which they had not thought about and which need careful consideration. It could be that the provisions they intended to make would leave their estate vulnerable to claims by disappointed third parties, or they only thought about “who gets the house and the accounts”, forgetting that there are other things to include, or some of their beneficiaries have greater needs than others, or some assets may be better placed into a Trust (for example if a beneficiary is disabled or vulnerable, or to ringfence an asset for the next generation in the long run).
There are many aspects that need looking into, including inheritance tax planning, which is why it is important to have such an essential document discussed and drawn up by a professional who not only has the knowledge and experience to draft a solid Will but is also not emotionally involved and can therefore ask the right questions. Yes, homemade Wills seem a cheap option, but the consequences of a badly written Will are far more costly in the long run: if the Will doesn’t deal with all your assets, then there is a partial intestacy which makes the administration of the estate more complex, the Will itself may be partly or fully invalid, the Probate Registry may not accept the Will “at face value” and asks for witness evidence to ensure that it was properly executed. All this increases costs by far more than the costs of a professional Will in the first place. In a worst-case scenario, the consequences could lead to a court action against the estate – and the sky is the limit for those costs.
Our Private Client legal advisors will provide a thorough and personal service when preparing Wills for you so that you can rest assured that your Will is a tailored and watertight document. Please call us if you need any help or advice, 0800 84 94 101.
But if finding the money to pay for a bespoke Will is an issue, we can also offer our LawEasier online service which can help you with your legal needs by assisting you in producing a straightforward Will from the comfort of your home or office.
And if after looking at LawEasier you find that you require more detailed advice after all, we are of course always here for you.
So, this Christmas, don’t give the gift of a homemade Will.