- On July 17, 2019
CHEAP DIY Wills could potentially cost your loved ones a fortune when you die, according to a new investigation.
Online Will services charging as little as £6.99 are at the centre of a Money Mail probe following a surge in families battling over inheritance in court.
The investigation found what it called a “strong of potential pitfalls” with many of the popular online services.
Some of these Wills, it said, could be declared invalid or contended in court due to disputes over wording and were “riddled with risk”.
The article quoted Charlotte Watts, a Will and inheritance disputes expert, who said she is seeing an increasing number of badly drafted home-made Wills.
Some key areas of concern raised by the investigation are:
- The cheapest online pack did not highlight the need to appoint a substitute beneficiary in the even the person you want to inherit your estate dies before you.
- It failed to mention Inheritance Tax implications of your bequests.
- Other general concerns were raised about the need for correct spelling of the names of beneficiaries and proper signing and witnessing procedures.
Another major problem area is that is that someone could potentially complete an online on behalf of someone else before coercing them to sign it.
The report found that there have been a 62 per cent rise in High Court disputes between family member over inheritance in the last two years.
The latest research from Royal London highlights the fact that some 54% of UK adults – or 5.4 million – haven’t got a Will.
Additionally, the data reveals that 59% of parents either do not have a Will, or have one that is out of date.
Mona Patel, consumer spokesperson for Royal London, said: “It is incredibly important to have a Will, not just to protect your finances but to make sure vital decisions, such as who will look after your children, are noted.
“Once you have a Will, you should update it after any significant life events that could affect your financial situation, such as getting married, divorced or starting a family.
“Taking these important steps allows you to have peace of mind knowing that when you’re gone your wishes will be met.”
Paying a professional to help draft your Will means it will be legally sound if it’s contended at any point in the future.
You can read more about Wills with our easy-to-follow guide.