Tag Archive for 'DIY Wills'

The Downsides of a DIY Will Kit

The Downside of a DIY Will Kit

Photo Under Creative Commons License – Tim Pierce

Promising you the chance to save hundreds of dollars on legal fees and simplify your life, a DIY will kit can seem like the perfect option.

It also places the control in your hands, and allows you to swiftly put something legal in place, in the event of your untimely death. With all these benefits, however, come pitfalls, several of which will be explained below.

Choosing an Inappropriate Executor

Oftentimes, the problem isn’t the will kit itself. It’s the fact that someone without legal experience is the one in the driving seat. A common mistake made is choosing the wrong person to be your executor. Do not select someone such as a spouse, child or even a friend, where a conflict of interest can arise.

A non-biased individual who does not stand to gain anything upon your passing will be able to objectively follow your instructions. If you do pick an inappropriate executor, there can be disputes and squabbles over the will; legal firms such as The Will Dispute Lawyers may then be required to intervene on a particular party’s request. Remember: you won’t be around to ensure your true wishes are followed.

DIY Will Kits Can Be Confusing

One of the major drawbacks of a DIY will kit is that they can be confusing for someone not familiar with legalese or legal concepts. This is dangerous, since you could misinterpret something, with dire effects. Similarly, you could overlook something, such as part of your assets, and not bequeath them to a loved one even though you intended to.

They Cannot Provide Professional Advice

When you feel unsure, a will kit cannot answer your questions, explain a complicated concept or provide advice, based on your wants and needs. This is where a trained legal professional with years of experience in similar matters comes in handy and this is where your money is well spent.

Circumstances May Be Complicated

Life is rarely simple and so it follows that it would be difficult to wrap everything up neatly when it comes to making a will. In fact, you may unknowingly pass on debts or mistakenly allocate assets you don’t have. For example, a couple may decide to leave one property each to their two children. However, if one property has a mortgage, this needs be taken into consideration; otherwise, the debt may be passed on and the inheritance won’t be equal.

At the end of the day, while there are many benefits of opting for a DIY will kit, if you want to have peace of mind, there is absolutely no substitute for a will that has been crafted by a trained legal professional who has taken your wishes into consideration.

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