A financial expert warns against the pitfalls of ‘do-it-yourself wills’ and the blunders that might be made.
After numerous “DIY wills” were found void after death, a financial expert has issued a warning to Britons.
A will allows you to specify who should benefit from your estate and who you want to keep out once you pass away. It can be used to safeguard assets, which is especially crucial if you suspect someone of being reckless or not likely to make the best use of their inheritance.
However, because the document is so important, it is critical that all precautions be taken to ensure that it is legally sound.
“A DIY will is vulnerable to being deemed invalid if the contents of the will are ambiguous,” said Sandro Forte, CEO of Forte Financial. This means it won’t be able to successfully dispose of your assets in the way you want.
“On the other hand, stipulations in properly designed wills have endured the test of time and have withstand court scrutiny for centuries.
“Legal documents still use fairly ‘old-fashioned’ language, and this is largely because the implication of a single incorrect word can often affect what your will intends.” While the way a will is written can be the source of many problems, those writing one not understanding the process can also be a problem.
“Unqualified will writers do not always comprehend the subtleties of will provisions, and occasionally ‘templated’ phrasing changes the context and meanings of the will, resulting in errors, leading to legal challenge,” Mr Forte continued.
A will covers a broader range of topics than many people realize, such as who will care for your children if you die before they turn 18; if no guardian is named, you will have no influence in who your child is put with.
There are a few other things to think about: Mr Forte issued a caution to individuals who aren’t certain that drawing together a will without expert help is a poor idea.
“If the will is not properly witnessed, it will be ruled invalid,” he stated. If any revisions to the Will are not correctly structured, they may be declared invalid.
“If a person wishes for someone else to reside in their home after they die, an inappropriately written.”Brinkwire Summary News”.