A person is at liberty to draft their own will if they wish, and therefore pay only for the ink
and the paper required to write it or the cost of a DIY kit from a Highstreet stationary
shop. Any such "DIY will" will be perfectly valid as long as it meets all of the criteria set out
in section 9 of the Wills Act 1837. However, while DIY wills can seem appealing and cost
effective at first, they can cause complex issues after your death that become expensive to
solve.
Baring that in mind, you may instead choose to seek out expert advice and have your will
drafted by a professional will drafter. You may even come across a firm who advertises their
will writing services for free! Our advice to consumers taking up offers of free wills is to be
cautious. Do research into the firm first, check what the terms of their offer of a free will is,
and make sure you thoroughly read and understand all documents provided.
When a professional drafter offers to write you a free will it is often the case that the will is
not truly "free". Many include in the terms and conditions they provide that they will be
appointed as executors of your estate (the people responsible for administering your estate
after you have passed away). Their professional service as executors will not be free of
charge, and fees can vary wildly. Solicitors, banks, and trust corporations might charge
anywhere between 1-10% of the gross estate and may even include an hourly fee additional
to this.
If you do choose to take up the offer of a free will on the basis that the firm will appoint
themselves as executors make sure you are clear on their fees and the ultimate cost to your
estate.
Is there any such thing as a free lunch? Possibly, but its best to make thoroughly sure before
committing.
22 April 2019
The views expressed in this blog do not in any way constitute advice and are specific to the date noted. As time passes the facts can change and readers should consult their adviser for up to date advice on any matters covered within the blog. Invest Southwest offers an initial review, which is free of charge, however long it takes. From this we will be able to confirm how we can help and give you an opportunity to decide if you would like us to. Thereafter, we will provide you with detailed recommendations and exact costs. Please note that we promise not to levy any kind of fee unless we can demonstrate a benefit to you.
