The pitfalls of DIY Wills With the cost of living increasing, it is not surprising that people want to save money where they can When faced with the cost of preparing aWill, is'doing it yourself' a clever way to save or is it likely to cost your beneficiaries more of their entitlement to put it right Preparing a Will allows you to decide what happens to your estate when you die. Your estate is made up of your money property, personal possessions and anything else of value you may own You may decide to leave your estate to family, friends or charities Many people make Ws to help minimise inheritance tax payable on their death as well as prepare for any costly care home fees in the future. If you have young children, then you can also state who would look after your children should you die before they reach 18. If you don't get the right advice at the time you prepare yourWill, then you increase the risk of noc leaving your estate to your chosen beneficiaries and may overlook planning for future care or saving inheritance tax. You may also end up with your children being looked after by someone you would not have chosen. In order for a Will to be legally valid, you have to meet the follawing you must be 18 years or over you must make the Will voluntarily you must have the required mental capacity . . t must be made in wrong "it must be signed in the presence of two witnesses who are also over the age of 18 the two witnesses must sign their name in your presence From a legal perspective, if a DIYWill does not meet these minimum requirements, then the estate will be administered under the incestacy rules which set out a strict list of who inherits from your estate. It is lakely that they wil not be the people you would have chosen and may result in an unintended inheritance tax bill It is often the case that any mistakes which have been made in a DIYWill are not discovered until that person dies and by then it's too late. From an emotional perspective, it is the family, friends and charities left behind who suffer the consequences of the DIfer not taking the right advice where had it been sought, money may potentially have been saved in the long run and upset avoided. Even in the most straightforward of cases, it is important to seek the right professional advice when preparing a Will to avoid unnecessary and avoidable mistakes and upset. For more information or advice please contact Susan Glenholme, Managing Partner Debenhams Ottaway T:01727 735636