According to a YouGov survey, 96% of people who prepare their own Will say they do not need external advice, with 21% stating that fears over the cost of professional advice prompted them to do it themselves.
According to the report, one of the main reasons that people prepare their own Will is because they don’t feel that they need legal advice, with very few using related services such as long term care and funeral plans that might be offered by the provider of the Will.
The YouGov report states that 65% of people said they would consider preparing their Will themselves to keep costs down. With around one in ten people writing their own Will, the report identified that DIY Will writing is a key inhibitor to market growth.
Tom Curran, Chief Executive of estate administration specialist Kings Court Trust said; “The YouGov report identified the public’s concern over the cost of preparing a professionally written Will. However, many Will writers now offer highly competitive rates and involving a professional greatly reduces the risk of any issues that could delay the distribution of the estate. A professionally written Will can cost as little as £100 and will ensure that the estate, potentially worth hundreds of thousands of pounds, is protected in line with their wishes. Unfortunately, mistakes made in DIY Wills are often not discovered until after that person has passed away, by which time it is too late to rectify the damage that a poorly written Will can cause.”
Kings Court Trust always recommends that individuals seek professional advice from a Will writer to ensure that the Will is clear and legally binding. If you would like more information on appointing a professional Will writer, please visit The Institute of Professional Willwriters website at www.ipw.org.uk.