“Statistics show that the pandemic was responsible for a spike in DIY will writing, possibly to save money. While avoiding the cost of using a will writer or solicitor may seem like a good way of saving money, producing a Will yourself could lead to problems and end up costing a lot more in the long term,” Moffat added.
The current cost of living crisis could be made even worse, she maintained, when a family is unable to access funds for months or even years following the death of the primary earner.
Because of how complicated the law is, it’s very simple to invalidate a will or leave it vulnerable to legal challenge, especially if it’s drafted by someone unfamiliar with the vocabulary and writing process.
“Family structures are increasingly complicated, which in turn comes with challenging financial arrangements. So, it’s more important than ever to make sure your Will is legally correct. Taking financial advice can also save money in the longer term. Planning in advance can help reduce the amount of inheritance tax payable on death.
“Having a Will can prove invaluable, especially if there are children, blended families or cohabitees. Preparing for death might seem pessimistic but in practice it’s about making sure the people you love receive what you would want them to. And it removes a lot of the complexity in the process at a time of sadness, compared with facing the laws of intestacy.”
