Will you Do It Yourself?

In June 26, 2015
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You may have seen on recent adverts and on the radio this weekend, that the Daily Mail were offering a free Do It Yourself Will kit, for everyone that purchased their newspaper. You may also have seen that Asda have started selling DIY Lasting Powers of Attorney kits. I could sit here for days talking about all of the reasons why it is an absolutely disastrous decision to create your own DIY Wills or LPAs! But I will instead be brief and to the point.

 

All too often we hear about cases of people creating DIY Wills, or even DIY Lasting Powers of Attorney, but with catastrophic effects when the person passes away or loses their mental capacity, because they were not qualified or knowledgeable enough to create these documents in the correct and most protective way. The trouble is, you don’t know what it is you don’t know!

 

The best way to have your Will contested at the time of your death, is by creating it yourself. This would give the person wanting to contest the Will, enough ammo to start suggesting that you didn’t have mental capacity at the time of creation, or that you didn’t understand what you were doing, or that it wasn’t executed correctly. All of which could leave your family and the people you wanted to benefit from your Estate, high and dry! Which is not what you would want to have happen!

 

The best analogy I could use, is that I wouldn’t attempt to perform surgery on myself, just because I did a Google search and Wikipedia told me how to do it. So why would you attempt to do your own Wills or Lasting Powers of Attorney? It is just as important! They are critical, legal documents that must accurately reflect your wishes, in order to ensure that the right money, goes to the right people, at the right time.

 

So please, whether it is with ourselves, or whether it is with someone else – consult a professional. Don’t leave your families fate in the hands of chance. Let’s make sure your planning is completed correctly now, whilst you are fit and able to do so. Let’s do it once and do it right.

 

Your capital is at risk. Investments can fluctuate in value and investors may not get the amount back they invest. Tax rules can change at any time.

 

Please remember your home or property may be repossessed if you do not keep up repayments on your mortgage. We give clients the option to pay for mortgage advice by fee rather than commission. Equity Release refers to lifetime mortgages. To understand the features and risks, ask for a personalised illustration.

 

The Financial Conduct Authority do not regulate, Will Writing, Buy to Let Mortgages, Auto Enrolment, Tax Advice and Estate Planning.

 

The opinions contained within this blog, do not constitute financial advice and no action should be taken based on this content alone.

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Redwood Financial Family Wealth & Estate Planners Ltd is Directly Authorised and regulated by the Financial Conduct Authority. FRN number 774469.

Disclaimers

The Financial Conduct Authority do not regulate, Will Writing, Buy to Let Mortgages, Auto-Enrolment, Tax Advice and Estate Planning. Your capital is at risk. Investments can fluctuate in value and investors may not get the amount back they invest. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. https://register.fca.org.uk/

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