It may be cheap and easy, but can an online, do-it-yourself will really do the job properly?
Type 'online will' into Google and you'll get back a whole lot of results plugging super cheap internet will-writing services. One site even claims to provide a standard will for less than a tenner. But, with something as important as this, is DIY really a sensible idea?
Writing a will is the only way to guarantee your wishes will be carried out after your death. But many people die intestate (without a will). This could cause major difficulties further down the line when deciding how your assets should be dealt with.
But getting your will drawn up by a solicitor can be a costly business with charges running from around £150 right up to £400. So is an online, DIY version a better approach?
I'll start off by saying a DIY will is only right for you if your financial affairs are pretty straightforward. Anything more complex will almost certainly need professional legal advice.
But let's assume that's not a problem for you. So, what exactly do you get from an online will writing service?
Super cheap wills: what do you get?
Super cheap DIY wills can cost as little as £10. For this ultra low price, you'll generally be able to select from a range of pre-formatted templates. You simply choose the version that most closely matches your needs. Once you have completed the form, your will is emailed to you ready to printed off so it can be signed and witnessed.
Typically you should be able to make a will which allows your estate to be divided by percentage or fractions among your chosen beneficiaries. You should also be able to leave items to specific people. You can also nominate a guardian to take care of your children, and some services allow you to include details regarding your funeral arrangements.
If you make a mistake you should be able to go back the website and make the necessary amendments within a short timescale. But be very, very careful over accuracy - a mistake could feasibly invalidate your will. And don't make any silly errors such as spelling the name of any of your beneficiaries incorrectly.
What don't you get?
Unlike a solicitor, online will writing services aren't regulated, which means if things go wrong it will be a lot more difficult for your family to put them right. And of course you won't get the benefit of legal advice which would be extremely useful if your financial situation is more complex.
If you're wealthy, you won't get any help with inheritance tax planning. It will also certainly be in your best interests to seek professional guidance in this case.
It's vital that your will is written in a way which is clear and unambiguous. With a very cheap DIY service, it's normally down to you to make absolutely sure your wishes are easy to understand. The website you use won't usually be held responsible for the accuracy of your will.
On top of all that, you won't normally be able to use a cheap and easy will to set up a trust for a beneficiary, make conditional gifts/bequests or disinherit someone who would be legally entitled to a share of your estate under normal circumstances.
So, you can see cheap DIY wills have a number of limitations. Does that mean it's worth spending a little more?
Cheap wills: what do you get?
If you spend a little extra - say £30 or so - you'll get everything that a super cheap will offers alongside a few additional benefits. For example, you'll probably have access to templates which can be more easily customised. You may also get the opportunity to rewrite your will as often as you need to and free online storage may also be on offer.
If you're going to spend a bit more, I suggest you choose a service where a professionally qualified will writer will review your documents. It will still be your responsibility to make the suggested amendments, but this should give you more peace of mind.
If you have a partner or spouse, you can save more my writing two virtually identical 'mirror' wills. This could cost around £50, for two separate wills for each of you, so you save £10.
Mirror wills are appropriate where you both want to appoint the same executors and guardians, and you wish to bequeath your estates to the same people.
Is it legal?
Of course. Your will, including an online DIY version, is a fully legal document. In fact, provided it's correctly worded, signed and witnessed, it's as legal as if it had been written by a solicitor.
Your will doesn't need to be witnessed by a solicitor either. Instead, it can be witnessed by any two competent people as long as they aren't beneficiaries of your will (and aren't related to your beneficiaries.)
On a final note, there's no question a DIY will is a whole lot cheaper than one drawn up by a solicitor. If you don't want to spend hundreds and your requirements are simple, then a DIY will could be the right choice for you. But for anything more complicated, legal advice is a must.
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