Is there a way to make a legally binding will, without using expensive solicitors? I’m in the UK, by the way. Any advice appreciated.
UK law has to be different from California, as to requirements for witnesses, holographic wills, etc, so I have nothing as to that.
However, for do-it-yourself, the first rule is “Keep it simple”.
I used to see the probate filings in San Francisco, where over time the following appeared:
Willing the estate in percents, adding up to 105%.
Leaving farm to nephew Joe for five years, after that it to go to grandchildren. That’s what it said, no trusteeship or anything.
Leaving it to daughter, “who knows my position on gifts to others”. Not so bad, daughter can make the decisions and no one else can legally say anything, except it could get daughter truly hounded or truly hated.
Leaving all estate to wastrel son, and an abject apology to the good son. If done through a lawyer, the decedent would at least have had to show it to a live human being before casting it in stone.
Just hire the damn solicitor. You think risking the most important, most irrevocable disposition of your assets isn’t important enough to spend a couple hundred quid on? Wills are designed to be very difficult to put together so that, once the testator has passed on, we can be confident they really meant what they say in the will – 'cuz they had to go through a lot of trouble to say it. That also means they’re really easy to screw up if you don’t know what you’re doing. Of course, my experience is all in the States, but since our testamentary law is derived from yours, I expect it’d be similar. Of course, I don’t know – so you need to get a lawyer.
–Cliffy
I agree. I am a solicitor in Australia and specialise in estate planning and administration. The do it yourself will kit might seem like a simple, inexpensive solution, however they are easy to stuff up, and usually the cost to your estate of gaining probate of the will will be more expensive than the cost of seeing a solicitor in the first place.
Everyone has different circumstances and goals. If you have fairly simple objectives, still go and see a solicitor, as it shouldn’t cost too much anyway. It’s our job to raise issues with you that you may not consider.
Also, have a look at this concurrent thread for some good info.
A living trust will be a lot more airtight, and will save you real money in the long run. Wills are just wishes set down on paper, not demands that the probate court must follow. You’ve surely heard of wills being contested and overturned.
This is all from a California perspective, but living trusts being a English concept originally, I’m betting it’s very similar for you.
I presume that you are talking about an inter vivos discretionary trust here. They are a useful tool and asset holding vehicle, however if a person already owns assets in his/her own name, transferring them to a trust can have some pretty severe tax/stamp duty consequences.
It is for this reason that people should seek legal advice rather than attempting to make what is a very important document on their own.