Risks of doing your own Will
There are several reasons why it can be risky to prepare your own Will, or simply use a “template”:
Lack of Legal Knowledge: Creating a Will requires knowledge of complex legal terms and concepts. Without proper knowledge, it's possible to make errors or omit important information, which can cause confusion and disputes after your death.
Ambiguity: When creating a Will, it's crucial to be clear and specific about your wishes. Ambiguity in your language or phrasing could result in your intentions being misinterpreted, which can lead to legal battles between your loved ones.
Failure to Comply with Legal Formalities: There are certain legal formalities that must be followed to make a Will legally binding. Failure to comply with these requirements can invalidate your Will, leaving your assets to be distributed according to the intestacy laws.
Unintended Consequences: Creating a Will requires a deep understanding of the implications of your decisions. Without careful consideration, you may unintentionally create unintended consequences, for example leaving an asset to someone who could not afford to maintain it which forces a sale.
Challenging to Make Updates: Over time, your circumstances and wishes may change, and you may need to update your Will accordingly. If you create your own Will, it can be challenging to make updates and ensure that they comply with legal requirements, making it more likely that your Will will become outdated or invalid.
For these reasons, it's advisable to seek the assistance of a lawyer/estate planning professional when creating a Will to ensure that your wishes are clear, your Will is legally binding, and your assets are distributed according to your wishes.