Should I use a DIY will making solutions available on the market
The DIY will would likely meet all the necessary formalities of the Will Act 1837. So that should just tell you the antiquity of our probate law once you meet the four corners of that act legally you are fine. But again, that's not tailored to you and your circumstance. We would strongly advise you rather spend a few hundred pounds to get quality advice now than have your estate be burdened to unravel those issues after your death, putting unnecessary stress legal considerations on the backs of your beneficiaries.
In sectors like legal, financial, and medical the cost of going wrong is so high that it makes sense to get professional advice.
The complexity of the tax rules alone, warrants professional advice. There can be several other unique circumstances such as liquidity concerns. For example, you have a piece of property now that can't, I mean, if that property rises maybe 30 percent in, in 10 years. And you pass away and you still have to pay inheritance tax at 40 percent on that. Who's going to come up with that slush fund? Your kids. Do your kids have family? Would they be in school? Do they have enough in their piggy bank to pay 40 percent tax? There are a variety of things that need to be considered. Because you could very well have to actually sell the house in order to pay the income tax. Or the inheritance tax. But then that deprives your beneficiaries of an asset.
There could even be family conflict, and let's not shy away from it. Beneficiaries, you know, may not agree with or understand your particular set of wishes unless it is particularly set down on paper. Get proper advice.
-Learnings from Episode 2 of Vera Legal Insights with Mikhail Charles.
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Note: the contents of this Vodcast are just us having a conversation and any responses are for information or educational purposes only, they do not constitute legal advice, the facts of each case vary so if you have a legal query please obtain professional legal advice valid to your individual circumstances. Vera, the host or the guest would not be liable for any damage or loss caused.
