Remember a Charity ( ) issued the following
press release - please read it.
Your life in your
hands?
New research reveals
the pitfalls of writing your own will
New research launched by Remember A Charity shows that
nearly 30% of the population die without leaving a fully
valid will ? despite the fact that the average person has
more wealth to dispose of than ever before.
The research undertaken to investigate current will-writing
practice and its implications for charitable legacies,
reveals the problems inherent in DIY packs or ?specialist?
will-writing companies
The key findings are:
What starts off seeming like a cheap option can cost in the
long-term
?
Many Will-writing packs offer premium rate lines that can
cost ?1.50 per minute
?
Extra services charged by will-writing companies can see the
cost soaring to over ?300 - more than twice the cost of the
average solicitor for a straight-forward will
?DIY packs, wills advice books and internet services are
generally well written and accurate. Everything will depend
on how well the user understands what is required
There is no regulation or licensing of will-writers who are
not solicitors, although there are 5 ? 6,000 will-writers in
England and Wales
?
Nothing but the most basic consumer law applies to will
writers so there is limited recourse when mistakes are made
The safest option is to see a professional, a member of the
Law Society or the Society of Trust and Estate Practitioners
(STEP), who specialise in drafting wills
?
There are structures in place to avoid negligence and fraud
and give clients redress if anything goes wrong
The author of the report, Danny Lee, a journalist and former
solicitor, says: ?Clearly there is a hole in the
regulation of the will-writing market. Many people believe
they are saving money by preparing a DIY will or using an
unqualified will-writer, however the cost of untangling
problems is often considerably greater than the cost of
making a will through a solicitor. The situation is not
helped by media reports that emphasise how easy it is to
write your own will and misleading advertising by
will-writers.?
Theresa Dauncey, Director of Remember A Charity, says: ?It
is vital to get a professional to write your will. It is the
only way of being really sure that your family and any
charities benefit as you intended. Sadly, there are too many
examples of charities losing out on intended gifts because
of badly written wills and a lack of professional advice.?
Common reasons that charities lose out because of poorly
written wills include:
?If the will has not been properly executed
(signed and witnessed correctly) the chances of it being
contested are much higher and much more likely to succeed
?Failure to use the full name of the charity ie:
a sum is left to a cause such as animal welfare with no
named charity ? it is then left to executors to decide which
charity was intended
?Attempts to prescribe the specific use for the
funds can make the gift to charity useless
?An out of date or incorrect address can lead
to unnecessary extra work for executors researching who was
intended ?the gift could end up with the wrong organisation.
Remember A Charity has devised the Good Will Test to provide
a helpful checklist for people writing or updating their
will. It asks five key questions:
?
Has your will been written by a qualified professional?
Money
Channel -
