We urge clients to heed with caution when drawn to adverts claiming that their Will can be prepared for £19.99; or dare I say, by themselves via Chat GPT (or its counterparts). As Private Client law experts, it is clear to us that ‘cheap’ is rarely ‘cheerful’ and the fall out of a poorly prepared Will can have disastrous effects on the grieving family you leave behind.
You spend your life working hard; accumulating wealth and acquiring sentimental assets. Therefore, it stands to reason that you would want to ensure that your testamentary wishes include iron clad provisions for your legacy. Even if your intentions are simple, surely ‘peace of mind’ is paramount. With the cost-of-living crisis in full swing, younger generations are more reliant than ever on an inheritance. This is increasingly becoming the only way young people can fathom purchasing a property or clearing student debt. In this sense, clients need to ensure their Will is airtight to ensure their wishes are upheld and no hidden administrative costs are incurred to compensate for the failings of a poorly prepared Will.
Although, on the face of it, a Will can appear to be a straightforward document; in reality, this is only the case when prepared properly. Non-professional services, or even worse, DIY Wills, typically fail to adequately account for blended families, co-habitation, foreign assets, corporate assets and vulnerable beneficiaries.
In a world where the ‘traditional’ family structure is no longer the norm, it is perhaps more important than ever to prepare for the future. The number of inheritance related disputes increased by 56% between 2019-2024 alone, and this figure is still on the rise. Before brushing off an experienced, professional service on the grounds that you can undoubtedly find a cheaper service on-line, we urge Clients to consider the real cost of doing so. Legal fees to address a dispute will likely exceed £20,000, increasing exponentially if the matter goes to Court. Not to mention the emotional toll on the family members left behind. It is of course important to note that Solicitors are regulated and insured; this is rarely the case for low-cost Will writers. This means that your surviving heirs will have no recourse for compensation in a worse case scenario.
I suppose clients ought to consider how much they value the security of their lives’ work. Do they want a ‘loosey goosey’ record of their testamentary wishes? Or would they rather obtain proper, tailored advice to ensure their legacy is protected for future generations? Ultimately, you get what you pay for.
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Disclaimer: This publication is provided by Laytons LLP for informational purposes only. The information contained in this publication should not be construed as legal advice. Any questions or further information regarding the matters discussed in this publication can be directed to your regular contact at Laytons LLP or Laytons’ Private Wealth & Philanthropy team.