DANGERS OF A DIY WILL
A DIY Will may seem like an efficient and cost-effective option, but it can be fraught with risks. Consider John’s case:
John is 64 years old. He has been married twice and has two children from his first marriage which ended in divorce. His second marriage is to 33 year-old Louise who has no children.
John has written a DIY Will in which he leaves all his assets to Louise including his home and shares. She has done the same. Should they both pass away, the estate is to pass to his children.
Three years after writing his Will, John passes and leaves Louise with his entire estate.
What about John’s children?
Two years later, Louise remarries and has a child with her new husband. Now that her family situation has changed, Louise changes her Will leaving her estate to her new husband and, if he dies before her, to their child. John’s children do not benefit from his estate at all.
With careful estate planning, John could have ensured that his children were provided for, possibly through a Testamentary Trust, no matter how Louise’s situation changed following his passing.