Financial expert Martin Lewis has issued a warning over drafting your own will, explaining that it can be more complicated than you might think.
During one of Mr Lewis' segments on This Morning, someone asked a question for the Money Saving Expert founder to answer regarding wills. They asked what would happen to their assets if they are married with children, and both partners have children from previous relationships.
The person queried if they don't have a will, how will their assets be shared? The bottom line of Mr Lewis' advice is that writing your own will is often more complicated than you might originally think.
Martin Lewis's warning on DIY wills
Martin Lewis said: "Look, let's be really blunt about the way life works. One of the difficulties when you're doing a will is you consider today's scenario. So, if you have children, and your husband has a child from a separate relationship.
"So, if you were to go first, and your husband were to meet someone else and have another child, perhaps with somebody else, how do you ensure that your children are protected from your assets if you've left everything to your husband?"
He continued: "There are ways to do that. There are not ways to do that, that you can do very easily without a solicitor. That's why I go back against solicitor drafted. Everyone thinks their will is simple until they start coming out with actually thinking about what they want to do.
"So, you know, if you pass away and you have a child, how do you protect your child from your partner's future partner that they may have? No one wants to talk about this. The answer to your question is, you don't ask me, you go and you get a solicitor drafted will"
Why simple wills can be challenged
"You know, when people talk about simple wills, a simple will is - I want to leave everything to my partner. That's a simple will. This is why, when you actually start to work out, future proofing a range of scenarios, it gets more complicated, and wills that, unless it's very simple, wills can be more easily challenged, and your wishes can be less easily followed."
He explained: "When you say you want to leave it to your grandchildren, is that current grandchildren or potential future grandchildren? Does that include future, potential adoptive grandchildren and future potential, adopted step grandchildren? What's the future of potential stepchild?
"These are the things that professionals, who do this every day, think about that we, as amateurs, don't."
Free and cheap solicitor-drafted wills
On the Money Saving Expert website, a new article was shared this week regarding how to get cheap or free wills.
The advice reads: "Everyone should sort a will – dying without one means the law decides who gets what, not you. It's crucial if you've got kids, own property or aren't married to a partner.
"Not all wills are equal – solicitor-drafted wills give the best protection (they're regulated and insured). Doing it yourself can be risky if you get it wrong."
It continues with a list of ways people can get a free or cheap solicitor-drafted will:
- Will Aid in November.
- Free Wills Month in March and October.
- Octopus Legacy in February, March, September and October.
- Some charities offer them year-round if you leave a donation / bequest in your will.
- Unions and employers sometimes offer free wills too.
