Is It Wise To Write Your Own Will?

IS MAKING A WILL YOURSELF A WISE CHOICE?

Getting first-hand information on about everything can be found on the web. This has spurred a DIY craze, for good reason. However, there are some activities which you would still need the help of a professional to help with it and drafting a will is one of such activities.

Writing a will is no easy task thus it comes as no surprise that some lawyers spend the entirety of their careers on helping their clients draft error and controversy proof wills. Trying to save a couple of hundreds in dollars today may cause a loss of over thousands of dollars in your loved ones trying to clean up your messed up will. However, if you are still not quite decided on hiring a professional will writing service, below are some reasons why writing a will yourself may not be such a good choice.

YOU ARE PROTECTED FROM UNDUE INFLUENCE

Having a will can be a tricky business and it’s not uncommon to find everyone wanting to have a say on how your estate gets shared. Hiring a professional to help you make a will gives you a level of confidentiality which you otherwise wouldn’t have gotten. Also, a professional estate planning service can help you assess your situation, free of any emotional attachments and give you the right kind of advice, so you don’t get taken advantage of. An estate planner also ensures you sign your will in their presence, so the pages don’t get switched unknown to you.

EASILY CONTESTED BY YOUR BENEFICIARIES

A will written independent of any professional service stands the risk of being easily contested. It may seem like stuff straight out of a John Grisham novel, but accusations of manipulations and improper influencing can easily be made after your demise if there if you happen to write your will yourself. A professional estate planner has the experience and expertise required to ensure all parties are calm and compliant with the dictates of your will.

 YOU AVOID MAKING ERRORS

A will has to be free of mistakes. Although that may seem obvious to you and you may think your DIY attempt is error free, there may be several errors on it without you even realizing seeing especially that you may miss some key points from not being familiar with the rules around wills.

Common errors which may arise when writing a will include forgetting to sign the will, not telling anyone where the will is located and forgetting to update it after marriage, to name a few.

IT MAY NOT BE COMPREHENSIVE ENOUGH

There may be some assets which won’t pass in agreement with your will; these assets are known as non-probate assets. Non-probate assets include retirement accounts and life insurance plans which pass according to a beneficiary nominated. They also include bank accounts set up as joint tenants and are payable on death. Most persons would have issues deciding which assets are probate or non-probate and this result in the creation of a will which isn’t comprehensive enough.

YOU MAY HAVE USED THE WRONG WITNESSES

Witnesses are those who witness the testator sign the document thereby establishing its validity. Without witnesses, the will is invalidated, and with the wrong witnesses, it also becomes invalidated. Certain persons shouldn’t stand as witnesses to the signing of your will, for instance, persons under age 14 or beneficiaries to the will can’t stand as verifiers of your signature. Most persons may not know this, and this is a reason why the services of an estate planning company would be highly needed.

 

OUR ESTATE PLANNING HELPLINE

CALL US:

(+65) 9380 2839

ABOUT US

At Estate Planning Singapore, our competent and professional Estate Planner takes time to understand the details about your business and your life.

No matter how complex the situation is, we will do our best to assist in planning and developing an actionable solution for your asset distribution and protection.

CONTACT US

Contact Number:

(+65) 9380 2839

RECENT ESTATE PLANNING NEWS ARTICLES

Will Writing Lawyers Singapore

Finding a lawyer for your will writing in Singapore? Read more! Can I Make My Own Will? We strongly encourage you to draft a will with a lawyer. The reason is a lawyer knows how to draft the will in a manner so that it has less loophole during contesting....

$388 Cheapest Will Writing Service Singapore

We have negotiated with our preferred partner to offer the cheapest and most lowest will writing service in town for as low as $388! Yes, you heard it correct. It is that affordable! Do contact us to fix an appointment and ta-da! you are done! We also...