Are you thinking about writing your will but are wary of paying for a service you’re not sure you need?

If you don’t usually pay for financial or legal advice, it can be easy to assume that a low-cost online will is the best value option. But while this may be the right choice for some people, this will not be the case for all.

Consider the complexity

While an online will might be appropriate if you have straightforward needs, it can be the wrong answer if your affairs are at all complicated. This includes if you have a large and/or complex estate, have been divorced and/or remarried, have property abroad, own a business, for example. In these circumstances an online will may result in unforeseen tax consequences or ultimately may not achieve what you intended it to.

Read the small print

It is also important to read and understand the small print.

Some low-cost online wills include fees, often only mentioned in the terms and conditions, that mean that the company who set up the will appoint themselves or a firm of their choosing as executors, or as administrators of the estate. This can result in the firm taking a significant fee from the estate. This can cause great distress, particularly for a more modest estate because loved ones end up inheriting far less than they would have expected.

A professional will does not have to be expensive

Making a will need not be expensive. Most practitioners charge a reasonable fee for a straightforward will. A professional can help you consider important questions that you may not otherwise have thought about. A badly drafted will can have unintended consequences that may create difficulties for your loved ones after you pass away. It is important to use a reputable and qualified practitioner to prepare a will that meets your needs.

Will writing is not a regulated activity in England and Wales. STEP developed the Code for Will Preparation in 2014. It sets out the standard of transparency, service and competency you can expect from a STEP member preparing your will.

By using a will preparer who is subject to the Code, you will know they are taking all the necessary actions to plan for your assets’ future.

Find a STEP member in your area