Why a Cheap Will Can Become a Very Expensive Mistake
Why do I need to spend hundreds of pounds going to see a solicitor to make a will, when I can buy a will pack in my local supermarket for £5.00?
As solicitors, we do, from time to time, see wills in which the client has taken the £5.00 option. I saw a lady some years ago who had made such wills with her husband, and they had unintentionally disinherited each other in favour of their infant children. Sadly, the husband had since died, and a four‑ and six‑year‑old now owned half the house. The only option for the widow was to take her children to court, spending many thousands of pounds in the process, to get the position changed.
I was reminded of this a few weeks ago. A supermarket‑made cheap will stated that a house which was no longer owned should be left to a beneficiary, and that any cash should be spent on a funeral. I asked the executor whether they had spent all £458,000 on the funeral; obviously, they hadn’t. The will was of no value at all, and the people the deceased wanted to inherit simply wouldn’t.
It’s not as straightforward as you may think
The three words I often hear from clients are: “It’s very straightforward.” While it can be, often it isn’t. It’s a lottery. This is particularly true for people who are unmarried or don’t have children or have children and aren’t married. (This applies equally to Civil Partners.) The law on intestacy has just had its 101st birthday. It was written in a time when people who had property were married and had children. It has no regard for modern practices. The tax man also doesn’t like unmarried people without children, and penalises them accordingly.
So why shouldn’t I get my will from a supermarket? Let me take a motoring analogy. A car needs oil, but not any oil. If I put olive oil, for example, in my engine, it won’t like it. Most people would say everyone knows that, which is true. But it illustrates that oil isn’t always oil. Equally, what you may regard as straightforward, the law won’t always agree.
Your loved ones may end up with nothing
Let’s take a legal example. If I say in my will, “I leave my Rolls Royce to my son,” and at my death I’ve changed Rolls Royce for Porsche, my son inherits nothing. The use of the word my means you make a specific gift of the item you own at the time of writing, not what you own at death. Important to remember: people come from Venus; the law comes from Mars.
The most common problem is gifts of houses, often the most valuable asset. But if, at death, you are in a care home and the house has been sold, your beneficiary gets nothing.
Your shop‑bought will gives you no advice about Inheritance Tax. The average UK house price in the South East of England is £381,000, and according to Rightmove it’s even higher. Estates start to attract Inheritance Tax once they exceed £325,000. We see many wills where there is a wish to let a partner or other loved one live in your house after your death, but no thought is given to the need to pay Inheritance Tax. As a result, the house has to be sold and the wish defeated. With some planning, these problems can be avoided or at least mitigated.
So while paying £5.00 for a will may sound a bargain at the time, those you leave behind can come to bitterly regret your decision.
At Garner & Hancock, we make sure your will truly protects the people you care about. Our solicitors take the time to understand your wishes, explain your options clearly, and help you avoid the costly pitfalls that DIY wills often create. A professionally drafted will gives you peace of mind and we’re here to make that process simple, secure and tailored to you.
Written by Nigel George, Director & Head of Planning
