Estate planning is something that is on almost everyone’s to-do list. However, more often than not, essential legal documents, such as wills and trusts, are often put off until much later.
If you’re young and healthy, setting up a will or trust is something many feel they can get to later in their life. Similarly, when older, many often delay the process because they have something else to do or find it difficult to broach the topic.
Planning for the future is uncomfortable and can be a difficult topic to discuss, but there are some essential legal documents you need to set up. Estate planning, via setting up wills and trusts and getting power of attorney, can help you save your family and close friends much stress and heartache during a difficult time.
When it comes to estate planning processes in the UK, you can either hire a lawyer to assist you or go the DIY route. Both of these approaches have their own benefits and drawbacks, so you need to carefully consider your options.
In this guide, we’ll explore different situations and help you understand when it’s the right time to take the DIY approach and when you need a lawyer.
Let’s begin!
1) Simple Estate, Simple will
If you’re making a will or a trust and your financial situation is fairly straightforward, going the DIY route might be a practical choice. For example, if you only own a home, and some personal belongings, and are certain of who you wish to pass your assets to, a simple will will suffice.
Making DIY wills and trusts helps save you time and money while ensuring your wishes are respected. Having these essential legal documents in place will lighten the load on your family and ensure your loved ones are cared for according to your wishes.
2) Complex Family Situations
Family dynamics are often complicated. That’s why you need to keep this vital aspect in mind when making your wills and trusts.
If you have a blended family, are remarried, or have divorced your partner, it’s a good idea to seek professional guidance. A lawyer can help you effectively navigate these complexities and ensure your intentions are stated clearly, reducing potential disputes later on.
While DIY wills and trusts can work in many situations, you need to think about how everyone will feel about your decisions when family dynamics are involved. Taking professional assistance and ensuring all key details are covered appropriately will demonstrate your care for the feelings and relationships of those involved.
3) Familiarity With Legal Templates
Many reputable online legal service providers offer templates for essential legal services, such as wills, trusts, and even LPAs. If you’re familiar with these templates and confident in your understanding of legal terms and language, creating a will or trust on your own can be an empowering experience.
These templates and tools will help simplify the process and make it easier for those who wish to independently handle their legal affairs. Follow the instructions carefully to ensure that every detail is clear and concise.
Using online templates is an effective way to feel more in control of your legacy. If you’re ever unsure about certain terms or requirements, don’t hesitate to seek advice or clarification from the service or consult a legal professional.
4) Meeting Legal Requirements
In the UK, there are specific legal requirements that need to be met for your wills and trusts to be valid, such as proper witnessing and signing.
As long as you’re well-informed regarding these requirements and confident that you can fulfil them, the DIY route is a great option. Simply, take your time to ensure that everything is correctly executed to prevent any future complications.
Familiarising yourself with key requirements before you begin will simplify the process for yourself. By being diligent in this process, you can make smart and confident decisions.
5) Desire for Quick and Affordable Solutions
Life can get busy, and sometimes you may need a quick and straightforward solution for your estate planning. If you’re looking for an affordable way to ensure your wishes are documented and fulfilled, DIY wills and trusts are a great option.
This approach allows you to take swift action without incurring the high costs often associated with hiring a lawyer. It will also reduce stress and give you the satisfaction of putting your affairs in order yourself.
Additionally, if you experience any significant life events, you can easily update a DIY will or trust to reflect those changes. This allows you to adapt your plans as your life evolves.
With the DIY approach, you have more control over the whole process and can ensure all your important decisions are officially recorded.
To Wrap Up
In life, planning for the future can be intimidating, but setting up a will or trust is an effective step to ensure your wishes are respected.
It’s normal to feel a bit overwhelmed with the details, but setting up these essential legal documents is not a decision to be taken lightly. Whether you choose to navigate these legal processes on your own or seek professional help, you need to consider your legacy and the well-being of your loved ones.
Everyone’s situation is unique, so you need to do what feels right for you. By making smart and informed decisions, you can provide clarity and comfort for the people you care about in the future.
