Are free Wills any good? The hidden cost of free wills.
There are a few reasons why you might want to avoid using a free will service :
Hidden fees: You often do not get to chose who acts as executor or
who provides probate. Usually a free will has themselves acting or a third party who will pay the will writer a sizable commission. You might not pay up front but your beneficiaries may pay significant fees. Some charging anywhere between 3% - 10% of your estate. In my free Will Writing guide there is a page where you can work out the value of your estate. How good of a deal does that free Will look now?
Quality: Free will services may not be able to provide the same level of quality as a professional will writer. This could lead to mistakes or ambiguities in your will that could cause problems for your loved ones in the future again costing thousands in court fees defending a contested will.
Upsells: Some free will services may try to upsell you on additional products or services, such as probate services or legal advice. These additional costs can add up quickly and significantly increase the overall cost of your will.
Complexity: If you have a complex financial situation or a large estate, a free will service may not have the expertise or resources to properly address your needs.
Validity: In order for a will to be legally valid in the UK, it must meet certain requirements, such as being in writing, signed by the testator (the person making the will), and witnessed by two independent witnesses. If these requirements are not met, the will may be deemed invalid. A free will service may not have the necessary knowledge or resources to ensure that these requirements are met.
Limited advice: A free will service may not provide the same level of advice and guidance as a professional will writer or solicitor. This could leave you with questions or concerns about your will that are not addressed.
While free will services may be tempting due to the low cost, it is generally safer and more advisable to seek the assistance of a professional when drafting a will, especially if you have significant assets or a complex family situation.