According to a FOI request made by law firm Nockolds, a rise in DIY wills has resulted in an increase in family disputes, with attempts to block the legal process of dealing with someone’s assets on death (known as probate in England and Wales) jumping by 37%.
The figures showed nearly 10,000 challenges to the distribution of inherited estates in English and Welsh courts and tribunals service centres in 2021, up 37% compared with 2019.
Clare Moffat, pensions & legal expert at Royal London, said: “The pandemic really focussed people’s minds on the need to have their financial affairs in order.
“Death is one of the great taboo topics that most people find incredibly hard to talk about. But discussing plans in advance ensures you and your loved ones can be better prepared emotionally, practically and financially.
“Statistics show that the pandemic was responsible for a spike in DIY will writing, possibly to save money.
“While avoiding the cost of using a will writer or solicitor may seem like a good way of saving money, producing a will yourself could lead to problems and end up costing a lot more in the long term.
“The cost of living crisis is causing many issues but these could be made even worse if a family can’t access any money, for months or perhaps years, after the death of the main earner.
“The law is complex and if you aren’t familiar with the process and terminology of writing a will, it’s all too easy to invalidate it or leave it open to challenge.
“Family structures are increasingly complicated, which in turn comes with challenging financial arrangements.
“So, it’s more important than ever to make sure your will is legally correct. Taking financial advice can also save money in the longer term. Planning in advance can help reduce the amount of inheritance tax payable on death.
“Having a will can prove invaluable, especially if there are children, blended families or cohabitees.
“Preparing for death might seem pessimistic but in practice it’s about making sure the people you love receive what you would want them to. And it removes a lot of the complexity in the process at a time of sadness, compared with facing the laws of intestacy.”
