A will is an important document in which it determines who will have your property when you die. A lawyer is not necessary in drafting a will though it may be helpful. However, if you choose to DIY your will, here are the 7 things that you should know:
1. As long as the will is signed and witnessed, it is legally binding. However, it is advisable to get a will template from the internet and they usually do not cost a lot.
2. Writing your own will is usually recommended if your wishes are simple such as when you want to leave everything to your spouse or your children. So if you have been through several marriages, have numerous assets or if you have foreign investments, hire a lawyer to avoid any unnecessary trouble.
3. Update your will from time to time if possible, especially if there are any changes with your financial status or relationships. Remember, what matters most is the existing one at the time of your death.
4. Always be specific about the name and property when you write your own will. E.g. instead of just ‘my wife’, include your wife’s name and ID number.
5. Although it can help to save you some cost, writing a will has its cons too. If the will is not drafted correctly, it may be deemed as invalid, leaving the law to decide where and to whom your property will go to.
6. There are some circumstances whereby the will may not be able to override the documents. These may include life insurance policy, joint property or retirement account. So be sure to check with a solicitor!
7. Last but not least, you must inform your executor where you intend to keep the will for future reference. You can keep your will at home, with a solicitor or with a bank.
