Proliferation of DIY wills to see sharp rise in disputes
LEGAL experts are warning of a sharp rise in disputed legacies as more people prepare cheap online wills rather than visiting a solicitor.
Online wills offer a “slick user experience and lower cost” and may be appropriate for those with simple financial affairs, but are not right for most people.
Two thirds of those who believe their financial affairs are simple actually have complex circumstances, says a new report by independent research and consultancy firm Funeral Solution Expert. It found that one in four fail to read or understand the will they are signing.
Funeral Solution Expert co-founder Simon Cox said online will writing services are “building a future pool of unsuitable and contested wills”.
Second marriages, children from previous relationships, business ownership, self-employment and overseas property could all make a will much more complex, Cox said. “As would disinheriting a family member who might squander an inheritance.”
Online services often fail to check people have mental capacity to write a will, Cox added. Worse, they offer little or no liability if the will is contested by disgruntled relatives.
This market is largely unregulated so if something goes wrong families have nowhere to complain and no legal right to any compensation.
Michael Culver, chairman of Solicitors for the Elderly, said solicitors must have professional indemnity insurance of £2 million or more, but online will writers typically limit their liability to the cost of the will. “Compensation of £200 doesn’t seem sufficient to cover a mistake that could cost someone their entire inheritance,” he said.