If you had an electrical fault in your house, most homeowners would take the sensible option and call a qualified electrician in to fix it rather than attempt something they are not trained to deal with.
The same argument can be applied to the subject of wills and probate, which is a specialist area of legal expertise, and trying to DIY your estate could be a mistake that you later regret, when it is too late to do anything about it.
Sorting out your financial affairs
Not everyone has complicated financial affairs and if you don’t have much in the way of assets to distribute amongst your loved ones, it may well be that a straightforward will be sufficient to deal with your estate after you die.
The problem that we all face is that not only is dying a sad and emotionally-challenging scenario for any of us to deal with when we lose someone we love, their death also draws a line in the sand so to speak, and if a suitable will is not in place at their time of death, it is too late to do anything about it and they are considered to have died intestate.
This is not something you want to do as it means those that are trying to sort out your estate will lose the control that they would have had if you left clear and concise instruction in the form of a legal document we all know as a will.
Understanding what DIY involves
It is perfectly possible to deal with the administration of an estate without the need of a solicitor or probate specialist, but you need to understand what the DIY route involves before you decide that this cost-cutting route is the right way to approach your affairs.
Dealing with an estate, even one that is relatively straightforward and involves a few known assets such as property and possessions, can take a good few months of your time to resolve and you will need to have a basic knowledge of how the process of administering an estate works.
You will need to appoint an executor or administrator who will be named in your will as the person or persons responsible for administering your estate in accordance with your wishes.
An executor is required to assume the legal responsibility of collecting in any assets due to your estate and paying any liabilities due before being able to distribute the remaining proceeds of the estate.
Happy families
Another important consideration that you should think about is the impact your decisions will have on your family.
Choosing who to act as an executor and who gets what assets can sometimes create some tensions and even disputes within the family. One way of helping to ensure that this type of infighting is mostly avoided, is to use a professional who can deal with your affairs competently and without any emotional attachment.
There are plenty of sound reasons why you should not DIY your estate and peace of mind is certainly one of them.
Eloise Porter is a personal financial consultant. She loves to share her money insights online. Look for her articles mainly on financial websites.
