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The Meaningful Money Personal Finance Podcast

NEVER Write a DIY Will! 5MF034

The Meaningful Money Personal Finance Podcast

Pete Matthew

Education, Business, Investing

4.91.7K Ratings

🗓️ 22 February 2019

⏱️ 6 minutes

🧾️ Download transcript

Summary

It can be tempting to cut corners and write your own will. Here are at least three reasons why that's a bad idea...

Transcript

Click on a timestamp to play from that location

0:00.0

Writing a will is one of the key things you can do to make sure that what you want to happen after you die

0:05.6

actually does happen. But it can be expensive and that puts some people off, understandably.

0:11.2

But today I want to talk about why it could be money well spent.

0:16.0

Hi and welcome back to another five minute Friday great to have you with me

0:22.0

so I want to talk about why you should never ever do a

0:25.1

DIY will in my not so humble opinion so let's put five minutes on the clock

0:30.2

down here say a quick thank you to my friends at 7 Investment

0:33.0

Management down here for continuing to sponsor the show and let's crack on. First

0:36.9

thing we need to understand is that legalese is there for a reason. Have

0:40.1

you ever actually read a will that's been written by a solicitor, they're full of all kinds of

0:44.4

strange phrases like Residuary Estate and Held Upon Trust For and stuff like that.

0:49.9

And it's easy for people to dismiss this as legalese, a sort of fancy language which is only

0:56.2

there to help solicitors charge more for their work.

0:59.9

But actually this seemingly complex language serves a purpose.

1:04.4

What this language does is it removes all doubt

1:07.6

about what your intentions are for the will.

1:11.3

It does that by calling on centuries of precedent, wills that have been written like that,

1:16.7

which have been tested in law in some way, and the definitions of those words have held up.

1:22.4

So in using those words, you know that they will work.

1:26.2

Essentially, if you say this, it actually means this, and it can't really be questioned.

1:31.5

And that's good because you're no longer around to

1:34.3

ask what you actually meant when you said X YZ so clarity in the language is

...

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