There’s no such thing as a free lunch or is there,
Free wills in my opinion are a thing of myth and legend. Thats because more often than not what can seem to be free is completely the opposite.
Free wills are often toted by solicitor during free will week or are given away by charities but look a little closer and its not hard to find the catch.
The charitable free will often features a clause to leave a gift to charity and why not I hear you say after all they are providing the will but often the wording of this gift needs further scrutiny.
Parking the executor situation for a moment it’s often the case that testators (the person writing the will) may leave the residue of their estate to charity. To make this easier to understand the will may break down as follows,
I leave the house and these other named asserts to my children John , Paul and Ringo.
I leave my jewellery to my niece Prudence
I leave every thing else to insert charity here
The problem with type of will is that
1. you never really know what will be left
2. How does the charity know they are getting their fair share
In answer to question 2 many (not all) charities will instruct a solicitor to ensure they are getting their fair share. This solicitor will then require a break down of the estate to carry out their obligation to the charity. Who pays for their work , well the estate does, leaving Paul, George and Ringo paying the bill out of their inheritance.
Free now pay later, a professional may well write a will during fee will week for example but will normally write themselves in a can executor.
What starts’ as a free will can often be a very expensive exercise in deed. As an executor your free will provider can charge his or her probate administration costs to the estate. So John , Paul, George and Ringo get their money after the probate costs have been deducted.
Are all free wills bad ? NO, but When offered a free will best to read the small print……..