Should you DIY a Life Interest Trust?
I write wills and trusts and see peoples DIY will efforts. Sometimes they work out and this is would be the situation is simple and the person writing the will is very careful.
Apart from the legal side as someone who is involved with running a handful of websites I can check what people are searching for. Today I am driven to comment on searches for DIY Life Interest trust templates. This really is a step too far for DIY.
The thing is there is plenty of scope to get things wrong in an everyday will but this is another level of complexity which amongst other things requires an understanding of joint tenancy, tenancy in common and severance.
The desire to save money is understandable of course but we don’t go in for DIY surgery and most people will not attempt DIY electrics and DIY gas plumbing is all but completely illegal. Just ask why!
For the avoidance of doubt, DO NOT even consider doing your own life interest trust unless you have some legal training in this area. It is far too risky and you could end up passing a non-effective sentiment to your loved ones so they can see it go all wrong and fail to do what you want.
Economy, straitened circumstances whatever, but do not do this one.