Do-it-yourself (DIY) will kits are readily available and offer quick and cheap solutions to anyone who is interested in writing their own will. They can however cause uncertainty if they are not clearly drafted by the will maker, which can be costly for your loved ones during times of Estate Administration.
Here are some serious reasons to reconsider using a DIY will kit:
DIY wills rarely allow you to properly reflect all of your wishes.
DIY will kits are ready-made forms for you to fill in the blank spaces. They are a simplified method of writing a will that may work for small and very simple estates. As every will maker’s situation is unique, the best way to address personal circumstances and needs is by consulting a lawyer who can customise your will according to your wishes.
Do you know what will constitute your deceased estate?
Many people are unaware of what will constitute their deceased estate. Structuring and how you own your property for example, can impact on whether these assets will form part of your deceased estate after you die. During the course of your life, your estate will also likely change. When creating DIY will kits, many people attempt to leave certain assets to beneficiaries which simply do not form part of their estate after their death. Assets held in various methods of structuring (such as businesses owned by trusts) may also be left out of your estate planning. This can have serious implications for your beneficiaries.
Your words can be misconstrued.
The wording of your intentions is crucial to the interpretation of your will after your death. If you do not carefully word your intentions then your will may be construed differently than you intended at the time of creating the will. This may result in your estate being distributed in a way which you did not intend.
DIY will kits rarely anticipate all contingencies.
Unforeseen events such as the will maker and the sole beneficiary passing away at the same time, or the executor predeceasing the will maker, should always be considered at the time of making the will, and provision made in the will for what you intend to occur upon such an event. Will makers creating DIY will kits often fail to duly consider and document their intentions in this regard.
DIY will kits do not come with legal advice tailored to your circumstances.
Do you know whether you can exclude a certain family member from your will or make greater provision for one child over another? Failure to make adequate provision for certain people in your will can lead to claims against your estate. These claims can significantly delay the estate administration process, and legal costs associated with defending the will can quickly diminish the value of your estate. This may have significant implications for all of your beneficiaries.
Have you included funds anticipated to be paid from Life Insurers and Superannuation Funds?
These may or may not form part of your deceased estate. Nominations can be made and provided directly to the insurer in respect of life insurance, or the trustee of your superannuation fund in respect of your superannuation. If you do not have valid binding nominations in place at the time of your death, death benefits may be paid directly to a dependant or to your estate. Unless the funds are paid to your estate, you will not be able to leave them to anyone in your will.
Oversights.
Often when DIY will kits are used, the will maker fails to consider and include everything necessary in the will. This might include a failure to appoint an executor or a failure to include a catch-all clause properly dealing with any residuary estate. Having a lawyer prepare your will means that you will not have to worry about the will including everything technically required.
Proper execution.
Wills must be signed and witnessed correctly in order to be valid. Failure to correctly sign your will may result in your wishes not being carried into effect.
In Queensland, Boorman Lawyers have years of experience in the creation of wills and estate administration. Call us today on 1300 941 900 to learn more about estate planning.
Speak to our Wills & Estates Lawyers Ph: 1300 941 900
Our Qld Wills & Estates Lawyers can be contacted at:
Boorman Lawyers NSW & QLD Solicitors