Thinking of buying a will kit from Australia Post or Amazon? It may seem convenient and economical, but as an estate planning lawyer, I can provide you countless drawbacks. Creating your will is a critical task that safeguards the distribution of your assets according to your wishes upon passing. In this article we’ll focus on the key risks, with the aim to explain the necessity of engaging professionals for a legally sound will that caters to your unique circumstances.
DIY kits make the all important will writing process deceptively simple. The one-size-fits-all approach often lacks the personalised touch required for the intricate dynamics of your estate. Your distinct needs (be it protecting your children's future, setting up trusts, or distributing particular gifts) are almost never adequately addressed in generic will templates. Then there’s all the other risks you probably haven’t thought about…
The legal validity of your will is paramount. Each Australian state and territory has specific requirements that must be met in order for a will to be considered legal valid.
Far too often, will-makers using cheap will kits do not follow the instructions to complete the will kits adequately including something as simple as failing to have the will signed and witnessed properly.
A failure to execute the will in compliance with legislative requirements, leaves your will vulnerable to challenges and nullification and could cost your estate thousands.
The absence of bespoke advice is a major issue with DIY will kits.
Without an estate planning expert's review and input on your specific circumstances, your will-kit is likely to overlook essential estate planning strategies, leading to mistakes with far-reaching implications for your beneficiaries.
This could include adverse tax consequences or exposing your estate to potential claims.
For example, since the introduction of compulsory superannuation in Australia in the 1990’s, a significant portion of the average Australian’s wealth is held in their superannuation fund.
Many people are unaware that there are specific laws around who your superannuation can be left to upon your death and a common misconception is that superannuation can be dealt with in your Will.
Failure to adequately have beneficiary nominations in place for your superannuation which take into account potential tax consequences and challenges to your estate can result in your beneficiaries paying unnecessary tax and expose your estate to claims.
A clear and unambiguous will is far less likely to cause disputes among your beneficiaries and claims against your estate.
The use of a DIY will kit often increases the likelihood of misinterpretation or oversight, which could result in costly legal battles, undermining your estate's integrity and your beneficiaries' inheritance.
Some examples of ambiguous will-kits we have encountered in the page include where the will-maker has inserted clauses which:
Your will should evolve with your life's milestones, such as marriage, divorce, or the addition of new family members. Unlike an expert wills and estate planning law firm, post office will kits don't provide timely reminders or assist in updating your will in line with life's inevitable changes.
While the allure of a quick, budget-friendly will kit is understandable, the inherent risks can significantly disrupt your final intentions and the stability of your estate.
You have worked hard during your life to accumulate the assets you own, electing to use a cheap option to document your wishes about how you want your assets distributed is often a recipe for disaster. Engaging with an estate planning lawyer ensures your will is legally valid, takes into account your unique needs and circumstances, and offers clarity for your loved ones that stands the test of time.
Don’t gamble with your legacy. Seek out professionals who can secure your wishes in full legal compliance.
Contact our estate planning lawyers today for an initial cost and obligation free discussion to safeguard your wishes and your estate’s future.
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