Why choose a professionally drafted Will over doing it yourself?
Most people will know that they should put a Will in place to protect their assets, but will not know how best to do this. Post-office Wills or DIY Will kits are a tempting option for many. They are inexpensive, time efficient and accessible. So why go to a lawyer to get this done when it will cost more?
Opting to do a DYI Will has numerous potential downfalls. Wording may be unclear and ambiguous, you may fail to meet the formal requirements of a valid Will, and the one-size-fits-all approach will not work for everyone.
Unclear wording
When writing your own Will, you may not correctly or clearly convey your wishes. Any ambiguity can lead to your estate not being distributed correctly and may even lead to a legal dispute, or additional legal costs in having the Supreme Court provide guidance on the interpretation of the Will. For example, you may fail to specify if the word ‘children’ includes stepchildren. By visiting a lawyer who will ensure the wording is clearly articulating your wishes and all terms are defined properly will make certain that your wishes are executed properly and will be less likely to be contested.
Failure to meet formal requirements
For a Will to be valid, it must meet all formal requirements (in NSW, these are set out in the Succession Act 2006). If these requirements are not met, part or whole of the Will may be considered invalid and the laws of intestacy will apply (intestacy means your estate is distributed following legal rules rather than your personal wishes). Having a lawyer complete your Will ensures that all formal requirements are met and nothing is missed, successfully securing your wishes.
Complex situations
The one-size-fits-all approach of DIY Will Kits will not work for everyone, especially when you have added complexities to your assets and family situation. These complexities may include, but are not limited to, family trusts, business assets, specific digital assets such as cryptocurrency you wish to account for properly, family break downs and blended families. As explained earlier, it is important that certain terms are defined properly, as in the example of ‘children’ including or not including stepchildren based on your wishes. Additionally, certain circumstances such as familial issues and breakdowns may require further documentation. This is why getting your Will professionally done is so important. A lawyer will be able to ensure that your Will covers all of your unique circumstances and can provide further documents and advice where it is necessary to reduce the risk of someone claiming against your estate.
Other benefits of a professionally completed Will
Simply, we can provide a more well-rounded service to protect your wishes.
When seeing a lawyer to draft your Will, they will likely suggest that you should also complete Power of Attorney and Appointment of Enduring Guardian documents. Putting these documents in place will help ensure that your interests, both financial and health/medical, are protected while you are still alive but may have lost capacity.
Lawyers can also provide more information, that you can guarantee is accurate, based on your individual circumstances. They will provide further information and advice as to when you may need to change your Will, and will ask questions that may get you to think on things you had not previously considered regarding your estate, for example, would you like to make a gift to a specific charity or do you wish to leave a life estate or right of residency for someone?
Additionally, lawyers will store the original documents at their office, providing an easy way to ensure your Will is not lost, damaged, or destroyed.
Ultimately, by visiting a lawyer and getting your Will professionally completed, you are investing in certainty. You can be assured that your personal wishes are correctly articulated and your Will is valid.
This article is general in nature and is not intended to be tailored legal advice. If you do not have a Will or your circumstances have changed since you last made one, contact our office today.
