To DIY or not to DIY

Wills and Estates

Written by Genevieve Knight.

At a cost $50 or less, a DIY Will Kit is an affordable and convenient option for many people looking to make their will. In situations where the will maker has very simple assets, a harmonious family and a close attention to detail, a Will Kit may well be a fast and cost effective solution for them.

For those with more complicated circumstances, perhaps a blended family, a child with a disability, business interests or family estrangement, the potential pitfalls of a DIY Will Kit should cause you to reconsider if the perceived upfront savings are actually tangible.

Here are just some of the ways that people have got it wrong when using a DIY Will Kit:

    1. The will only names one executor and that person has died or is incapable of administering the estate.
    2. The will maker gifts an asset to a beneficiary in their will but the asset has been sold or gifted to someone else during their lifetime.
    3. The will maker purports to make a gift of an asset which they own jointly with someone else.
    4. The will maker has remarried or separated since making their will resulting in unintended beneficiaries of their estate.
    5. The will is not signed and witnessed correctly.
    6. The will maker excludes a beneficiary to whom they owe a moral obligation to provide for.
    7. The will maker does not properly dispose of their residuary estate resulting in an intestacy.
    8. The will maker does not properly identify beneficiaries in their will.

While some of the above examples might seem trivial or that common sense ought prevail, they all have the potential to result in significant costs (far exceeding the costs of a solicitor drawn Will) and delay to your estate.

Our Wills and Estates team are highly skilled and understand the law in this area. We provide advice specifically tailored to your circumstances to ensure that your Will accurately reflects and implements your intentions.

If you would like to discuss anything further about your estate planning needs, please contact Genevieve Knight on 9612 7295.

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