Thinking about writing your own Will to save some time and money? It’s a common thought, but it can lead to problems for your loved ones. While a simple, do-it-yourself Will might seem appealing, the law surrounding Wills is complex and unforgiving of mistakes.
A Will is a legal document that instructs how your assets (your ‘estate’) will be distributed after you die. It is more than just a list of who gets what; it is a legal instrument with specific requirements that must be met to be valid. In New South Wales, failing to meet these requirements can result in a court challenge and an invalid Will, causing stress, financial cost, and heartache for your family.
Risks of DIY Wills
DIY Wills often cause problems due to lack of legal expertise and failure to consider individual circumstances.
Common Pitfalls
- Invalidity: NSW law requires a Will to be in writing, signed by you, and witnessed by two people who are not beneficiaries. If you skip these steps or choose witnesses who inherit, your Will could be invalid.
- Ambiguous wording: A Will must be clear. Using vague terms like ‘my best friend’ or ‘the house’ can create disputes. Which friend? Which house? Ambiguities can force your family to go to court to clarify your intentions, costing time and money.
- Forgetting to appoint an executor: The executor carries out your instructions, pays debts, and distributes assets. Without one, estate administration can become delayed and complicated.
- Not planning for contingencies: A well-structured Will should address ‘what if’ scenarios, like if a beneficiary dies before you or an asset is no longer owned.
- Failing to include all assets: DIY Wills may miss complex assets like superannuation or assets held in trusts. Superannuation often requires a separate binding nomination. Missing this can result in unintended distribution.
- Inadequate provisions for dependents: Certain people can challenge a Will if they feel underprovided for, such as spouses, children, or financial dependents. A lawyer can help structure your Will to reduce this risk.
Benefits of Using a Lawyer to Prepare a Will
Every individual’s situation is unique. A lawyer can create a Will tailored to your circumstances, reflecting your wishes and protecting your loved ones.
Legal Expertise and Validity
A lawyer ensures your Will meets all formal requirements, reducing the risk of challenges in court.
Clear and Precise Language
Lawyers use specific legal language to remove ambiguity, helping prevent disputes and ensuring your intentions are followed.
Comprehensive Advice
Lawyers review all aspects of your estate, including superannuation, trusts, and other complex assets. They also highlight potential issues you may not have considered.
Minimising Family Disputes
A professionally drafted Will clearly states your intentions, reducing ambiguity and preventing conflicts among family members.
Key Takeaways
Writing your own Will may seem simple and cost-effective, but the risks are significant. Poorly drafted Wills can cause legal challenges, family disputes, and invalidation. Using a lawyer ensures your Will is valid and that your final wishes are respected, giving peace of mind to you and your loved ones.
This is general information only. We recommend you obtain professional advice for your circumstances. For more information or advice, call 02 9150 6991 or email [email protected].