We love DIY Will Kits as much as dentists love sugar.
At best they are cheap impersonal documents that don’t accurately apply best legal practices to the distribution of assets upon your death; at worst, they are dangerous and can lead to a world of physical, emotional and financial stress to your loved ones.
Estate planning is a crucial component of your overall financial and emotional legacy. We’ve written before about important considerations when preparing a Will, and how a Will provides you with the opportunity to stipulate your wishes for the distribution of your assets when you die.
The rise of DIY Will Kits may often seem like an affordable and convenient solution that allows this same opportunity, but a more in-depth look reveals the potential shortcomings and dangers that may arise.
1. Not Unique To You
Why do you buy the more expensive low-fat almond milk when you're at the groceries… It’s because you’ve found that it suits your personal needs and tastes better.
The same goes for your Will. A Will kit will rarely, if ever, suit anyone perfectly, and is designed for incredibly simple and straightforward estates. More complex matters, such as businesses, property and other investments, blended or estranged families, underage children, individuals with disabilities, individuals with physical or mental health disorders, and more, will require unique and personal solutions.
A DIY Will kit will often lack consideration for these things; ultimately leaving these important assets to the courts and legislation to deal with, which may ultimately go against your personal wishes.
Even for simpler estates, a generic document such a DIY Will kit will fail to capture the intricacies of your personal and financial circumstances, and can place the estate at risk of family provision claims and/or disputes.
2. Inadequate Customisation
Remember the instructions that come with an IKEA flatpack? A DIY Will kit will come with one of those that you would need to read, understand, and execute perfectly in order for the document to be valid to begin with. This is notwithstanding that the actual contents of the document is generally worded by you, who (we presume) is not a lawyer.
There are countless examples of families who, after the death of a loved one who has used a will kit, have discovered that their well-intentioned document will not hold up in court. The result? Unnecessary legal costs to resolve the matter through various probate applications, applications being requisitioned by courts, bank accounts being tied up and inaccessible for months, debts needing to be paid by loved ones, and family lawyers needing to arrange child guardianship.
As DIY Will kits have been created as a ‘one size fits all’ document, the wording used can often be ambiguous. This ambiguity can result in the Will being challenged or disputed, or being entirely misinterpreted. A common example we have seen before is naming an executor or beneficiary incorrectly, which can have lasting impacts on who administers your estate, and who receives a benefit from it.
3. Lack Of Legal Formalities
Ultimately, you don’t know what you don’t know. Lawyers are legal professionals who understand the law, legal best practices and important strategies to avoid litigation and other disputes. After all, you have worked your entire life for the assets you hold. Why risk a lifetime of work just to save a few hundred dollars.
Basic formalities, such as witnessing requirements and specific language requirements can prolong estate administration, and increase legal costs needed to resolve the issue.
For example, did you know that it is important that you (the testator) and two witnesses all sign every page, and use the same pen to avoid any dispute of whether the Will was signed and witnessed at the same time. In some cases, expensive graphologists are required to validate the execution and/or witnessing in order for estate administration to proceed.
A lawyer will take the time to understand your circumstances and wishes, and help build a strategy to ensure your wishes can be met when the time comes. Without property guidance, you are bound to not only make mistakes, but place yourself and your loved ones in a difficult situation.
4. Not Future-Proof
A carefully prepared and executed Will can last for years without the need to change it. It should consider known future events or intentions, and avoid common pitfalls that can invalidate the Will later down the track. This might include considerations for future marriages, divorces, children or the sale or purchase of assets.
In the same breath, it is important to review and update your estate planning when your personal circumstances change. This might include the birth or death of a family member, the sale of property, or establishing a new business, company or trust.
In addition, estate law changes and evolves over time. What was appropriate even five years ago may no longer be relevant or applicable now. This is why it is important to ensure your estate documents are regularly kept up to date. DIY Will kits do not consider these changes, which is why engaging a reputable lawyer can ensure your estate documents are addressing current and relevant legislation, mitigating risk by using the latest best practices, and they can remind you of important changes and considerations.
And, arguably just as important, a lawyer can also hold your documents in safe custody, allowing you and your loved ones to sleep easier knowing that the document is secure, will not go missing or you forgetting where you put it, or accidentally throwing it out.
While it may be appealing to prepare your Will using a cheap DIY Will kit, the potential risk are simply not worth it. When considering the degree of your assets and your personal wishes for your assets and loved ones, you should always seek proper legal advice. This ensures that your estate documents are drafted to suit your particular needs and wishes.
At RHC Solicitors, our simple Wills start from as little as $175. The cost of professional advice pales in comparison to the potential consequences of inadequate estate planning. Book an appointment today for peace of mind tomorrow.
Disclaimer: This publication is not intended to be comprehensive, nor does it constitute legal advice. We are unable to ensure the information is current and there is no guarantee in relation to accuracy. You should seek legal or other professional advice before acting or relying on any of the content of this publication. The views and/or opinions expressed in this publication is that of the author and may not necessarily represent the views and/or opinions of RHC Solicitors.
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