Finding a free Will template online is simple, and you can purchase a Will kit from a newsagent or online provider at a low cost. Many websites also collect your details and generate a Will without input from a legal professional.
But is writing your own Will the best option? Or should you seek advice from an experienced Wills lawyer before preparing this important document?
Why You Need a Valid Will
The main purpose of a Will is to decide how your assets will be distributed after you pass away.
A valid Will allows your executor to apply for a Grant of Probate and distribute your estate according to your wishes. If you own property jointly with your spouse, you may not need probate unless you hold significant assets in your own name.
A properly prepared Will helps your family avoid disputes, delays, and unnecessary costs. If the Court declares your Will invalid, your estate may face delays, increased legal expenses, and financial stress for your loved ones.
Many people believe a DIY Will suits their circumstances. However, certain situations show why professional legal advice can be valuable.
Your Homemade Will Is Lost
When a lawyer prepares your Will, they usually store the original document in safe custody. They also provide you with copies for your records.
If you keep the original Will and later lose it, your family may need to ask the Court to accept a copy. This process can involve additional legal costs and delays.
If no copy exists, your family may need to apply for a Grant of Letters of Administration instead of Probate. This process can take longer and create extra expense when managing your estate.
Your Handwritten Will Is Not Signed Correctly
Strict requirements apply when you sign and witness a Will. If you do not follow these requirements, the Court may find that your Will is invalid.
Your Will should also address your assets and liabilities. If you leave important assets out, your Will may not distribute your estate as you intended.
You should avoid making changes to a signed Will by writing on the document. Alterations may affect the validity of your Will and prevent your wishes from being followed.
You Own a Business
If you own a business, your Will should explain how you want the business handled after your death.
Your executor may need to manage the business until it can be sold, transferred, or closed. A business may also continue to have expenses such as rent, wages, and other ongoing costs.
Without proper planning, these expenses may create financial difficulties for your family.
You and Your Partner Are Not Married
If you own property with a de facto partner, you should consider what happens to your share after your death.
Your property will not automatically pass to your partner or children without appropriate estate planning. Without a valid Will, your family may face a more complex and expensive administration process.
Previous Wills Are Not Automatically Cancelled
Many people prepare a Will when they are younger and later experience major life changes, such as entering a relationship, having children, or buying new assets.
You should update your Will whenever your circumstances change. If your new Will is invalid, your estate may follow an earlier Will or intestacy laws instead of your current wishes.
You Are Married but Own Property Solely in Your Name
You may own property solely in your name because you purchased it before marriage, inherited it, or acquired it during a previous relationship.
Without a valid Will, your executor may not have clear instructions about how to deal with these assets. Your family may need to complete additional Court processes before transferring the property.
Your Superannuation May Not Follow Your Will
Superannuation does not always form part of your estate. In many cases, your superannuation fund pays benefits directly to a nominated beneficiary.
Your Will does not automatically control how your superannuation is distributed. Only certain eligible people can receive superannuation death benefits directly.
Superannuation funds have specific requirements for releasing benefits. An invalid Will can make this process more difficult for your loved ones.
Lawyers Help Prepare Valid Wills
A lawyer considers the legal requirements for a valid Will and your personal circumstances when preparing your estate plan.
- A lawyer ensures your Will meets the requirements under the relevant State legislation.
- A lawyer considers your family situation, assets, liabilities, and specific wishes.
A lawyer can also help with other estate planning matters, including appointing guardians for children, creating trusts, planning business succession, and protecting vulnerable beneficiaries.
A properly prepared Will gives your loved ones greater certainty and can reduce the risk of disputes after your death.
If you or someone you know wants more information or needs help or advice in preparing a valid Will, please contact us on (02) 9818 2888 or email [email protected].