Will kits are advertised as an inexpensive, no-hassle solution for setting out your desires for your estate on your passing. However, there are some important things you should know before you decide to buy one.

Disclaimers

Beware of online Will kit marketers who provide product disclaimers; most of them remove any responsibility if the Will kit is not effective. The only advantage of a Will kit — low-cost – may be outweighed by the risks — which could very easily turn into an expensive mistake for you or your loved ones.

What are the risks in using Will kits?

A DIY Will kit will not give you any legal advice or guidance. Most people are unfamiliar with the potential pitfalls of drafting a Will, and the basic kit they receive will not help them with all the technical requirements of estate laws. You could create a Will that leaves out key information or is incorrectly executed.

Your heirs could end up spending a lot of money on legal costs if there are questions about your wishes after your death or if your Will is not enforceable, leaving a gaping hole in the inheritance you hope to leave behind.

A Will kit only provides you with the basic framework for creating a Will. Any complexities at all associated with your estate may frustrate your goal of including the provisions you need in your Will. You could end up having to retain a lawyer anyway just to get the job done.

Someone that you would not have chosen could inherit. Unfortunately, leaving someone out of your Will is not necessarily the end of the story. Your Will could be challenged. The Succession Act 2006 (NSW) gives certain people the right to challenge your Will. A Will can be challenged under many circumstances, but a challenge may have a greater chance of success if you used a Will kit. If your Will is not created in accordance with the law, a challenge could succeed. Your heirs could end up spending large amounts on legal fees fighting for the inheritance you intended for them.

If a gift fails and you have not taken steps to ensure that your intended beneficiary receives the gift, someone you’d prefer not to be a beneficiary could inherit that gift. A DIY Will is not going to account for these potential outcomes.

Your heirs could end up paying more in taxes. Capital gains tax can sometimes apply when a change in ownership occurs, even if the change is due to the owner having passed away. CGT may also apply if an asset passes to a foreign resident or a tax-advantaged entity. Ask your accountant if any tax implications flow from the gifts you intend to make in your Will.

Preparing for your own future can be daunting, but it’s wise to take measures to ensure a seamless estate management process. While Will kits may seem like an attractive, low-cost solution for your Will, they can lead to unintended legal complications that can be avoided with proper advice and drafting. Consider the long-terms costs and unintended legal complications of erroneous documents. Consider your loved ones by establishing a proper Will before an unexpected situation arises.

Why should a lawyer prepare my Will?

Your Will may be the most important document you will ever have prepared. Without a lawyer’s advice, many important issues may not be considered. Your diligence in understanding the components of your Will and providing the correct responses will ensure its legitimacy and accuracy. By selecting a lawyer to prepare your Will, you enter into a relationship with a skilled professional who will be there with you throughout the process to ensure that your wishes are carried out in the way you intended.

When you leave your Will and estate in the hands of an expert, your family will not be left with legal issues and expensive fees due to incorrect documents and mis-information. Reasons to establish a relationship with a Will and estate planning professional include:

• Your intentions may not be validated in a do-it-yourself Will;
• A lawyer is aware of the legal considerations for blended families—in which a parent has children that are not genetically related to another parent;
• The laws surrounding Wills and estate administration vary between states and territories; selecting a lawyer to prepare your Will considers the law in your location
• Precise language is the only way to communicate your intentions. Vague or conflicting wording and poor structure in your documents can negate your intentions and lead to high legal costs for your estate;
• A Will is extremely personal and should be tailored to meet your individual circumstances;
• You gain an edge for your business and investment assets that a Will kit will not consider;
• A professionally prepared Will takes into account the tax implications after a death;
• It is an investment in a long-term, secure relationship to manage your needs now and of your estate after your passing.

Here to Help

Don’t wait until it’s too late. Contact us now for free no-obligation initial telephone advice about drafting your Will.