The Pitfalls of Post-Office Wills and DIY Will Kits: The Importance of Professional Estate Planning in NSW
When it comes to estate planning, the adage ‘you get what you pay for’ rings true. While inexpensive post-office Wills or do-it-yourself Will kits may seem tempting, these Wills are often filled with pitfalls that can leave your loved ones in legal limbo. At The Estate Planning Centre, we feel strongly that working with a professional estate planning lawyer is critical to leaving a secure legacy for your loved ones.
What are the risks of DIY Will kits?
When you use a DIY Will kit or post-office Will, you opt for short-term convenience at the risk of long-term complexity and expense. Here are some significant risks of making a Will at home:
Unclear or Ambiguous Language: The legal language used in Wills is intricate and precise, involving specific legal terms and jargon. You may have a very clear understanding of what you would like to include in your Will but be unfamiliar with the legal language necessary to give your wishes legal effect and clarity. Any ambiguity can lead to drawn-out legal disputes, undermining the main objective of a Will – to provide clear instructions about your estate distribution.
Non-Compliance with Legal Formalities: In NSW, and all Australian states, there are strict requirements for making a valid Will. For example, a Will must be in writing and signed in the presence of two independent adult witnesses. Failure to adhere to these formalities can result in an invalid Will, leaving your estate to be distributed according to intestacy laws, which may not reflect your wishes.
Lack of Consideration for Complex Situations: At The Estate Planning Centre, we know that a simple Will does not suit many of our clients. Testamentary trusts, business succession planning, and statutory declarations are often required to accommodate for blended family structures or ensure the effective transfer of business ownership. DIY Will kits and post-office Wills often lack the flexibility to address blended family structures, or business and tax implications. This shortcoming could lead to unintended consequences, such as a part of your estate falling into the wrong hands, or your heirs facing unnecessary tax burdens.
What are the benefits of seeing an estate planning lawyer?
On the other hand, when you consult a solicitor to draft your Will, you gain the expertise needed to navigate the intricacies of estate planning. Here's why working with an estate planning lawyer is worth the investment:
Personalised Advice: Every individual's circumstances are unique. Solicitors provide tailor-made advice, factoring in your family structure, financial circumstances, tax obligations, and business interests.
Prevention of Disputes: Solicitors ensure your Will is unambiguous, clear, compliant with NSW law and legally binding, thus minimising the chances of future disputes. In other words, working with an estate planning lawyer offers peace of mind by knowing that your estate will be distributed according to your wishes.
Updates and Amendments: Life circumstances change, and your Will should reflect these changes. Wills can even become void following particular changes, such as entering into marriage. A solicitor can help review and update your Will when significant life events occur, ensuring its relevance and validity. At The Estate Planning Centre, we offer a complimentary three yearly review of estate plans so that you can be certain your Will has continued legal efficacy.
Comprehensive Estate Planning: A Will is just one part of estate planning. Solicitors provide comprehensive estate planning, including powers of attorney, enduring guardianship, advance healthcare directives, and testamentary trusts, offering a holistic approach to safeguarding your legacy.
In summary, while DIY Will kits and post-office Wills may appear cost-effective and time-efficient, their potential drawbacks can lead to costly legal disputes and the distribution of your estate to people you would not wish to benefit. Consulting an estate planning lawyer can ensure that your Will is valid, clear, and accurately reflects your wishes. In other words, getting professional help from a solicitor will give you the assurance of a well-managed legacy.
By Jaime Dunn