While you can create a Will without a lawyer by using online resources or DIY kits, you should consider the potential drawbacks. A Will is a critical legal document. Errors or omissions can create significant consequences for your loved ones.
Why you need a valid Will
A valid Will ensures your assets are distributed according to your wishes. It also appoints a trusted executor to manage your affairs after your death. Without a Will, your family may face delays, extra costs, and emotional distress.
With a valid Will, your executor can apply for probate (if required) and administer your estate according to its provisions.
Without a valid Will, the process of distributing your assets will likely face delays. Your family may need to apply to the court for letters of administration. They could face higher legal and court costs. The estate will be administered according to a statutory formula, which may not reflect your wishes.
The benefits of using a lawyer to prepare your Will
Family dynamics and personal and financial circumstances are important considerations when preparing a Will. There is no one-size-fits-all approach. A generic form or template may not suit your situation. Before choosing the DIY Will option, consider why legal advice is advisable:
Ensuring your Will is effective and valid
For a Will to be valid, you must meet certain legal formalities. If it is not correctly signed or witnessed, it may be invalid or contested after your death.
Writing on your Will after it is made, attaching documents to it, or making any changes can raise issues. These actions can invalidate the Will, either partially or completely. Lawyers understand how to avoid these issues.
A Will that fails to address all your assets or contains ambiguous language can lead to disputes and uncertainty.
Certified copies and safe storage
Most lawyers store your original Will securely, free of charge, and provide certified copies to protect against loss or damage.
If you keep your original Will, your lawyer will still maintain records and copies. These can help if you lose the original or your family cannot find it. In such cases, your family may ask the court to consider the copy and uphold your wishes.
Considering your unique circumstances
Family dynamics and finances can change. Addressing current and future needs in your Will is essential. A lawyer can consider your personal circumstances, family structure, and financial position to prepare a Will that reflects your wishes.
Blended families often have unique estate planning needs. You may wish to provide for children from previous relationships while ensuring your partner can provide for their children.
If you have minor children or vulnerable beneficiaries, they may require special consideration. Discuss your wishes with your lawyer to create a Will that minimises conflict. This may include staggered inheritances or testamentary trusts.
Dealing with business interests
Owning a business adds complexity to your Will and estate planning. You must decide how to manage your business interests. This could involve passing the business on, selling it, or dissolving it. An experienced estate planning lawyer can help create a business succession plan that suits your needs.
Conclusion
The main benefits of using a lawyer for your Will include:
- Ensuring your Will is valid: Lawyers prepare valid Wills that meet legal requirements and reduce the risk of disputes.
- Addressing complexities: A lawyer can manage issues such as blended families, vulnerable beneficiaries, and business ownership. They can also advise on testamentary trusts and succession planning.
- Minimising disputes: Lawyers consider your unique situation and create a Will that clearly outlines your wishes, reducing conflict among beneficiaries.
- Expert advice: Lawyers offer tailored advice that can include other estate planning matters, such as trusts, powers of attorney, and enduring guardianship.
A well-drafted Will ensures fair distribution of your assets and provides peace of mind for you and your loved ones.
This is general information only. You should seek professional advice relevant to your situation. For more information or assistance, call (02) 4987 3344 or email [email protected].