Everything you should know about DIY Wills
A Will is one of the most significant legal documents you’ll sign in your lifetime, so it’s important to get it right – but why? It’s an opportunity to meet two goals: to have your wishes heard, and to make things easier for your family after you pass. If you use a DIY Will kit, it’s possible that neither of those goals will be met.
What are the risks of DIY Wills?
The biggest problem with DIY Wills is that it’s very easy to get them wrong. As I detail in my book The Australian Guide to Wills & Estate Planning, even the simplest mistakes can cause the Will to be contested or held to be invalid.
Some of the most common mistakes we see are:
1. Attempting to give away assets you don’t own.
A Will can only dispose of assets that you own at the date of your death, but we often find that some people with a DIY Will try to give away assets that they don’t own. For example, we once saw a Will that contained a clause that directed the life insurance be used to pay off their house so that the Will-maker’s son could receive the house free of debt. Unfortunately, the life insurance policy nominated the Will-maker’s new partner as the beneficiary. When the policy was paid to the partner, they then refused to use it to pay off the mortgage. Had the Will-maker sought legal advice, this problem would have been identified and the appropriate steps taken to ensure that the intention was fulfilled.
2. Failing to comply with basic legal formalities.
A Will is a legal document. There are legal requirements that must be followed when making a Will to ensure that the Will is valid. Simple things such as having only one witness to your signature or having the witnesses using different coloured pens can raise questions about whether your signature was actually witnessed. Basic errors such as these can either invalidate your Will or create costly disputes within the family.
3. Being too specific in your Will.
Some people who attempt to make a DIY Will try and give away every single thing they own. This creates two potential problems. First, the Will-maker often forgets to include a “catch-all” clause at the end of the Will. This means that there will be some assets that are not disposed of. These “forgotten assets” are then distributed in accordance with a formula set out in legislation. Second, some assets listed in the Will are likely to change. For example, if the Will leaves a house to a beneficiary and that house has been sold prior to the Will being administered, that beneficiary misses out on the gift. Proper advice at the time of preparing a Will can avoid these problems.
4. Imposing requirements on a beneficiary.
Some DIY Wills impose requirements on the beneficiaries that are sometimes unrealistic or impractical. This often happens where gifts made to a charity direct that the funds be used for a purpose that might no longer exist. This outcome can be avoided if the Will is drafted correctly. Further, sometimes the identity of the organisation that is to receive the gift is unclear. This, too, can be avoided with proper advice.
5. Forgetting to appoint an executor to the Will.
Forgetting to appoint an executor of your Will won’t invalidate your Will, but it can complicate or slow down the process of sorting out your estate. The failure to appoint an executorcan also lead to a dispute as family members jostle to be appointed as Administrator of the estate.
6. Overlooking the fact that circumstances change.
DIY Wills often overlook the need to cater for change. A Will needs to be drafted to deal with any potential change in circumstance. While not every scenario can be covered, with proper advice the most obvious scenarios can be dealt with.
7. Illegible handwriting.
This is a simple but common mistake we often see with DIY Wills. If no one can read your Will, then you can’t be certain your wishes will be granted.
What’s the best way to make a Will?
The first thing I say to people who want to write their own Will is: Don’t do it. But if you do have your mind set on creating a fuss-free, quick and easy standard Will, we have the perfect solution.
Our online Wills service, MyLife Wills™ is the best of both worlds. Like an online DIY Will, you can provide the information for your Will online in the comfort of your own home or on your lunchbreak. It only takes 30 minutes, reducing face-to-face time with a lawyer, therefore reducing the cost. However, the significant difference with our online service is that an expert Wills & Estates lawyer will draft your Will so you get the peace of mind that it’s legally valid.
DIY Wills are often seen as a cheaper option to seeking legal advice, but that’s not necessarily true. A DIY Will might cause more issues down the track, potentially costing your loved ones money or causing disputes.
Be smart about your Will and start online today.
Need more information?
Andrew Simpson is the National Head of Wills & Estate Planning at Maurice Blackburn Lawyers.
Andrew has 20 years’ experience as a lawyer and for the past 18 of these years he has practiced in Wills disputes and Estate planning, so he understands the many facets of Estate law.
He is so passionate about this area of law that he wrote a plain English book about it to help people understand the importance of Estate planning.
A best-seller, The Australian Guide to Wills & Estate Planning, has just been republished and is available in all good bookstores.
This is a sponsored post written in partnership with Maurice Blackburn Lawyers.