Written by Michelle Gold – Partner Wills & Estates, Terracon Legal
Would you service or repair your own car, or would you take it to a qualified mechanic? Without specialised knowledge, it’s likely any home repair job will end up costing you thousands of dollars.
The same principle applies to Will Kits. A Will is one of the most important documents you will ever sign. Will Kits may save you a few hundred dollars now, but could end up costing your family tens of thousands of dollars (if not more) after you pass away. If you do not get it right, it may cost your family far more than money - such as their time, family breakdowns, contested court proceedings, and loss of inheritance due to legal and other costs.
Some of the pitfalls of preparing a Will Kit are that it may not:
- Comply with the required formalities.
- Contain clear legal terms.
- Properly or fully distribute your property (including attempting to gift property you don’t own, or failing to deal with superannuation if it is paid into your estate).
- Properly appoint executors or alternate executors.
- Appoint a guardian for your minor children.
- Adequately provide for alternate distributions if a beneficiary passes away or a gift fails.
- Adequately establish trusts (this is particularly important if you have a vulnerable beneficiary).
- Make provision for your burial or cremation wishes (noting the executor ultimately decides).
- Have witnesses who understand the legal tests if the Will is later challenged (such as a challenge for more from your estate, your capacity to make the Will, or that you were unduly influenced). The witnesses may be called to give evidence in court if the Will is challenged.
For your and your family’s peace of mind, we recommend speaking with a Wills and Estates specialist when preparing your estate planning documents. Will Kits often result in delays and additional costs, even in non-contested applications for Probate, because one of the above (or other) pitfalls arises.