Many of our clients ask us if writing their own Wills with a do-it-yourself kit from the Post Office will protect their family and last wishes. Whilst doing it yourself is initially more cost-effective, what is often overlooked is the cost to your Estate and ultimately the people you love most, when these simple kits open a gateway of issues requiring significant legal costs to rectify.
Common issues that DIY wills don’t protect you and your family from are:
Execution and Validity Issues
- Many do-it-yourself Wills encounter problems due to mistakes in signing or witnessing the Will and incomplete or partially filled-out Will kits.
- When these are presented to the Court seeking a Grant of Probate these mistakes can invalidate the will entirely, or create greater complications than not having a will at all.
One-size doesn’t fit all
- Will kits use a one-size-fits-all model that fails to address your individual circumstances such as blended families, business structures, or specific asset types.
- Will kits don’t account for your superannuation, joint assets, or provide adequate residuary clauses for remaining assets, resulting in partial intestacy ( which is where your Estate would be distributed in accordance with legislation as if you had no Will at all).
Ambiguous Wording and Failed Gifts
- Do-it-yourself Wills frequently contain vague descriptions of assets, no alternate beneficiaries or executors, and unclear distribution instructions to the beneficiaries (such as “my Estate is to be left to my family”).
- Creating doubt or ambiguity about your intentions under your Will can increase the risk of failed gifts and challenges against the Estate.
No Strategic Estate Planning Advice
- Will kits provide no guidance on asset restructuring, tax minimization, asset protection strategies, or family law considerations that could significantly benefit your Estate and in many cases, are necessary to protect your assets.
- Without specialised guidance, your beneficiaries may end up paying unwanted costs and tax on your Estate and be left vulnerable to challenges from former spouses or estranged family members.
As we’ve briefly identified, whilst it may sound compelling to write your Will yourself with one of these kits, it can create an unnecessary risk to your Estate.
When looking at the wealth you have created over your lifetime that you intend to pass onto your family, you don’t want your family to spend this on potential legal disputes when there is an option to get specialised advice and assistance for a fraction of the cost.
HOW KPA LAWYERS CAN HELP
With a team of dedicated Estate Planning Lawyers, KPA Lawyers provides comprehensive Estate planning advice tailored to your specific circumstances. Our expertise and advice includes consideration of:
- Asset protection strategies using testamentary trusts and bloodline structures to safeguard wealth from future creditors, bankruptcy, and family law challenges;
- Tax management including capital gains tax considerations and superannuation structuring to minimize tax exposure;
- Family law protection that safeguards your children’s inheritance through relationship breakdowns; and
- Company succession planning designed for business continuity and wealth preservation.
KPA Lawyers provides tailored and personalised advice addressing your assets, liabilities, and family circumstances to ensure your Will accurately reflects your intentions and complies with all legal formalities, protecting your legacy and minimising the risk of future cost and disputes.
