Is a Do-It-Yourself Will right for me?
Do-It-Yourself or DIY Wills are thought to be an affordable option for people who have uncomplicated family structures and are content with having their assets divided equally between their immediate family members.
Complications can arise however if the DIY Will is ill prepared, misunderstood, left incomplete or not signed correctly. This can invalidate the will and create the potential for a will dispute or claim or added cost and time to the distribution of the estate of the deceased.
As a solicitor of a law firm who sees these situations arise all too often, of course it is our recommendation that your Will be prepared by a competent and experienced solicitor.
Whilst the cost of a solicitor preparing your Will may be substantially more than the DIY Will, the benefits of having peace of mind that your Will is prepared correctly and validly justifies the added cost in our opinion. In addition, a solicitor will give you legal advice surrounding your will and other things that need to be considered when preparing your will, which a DIY Will can’t provide.
If you needed your car repaired or a light re-wired in your home, whilst you could probably do it yourself, you are safer leaving those things to the experts. We believe the same goes for preparing your Will.
In case you are still considering a DIY will, we have prepared a table of pros and cons below to consider before you decide.
Pros
Inexpensive.
Quick to complete.
Easy to keep up to date (write a new will).
Cons
There may not be an option to include things such as burial/cremation and/or funeral service wishes.
May contain clauses or options which don’t apply to your situation.
DIY wills are unlikely to properly protect or distribute assets in the event you are part of a blended family.
DIY Wills are unlikely to be of assistance to you if you have a self managed superannuation fund (SMSF).
Important information such as what happens in the event of a marriage or divorce may not be understood or provided to you.
Important information on any taxation consequences and your superannuation may not be understood or provided to you.
Risk of not executing the will in accordance with the law.
May not give options to make specific gifts or directions about your beloved pets.
May not provide provisions about guardianship of minor children in the event of your passing.
Sometimes difficult to understand.
Missing information can cause claims against the estate.
Can be lost if not stored safely or with the safe custody of a law firm.
The mental capacity of the person making the will can be in question.
Where a will is made invalid, the law of intestacy will apply to the estate of the deceased. This outcome might be quite different to the intentions of the deceased and the expected beneficiaries may decide to make a claim on the estate, costing the estate time and money in legal fees and court costs.
We offer fixed fees for preparing your Will, Enduring Guardianship and/or your Enduring Power of Attorney documents. New legislation even allows us to meet with you online via video to take your instructions and witness the signing of your estate documents. Visit our price list here, and contact us on (02) 4444 6808 to make an appointment or book online via our website.
