Many people believe that using a DIY Will kit will be cheaper and easier than seeking advice from a solicitor – however this is not always the case. In fact, using a DIY Will kit could end up costing far more than seeking legal assistance.
The main problem with DIY Will kits is that the user's lack the knowledge of Succession law and experience in drafting Wills to meet formal legal requirements.
Some examples of important issues that require care and specific drafting are:
- Who to appoint as an executor – It is important that you are properly advised of the kind of person that would be best to appoint as an executor. Your options for this person and any concerns you have can be discussed with your solicitor. They may point out issues you may not have thought of and properly appoint alternative executors.
- Is the Will correctly executed? - The cost and time of resolving a discrepancy where a Will is not properly executed can be substantial. This could mean that legal costs eat in to what is left behind for beneficiaries and that any inheritance is not received for some time.
- Ensuring that particular gifts do not fail – Drafting gifts can be complicated. For example, such as if a child does not survive his or her parents but leaves children, will those grandchildren take the share that their parent would have received? Drafting such provisions to ensure the correct person receives the gift is very tricky and should be done by a solicitor to ensure correctness.
- What about "leaving someone out" of your Will? – Whilst many believe you can simply write someone out, this is not necessarily the case. Under the Succession Act 2006 (NSW), certain people have rights to challenge your Will. Again, the cost of this litigation will be deducted from your estate and may leave your intended beneficiaries substantially less than you intended or that they require.
These are only a few of the issues that can arise with DIY Will kits. To ensure your beneficiaries receive maximum inheritance and that your assets are distributed as you wish, contact us today.
Contact Us
If you are thinking about making a Will or for any other matters relating to Wills and Estates contact Szabo & Associates Solicitors today. At Szabo & Associates Solicitors we can help advise on all aspects of buying and selling property. Call us on (02) 9281-5088 or fill in the contact form to the right of this page.