While it is possible to create a Will without a lawyer using online resources, templates or DIY Will kits, it is important to understand the potential risks involved.
A Will is one of the most important legal documents you will prepare. Mistakes, unclear wording or missing information can create significant problems for your loved ones after your death.
A properly prepared Will can help ensure your wishes are followed, reduce the risk of disputes and make the process of administering your estate easier for your family and beneficiaries.
Why Do You Need a Valid Will?
A valid Will allows you to decide how your assets will be distributed after your death. It also allows you to appoint a trusted person, known as an executor, to manage your estate.
Without a valid Will, you will die intestate. This means your estate will be distributed according to the intestacy laws that apply in your state or territory, rather than according to your personal wishes.
Dying without a Will can result in:
- Delays in administering your estate;
- Additional legal and court costs;
- Uncertainty and stress for your loved ones; and
- Your assets being distributed in a way that does not reflect your wishes.
With a valid Will, your executor can apply for probate (where required) and administer your estate according to your instructions.
What Are the Benefits of Using a Lawyer to Prepare Your Will?
Every person’s circumstances are different. Family relationships, financial circumstances and future goals all need to be considered when preparing a Will.
A generic Will template may not address your specific needs or identify potential issues that could arise in the future.
Seeking advice from an experienced wills and estates lawyer can help ensure your Will is properly prepared and reflects your intentions.
Ensuring Your Will Is Valid and Legally Effective
For a Will to be valid, it must meet certain legal requirements. This includes being properly prepared, signed and witnessed.
If these requirements are not followed, there is a risk the Will may be challenged or may not achieve your intended outcome.
Common problems with DIY Wills include:
- Incorrect signing or witnessing;
- Unclear or ambiguous wording;
- Failing to include important assets;
- Not considering future changes in circumstances; and
- Unintended consequences caused by incorrect drafting.
Making handwritten changes, attaching documents to a Will or altering the document without following the correct process can also create complications.
A lawyer can help ensure your Will is clearly drafted and complies with the relevant legal requirements.
Secure Storage of Your Original Will
Another benefit of preparing your Will with a lawyer is secure storage of your original document.
Many law firms store original Wills safely and keep records of documents prepared for their clients. This provides peace of mind that your Will can be located when it is needed.
If an original Will cannot be found after your death, your family may face additional legal steps to prove your wishes. Keeping appropriate records and copies can help reduce these difficulties.
Tailoring Your Will to Your Personal Circumstances
A lawyer can consider your individual circumstances and help prepare a Will that reflects your wishes and priorities.
This is especially important if you have:
- A blended family;
- Children from previous relationships;
- Minor children;
- Vulnerable beneficiaries;
- Significant assets; or
- Complex family or financial arrangements.
Blended families often require careful estate planning. For example, you may need to balance providing for your current partner while also protecting an inheritance for children from a previous relationship.
Depending on your circumstances, your lawyer may recommend options such as a testamentary trust to provide additional protection and flexibility when distributing assets.
Reducing the Risk of Will Disputes
Although a carefully prepared Will cannot prevent every possible challenge, professional advice can help identify potential risks and reduce the likelihood of disputes.
This may involve considering:
- Whether someone may make a family provision claim;
- Whether beneficiaries have been adequately provided for;
- Whether your reasons for certain decisions should be documented; and
- Whether your Will clearly reflects your intentions.
Clear drafting and careful planning can help minimise uncertainty and make your wishes easier for your loved ones to understand.
Planning for Business Interests and Complex Assets
Owning a business or having complex assets can make estate planning more complicated.
Your Will should carefully consider what happens to your business interests after your death. This may include whether you want the business to continue, transfer to another person or be sold.
An experienced estate planning lawyer can help you consider business succession arrangements and ensure your estate plan works together with your broader financial goals.
Key Benefits of Using a Lawyer for Your Will
Preparing your Will with professional legal advice can help you:
- Ensure your Will is valid: A lawyer can prepare a Will that meets legal requirements and reduces the risk of technical issues affecting its validity.
- Address complex circumstances: Professional advice can help you plan for blended families, vulnerable beneficiaries, business interests and testamentary trusts.
- Reduce potential disputes: A clearly drafted Will can help minimise uncertainty and reduce the risk of disagreements between beneficiaries.
- Receive tailored advice: A lawyer can consider your Will alongside other estate planning documents, including powers of attorney and other future planning arrangements.
Get Advice About Preparing or Updating Your Will
A well-prepared Will provides peace of mind that your wishes will be respected and can make administering your estate easier for your loved ones.
At Somerville Laundry Lomax, our experienced wills and estates lawyers can assist with preparing, reviewing and updating your Will.
If you need assistance with your estate planning, contact Somerville Laundry Lomax
This article provides general information only and is not intended to be legal advice. Estate planning laws can vary depending on your circumstances and location. You should obtain professional legal advice before preparing or updating your Will.