There are many online Will Kits available today. Some are free, while others cost a small fee and promise that you can prepare a Will in minutes without paying legal fees.
While an online Will Kit may appear convenient, preparing your own Will without legal advice can create significant risks. A Will is not just a document that lists who receives your assets. It forms part of a broader estate plan that should consider your family circumstances, financial position, asset ownership and future changes.
A poorly drafted Will may create uncertainty, increase the risk of disputes and fail to achieve your intended outcome. Working with an experienced wills and estates lawyer allows you to prepare an estate plan that reflects your wishes and protects your beneficiaries.
Online Will Kit vs Lawyer-Prepared Will: What Is the Difference?
Both options may result in a signed Will, but the level of advice, protection and planning involved can be very different.
| Online Will Kit | Lawyer-Prepared Will |
|---|---|
| Uses standard templates designed for general situations | Tailored to your family, financial and personal circumstances |
| Does not identify complex estate planning issues | Considers asset ownership, superannuation, tax and potential disputes |
| You decide how your Will should be structured without legal guidance | A lawyer explains your options and recommends appropriate structures |
| May not address future changes or unexpected circumstances | Designed with future risks and changing circumstances in mind |
| Lower upfront cost but may create problems later | Provides greater certainty and reduces the risk of costly disputes |
A Will Is Only One Part of Your Estate Plan
One of the biggest limitations of an online Will Kit is that it focuses only on preparing a document. Effective estate planning involves much more than deciding who receives your assets after your death.
A comprehensive estate plan may also consider:
- who should manage your affairs if you lose capacity;
- who should act as your executor;
- how your assets are owned and controlled;
- how your superannuation and death benefits will be distributed;
- whether trusts or other structures may protect your beneficiaries.
For example, jointly owned assets may automatically pass to the surviving owner rather than being distributed according to your Will. A lawyer can review how your assets are structured and explain whether changes are needed to achieve your intentions.
Understanding Superannuation and Death Benefits
Many people assume their superannuation automatically forms part of their estate. However, superannuation death benefits are generally dealt with separately and may be paid according to a binding death benefit nomination, trustee discretion or superannuation rules.
The way these benefits are distributed can have important legal and tax consequences. Professional advice can help ensure your superannuation arrangements align with your overall estate plan.
Reducing the Risk of Failed Gifts in Your Will
One common issue with DIY Wills is that gifts may not work as intended.
For example, if you leave a specific asset such as a property, vehicle or valuable item to someone in your Will but no longer own that asset when you die, the gift may fail. This is known as ademption.
A carefully prepared Will can reduce the risk of unintended outcomes by considering how your assets may change over time and including appropriate wording for your circumstances.
Protecting Assets Through Estate Planning
Some families require more advanced estate planning strategies, particularly where beneficiaries are vulnerable, financially inexperienced or facing potential relationship or creditor issues.
A testamentary trust may provide additional protection by allowing assets to be managed and distributed according to rules set out in your Will.
A testamentary trust may be useful where you want to:
- protect assets inherited by children or vulnerable beneficiaries;
- provide greater control over how an inheritance is used;
- reduce the risk of assets being affected by relationship breakdown or creditors;
- consider potential tax advantages.
An online Will Kit is unlikely to identify whether these structures are suitable or explain the advantages and disadvantages in your circumstances.
Can a Will Kit Prevent Family Provision Claims?
Another important consideration is the risk of a family provision claim.
In certain circumstances, an eligible person may challenge an estate if they believe they have not received adequate provision. Depending on the jurisdiction, eligible people may include a spouse, de facto partner, former spouse, child or certain dependants.
While a carefully prepared Will cannot guarantee that a claim will never occur, proper estate planning can help identify potential risks and address issues before they become disputes.
When Might an Online Will Kit Be Suitable?
An online Will Kit may appear suitable for people with very straightforward circumstances, such as someone with limited assets, no dependants and no complex family arrangements.
However, legal advice becomes increasingly important where you have:
- a blended family;
- children from previous relationships;
- significant assets;
- a business interest;
- complex property ownership;
- concerns about potential challenges to your Will.
Why Professional Estate Planning Provides Greater Certainty
Preparing a Will involves important decisions about your family, assets and future wishes. A lawyer does more than complete a template. They identify risks, explain your options and prepare documents designed around your circumstances.
Although an online Will Kit may save money upfront, mistakes in estate planning can create significant costs, delays and disputes for your loved ones later.
Conclusion
An online Will Kit may seem like a quick and affordable solution, but it cannot provide the personalised advice required for many estate planning situations.
A professionally prepared Will can help ensure your wishes are clearly documented, your beneficiaries are protected and your estate plan works as intended.
If you need assistance preparing or reviewing your Will, our experienced wills and estates lawyers in Byron Bay, Ballina, Lismore and Kyogle can provide advice tailored to your circumstances.