Shay Collins – Solicitor, Succession Planning
In today’s economy with the increased cost of living, many people consider making a ‘DIY’ will. It is important to recognise that your will is one of the most important documents you will make. To ensure it is comprehensive, valid, and aligns with your wishes, speaking with an experienced professional is crucial.
Some key problems that arise from a DIY will include:
Drafting Errors
Simple errors can significantly impact the validity and operation of your will. Common mistakes include forgetting to appoint an executor or discuss guardianship of minor children, failing to date the will or have it properly witnessed, and having uncertain provisions or improperly describing gifts. These errors can cause delays, added costs, emotional distress for loved ones, and may even render the will invalid.
Non-Estate Assets
It is important to understand that not all assets pass through your will. Assets such as superannuation and control of trusts may not form part of your estate. Seeking legal advice ensures non-estate assets are appropriately passed to the intended people.
Challenges
You may be unaware of the various ways your will can be contested. By discussing your specific circumstances and family dynamics with a lawyer, you can minimise the possibility of such challenges.
Vulnerable Beneficiaries
Disability, substance abuse and relationship breakdowns are some of the reasons a beneficiary may be ‘vulnerable’. Tailoring your will to safeguard these individuals requires specialised legal advice and without it you may inadvertently create tax or Centrelink implications.
The question should not be ‘can I make a will without legal advice,’ but rather, ‘why would I make a will without legal advice?’. Make this investment to secure your peace of mind and protect your loved ones.
Contact Shay and our experienced team at Beck Legal on (03) 5032 4809 to arrange an appointment today.