by Tactical Legal Solutions
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by Tactical Legal Solutions
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Do you need a lawyer to make a Will?
While it is possible to create a Will without a lawyer by using online resources or DIY kits, it is important to consider the potential pitfalls of this approach. A Will is a critical legal document, and errors or omissions can have significant consequences for your loved ones.
Why you need a valid Will
A valid Will ensures your assets are distributed according to your wishes and appoints a trusted executor to manage your affairs when you die. Without a Will, your family may face delayed administration of your estate, increased legal costs, and emotional distress.
With a valid Will, your executor can apply for probate (if required) and administer your estate according to the provisions in your Will.
Without a valid Will, your family may need to apply to the court for letters of administration, which may result in increased legal costs and delay in the distribution of your estate and finalisation of your affairs. Your estate will also be administered according to a statutory formula which does not take into account your testamentary wishes.
The benefits of using a lawyer to prepare your Will
Family dynamics and financial circumstances are all important considerations when preparing a Will. There is no ‘one-size-fits-all’ approach, so a generic form or template may not be appropriate for all situations. Before going down the DIY Will path, here’s why seeking legal advice is strongly recommended:
Ensuring your Will is effective and valid
For a Will to be valid, certain legal formalities must be met. If the Will is not correctly signed or witnessed, there is a risk it may be invalid or contested after you die.
Writing on your Will after it is made, stapling documents to it, or making any changes are all things that may raise issues or invalidate the Will and render it partially or completely ineffective. Lawyers are well aware of this.
A Will that does not effectively deal with all your assets or has ambiguous language may open the door to all sorts of uncertainties and disputes.
Certified copies and safe storage
Your lawyer will keep records and copies of the Will, which can be useful if you subsequently lose the original or your family cannot find it after you die. In such cases, your family may be able to request the court to look at the copy of the Will and allow the wishes in that Will to stand.
Considering your unique circumstances
Family dynamics and financial situations evolve, so addressing your present and future needs within your family is essential. A lawyer will consider your personal circumstances, family structure and financial position to prepare a Will that effectively sets out your testamentary wishes.
Blended families often have unique estate planning needs. When creating your Will, you may need to consider how you wish to provide for children from previous relationships, and how your current partner may want to provide for their children.
If you have minor children or vulnerable beneficiaries, they might need special consideration. By openly discussing your wishes and objectives with your lawyer, they can help you craft a Will that reflects your intentions and minimises potential conflicts. This includes exploring options like beneficiary support trusts and testamentary trusts.
Dealing with business interests
Owning a business adds complexity to making a Will and planning your estate. You will need to ensure that your business interests are adequately dealt with, whether you wish to hand the business down after you die or want it sold or dissolved. An experienced estate planning lawyer can help with a business succession plan that meets your needs.
Conclusion
To recap, the key benefits of engaging a lawyer to prepare your Will include:
- Ensuring your Will is valid: Lawyers are trained to write valid Wills that meet all the legal formalities, minimising the risk of it being contested.
- Addressing complexities: A lawyer can help navigate complex issues such as blended families, vulnerable beneficiaries and business ownership. They can also advise on testamentary trusts and business succession planning.
- Minimising disputes: By considering your unique family dynamics and financial circumstances , a lawyer can help prepare a Will that clearly outlines your wishes, reducing the potential for disputes among beneficiaries.
- Expert advice: Lawyers can provide comprehensive tailored advice that also considers other estate planning issues like trusts, powers of attorney and enduring guardianship.
A properly drafted Will ensures your assets are distributed according to your testamentary wishes, bringing peace of mind for you and your loved ones.
This is general information only and you should obtain professional advice relevant to your circumstances.
When you’re ready to make your Will, change your Will, or even if you’re just looking for advice, our online Estate Planning assistant is the best, first step.
Or, if you or someone you know wants more information or needs help or advice, please call 6383 5551 or email re*******@tl*.law.
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