Creating a Will is essential for ensuring your estate is managed according to your wishes after death. Many people turn to homemade Wills, Will kits, or online Will creation services to save time and money. While these do-it-yourself (DIY) solutions may seem appealing, they carry significant risks that can lead to unintended consequences. This article explores the potential pitfalls of creating a Will without professional legal guidance.
Legal Validity – One major concern with DIY Wills, is whether they meet the legal requirements for validity. A valid Will must comply with specific requirements that vary by jurisdiction. For example, many jurisdictions require the Will to be signed in the presence of two witnesses who are not beneficiaries. If these formalities are not followed, the Will can be invalid. If deemed invalid, it can create difficulties and additional expense to be rectified, or at worst your estate may be distributed according to intestacy laws, potentially disregarding your wishes entirely.
Unclear Language – There is a significant risk of using vague or unclear language in DIY Wills. Legal language must be precise, and small errors in wording can lead to confusion. Without the expertise of a lawyer, a DIY Will might create more problems than it solves. Courts could struggle to interpret your intentions, leading to delays, disputes, additional expense and potentially litigation among your family members or beneficiaries.
Incomplete Asset Consideration – DIY Wills may not account for the full range of your assets. People often overlook joint property, digital assets, or items including life insurance policies and superannuation accounts that have designated beneficiaries. DIY solutions can overlook the effect of jointly held assets or designated beneficiaries and the inclusion of provisions to deal with such assets. As a result, certain assets might not be distributed as intended, or parts of your estate may be left unaccounted for. Without professional guidance, it is easy to miss important details, leading to confusion and unintended outcomes.
Lack of Flexibility – DIY Wills often offer limited customisation and may not account for changes in your personal circumstances. Life changes, such as marriage, divorce, the birth of a child, or acquiring new assets, often require updates to your Will. A DIY Will may not adapt to these changes, leaving outdated or irrelevant instructions. Additionally, often DIY Wills do not handle special circumstances like trusts for special needs, charitable donations, or even provision to care for pets.
Moreover, tax laws and estate planning rules change over time and an understanding of these laws is required when formulating a Will. A Will created using a kit or online service might not account for tax implications, potentially resulting in unnecessary taxes on your estate or unintended tax burdens for beneficiaries.
Family Disputes – One significant pitfall of DIY Wills is the potential for family conflict. Close relatives, such as spouses or children, may have legal rights challenge your Will. DIY solutions often overlook these legal considerations and perhaps increasing the likelihood of disputes and challenges.
Conclusion – While DIY Wills seem like a cost-effective solution, the risks usually outweigh the cost savings. To ensure your Will is legally sound and reflects your wishes, it is advisable to consult with a legal professional. Commins Hendriks is happy to assist, offering peace of mind to safeguard your assets and protect your loved ones from unnecessary legal complexities.
Tammy Holzheimer – Director. This advice is general in nature and should not be taken as formal legal advice.