Wills & Estates

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 drawbacks 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 delays, increased costs, and emotional distress.

With a valid Will your executor can apply for probate (if required) and administer your estate according to the provisions contained in your Will.

Without a valid Will, the distribution of your assets and finalisation of your affairs will likely be delayed. Your family may need to apply to the court for letters of administration and face increased legal and court costs. Your estate will be administered according to a statutory formula which may not take into account your real wishes.

The benefits of using a lawyer to prepare your Will

Family dynamics and personal 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 advisable:

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 that 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 can 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 can open the doorway to all sorts of uncertainties and disputes.

Certified copies and safe storage

Most lawyers will store your original Will securely, free of charge, and provide certified copies, safeguarding against loss or damage.

Even if you decide to keep your original Will, 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 can evolve so addressing your present and future needs within your family is essential. A lawyer can 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 staggered inheritances 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 help with 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 advise on testamentary trusts and business succession planning.
• Minimising disputes: By considering your unique circumstances and family dynamics, 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 well-drafted Will ensures your assets are distributed fairly and according to your 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. If you or someone you know wants more information or needs help or advice, please contact us on (08) 8155 5322 or email [email protected].

Deceased Estates – What Happens When Executors Don’t Agree

When someone dies, their assets are usually distributed according to their will. The person responsible for managing and distributing these assets is the “executor” of the deceased estate. In some cases, a will appoints more than one person to act as executor, and these individuals normally need to work cooperatively to execute the duties of the role.

The importance of estate planning before capacity becomes an issue

We should all plan for our future. Certainly, we should all have a current will, especially those of us who need to make special arrangements for the care of children or pets. Many of us would also benefit from making a formal arrangement to account for a time when we could find ourselves unable to make our own decisions. These arrangements have different names according to where you live in Australia, but they are alike in that they give authority to someone we trust to make decisions – whether financial or personal – in our best interests.