It is common knowledge that making a Will is an essential part of estate planning. A Will not only outlines your wishes after you have passed, but is also the best way to protect and provide for your loved ones.
Some people choose not to retain a skilled Solicitor to draft their Will due to the costs that are involved. Numerous people opt for online services or do-it-yourself (“DIY”) Will kits which provide for the quick and inexpensive drafting of a Will.
But where there is a Will, there is not always a way. DIY Wills are rarely adequate or drawn properly. They often fail to comply with basic legal requirements.
Common dangers associated with DIY Wills include:
1. Assets not being dealt with properly or effectively.
2. A lack of understanding what assets the Will may cover and what assets it does not.
3. Ineffectively worded clauses.
4. Incorrect signing or witnessing.
5. Poor storage, loss or damage to the Will.
DIY Wills often lead to costly court applications that are required to rectify the Will and cause significant delays in estate administration.
Spending the small amount of time and money now to have your Will professionally drafted can reduce your grieving family’s emotional and financial stress after you have passed.
McNamara Law can assist you with all estate planning matters, both simple and complex. We are here to provide you with expert advice to ensure your wishes are fulfilled after your passing and guarantee your Will is executed, signed and witnessed in accordance with legal requirements. Please call us on 1300 285 888 to arrange an appointment.
