TIPSLIFEHACKS

Thinking of saving money by writing your own will? While DIY will kits and online services might seem like a bargain – often starting at just AU$200 – financial experts are urging Australians to think twice. A poorly drafted will can lead to costly legal battles, family disputes, and ultimately, a significantly higher financial burden than engaging a solicitor in the first place.

The Hidden Costs of DIY Wills

The initial cost of a professionally drafted will might seem higher, typically ranging from AU$500 to AU$2,000 or more, depending on the complexity of your estate. However, this upfront investment can save you thousands – and a lot of heartache – down the line. Here's why:

• Legal Challenges: A will deemed invalid by the courts due to ambiguity, lack of proper witnessing, or other technical errors can trigger a lengthy and expensive legal challenge.
• Family Disputes: Even a seemingly straightforward will can become a source of conflict among family members if it's not clearly written and legally sound. These disputes can drag on for years, incurring significant legal fees for all parties involved.
• Intestacy Rules: If your DIY will is found to be invalid, the estate will be distributed according to the rules of intestacy – a legal framework that dictates who inherits your assets if you die without a valid will. This might not be in line with your wishes, and could lead to unintended consequences for your loved ones.

What Can Go Wrong with a DIY Will?

Common pitfalls of DIY wills include:

• Incorrect Wording: Legal language is precise. A slight error in wording can completely change the meaning of a clause, leading to misinterpretation and legal challenges.
• Lack of Proper Witnesses: Strict rules govern who can witness a will and how the signing process must be conducted. Failure to adhere to these rules can invalidate the document.
• Failure to Account for Complex Situations: DIY kits often don't adequately address complex family situations, such as blended families, stepchildren, or beneficiaries with disabilities.
• Not Updating the Will: Life changes – marriage, divorce, birth of children, inheritance – all necessitate updates to your will. A DIY will can easily become outdated and invalid.

The Value of Professional Advice

A solicitor specializing in wills and estate planning can provide invaluable guidance. They can ensure your will is legally sound, accurately reflects your wishes, and minimizes the risk of future disputes. They can also advise on tax implications and other relevant considerations.

Don't Risk It: Invest in Peace of Mind

While the temptation to save money on a DIY will is understandable, the potential costs far outweigh the initial savings. Protect your loved ones and your assets by investing in a professionally drafted will. It’s an investment in peace of mind and a safeguard against future legal and financial headaches.

Disclaimer: This information is for general guidance only and does not constitute legal advice. It is essential to seek professional legal advice regarding your specific circumstances.