Why a DIY will is a BAD idea!
Most people have heard of DIY will kits, they’re readily available and cheap! Unfortunately, they do come at a higher price than you realise. Why? Because most people who have prepared a DIY will won’t have prepared the document properly.
Yes, the price IS appealing. Writing a will is one of the things we all stress about so the allure is understandable. However, going down this road could lead to considerable trouble and expense for your family on your death if the will is not prepared properly.
Take Adam, for example. Adam bought a will kit from the Newsagent. He left all of his assets to his 4 children.
Simple, right? Wrong!
Unfortunately Adam made a couple of BIG mistakes. He did not name an executor, so on his passing one of his children had to apply for letters of administration. This cost the children additional time, money and heartache when they had just lost their dad.
Adam also didn’t make any provisions in the event that any of his children passed away before him. Sadly, one of his sons did die before him. The deceased child’s share was suddenly in question and was given to Adam’s wife. This caused heartache for the children as they were estranged from Adam’s wife and knew this was not their dad’s dying wish.
Mary is another victim of the DIY will.
She used a will kit to prepare her will and had her son-in-law, Greg, witness the will. The will left everything to Mary’s children, one of which is married to Greg.
The law in NSW does not permit beneficiaries or spouses of beneficiaries to witness a will. The NSW law also requires 2 independent witnesses to witness the will, not just one. The result could have been that Mary’s daughter would not receive her share of the inheritance because the will had not been properly witnessed. Mary’s daughter had to make sure that the other beneficiaries named in the will would not object to her receiving a share of her mum’s estate.
By having a solicitor prepare your will with you, all these types of problems can be avoided. Yes, a proper will does cost more than a DIY kit, but the cost of fixing mistakes on a DIY will is by far more expensive.
Furthermore, at Sheridan Legal your will is kept in safe custody. There is no risk of losing your document and your loved ones will know exactly where to go when you do pass away.
Call us today to find out more