Why you should not use a ready-made Will kits?

What is a Will kit?

A Will kit can be bought almost anywhere, and it may be a cheaper way to make a Will. However, it is more likely for such a Will to be challenged in court in terms of its validity.

Using a Will kit may come in handy to save costs in a short term but may prove very expensive in a long term.

What a Will kit will NOT do for you?

A Will kit may help you write your Will but can fall short of adequately dealing with complex situations such as blended families, protection of vulnerable beneficiaries, self-managed super funds, etc. If your estate is complex, a Will kit will not be able to adequately address your affairs and specific circumstances.

Risks of using a ready-made Will kits

By having a ready-made Will, you expose your estate to certain risks. Some of these are listed below:

  • Validity of the Will. For example, the capacity of the testator, the signing of the Will, etc may cause doubt as to the validity of the Will.
  • Failing to make adequate provisions for family members or dependants, especially in the case of blended families, may expose your estate to a family provision claim.
  • Taxation implications. For example, you have left something to a beneficiary who pays tax at a higher marginal tax rate, the beneficiary may end up worse off by inheriting under your Will.
  • Lack of ability to deal with self-managed superfund issues.

When do you need legal advice?

Most people do not realise that when preparing a Will, a special attention is required to ensure the validity of the Will, and that the testator’s wishes are carried out in the way it is intended. Specific legal advice may be needed in the case of:

  • blended families;
  • separation from a spouse or partner;
  • self-managed superfunds;
  • property to be left to a specific person, so it does not end up in the hands of another.

Making sure your loved ones are provided for adequately and as per your wishes is far too important to leave your affairs to chance. If you get your Will wrong, the consequences and taxation implications could be disastrous.

 

If you need any assistance contact one of our lawyers at info@legallysmart.com.au or call 02 8332 6126 for a no-obligation discussion and for a specific legal advice.

Disclaimer: This article is for information purposes only, and it is not intended to be a legal advice.