Everyone drafts a will to ensure that their assets are disposed of in a particular manner following their death. Many people think they can achieve this, as well as save time and money, by using a Will Kit. In some instances they are right. In many more instances they are very wrong.
What happens if you do not execute the will properly? What happens if your wording creates an outcome completely different to what you intended? What happens if you are being put under pressure by certain members of your family when filling out the Will Kit? What happens if one of your family, at a much later date, suggests that you lacked capacity when preparing the will? Lawyers have the ability to limit the prospect of your will being challenged, ineffective or incomplete in such circumstances. A Will Kit does not.
Further, Wills Kits cannot give you advice particular to your assets and unique family circumstances. They cannot comprehensively warn you of the risks your estate may face should a Family Provision Act claim be made, nor offer any advice on how best to manage your estate to limit the chance of such a claim. Nor can a Will Kit advise you of matters relevant to your succession planning generally, such as tax advice or the pros and cons of transferring ownership of certain assets before you die.
Kott Gunning’s Wills, Estates and Trust Services team can assist you with all your succession planning needs, including drafting your will. We also offer (for free) the use of our ‘Will Bank’ so that your will can be safely and securely stored until such time as your executor needs it.
For more information on this update or any other wills and estates matters please contact Claire Hawke-Gundill on (08) 9321 3755.
The information published in this paper is of a general nature and should not be construed as legal advice. Whilst we aim to provide timely, relevant and accurate information, the law may change and circumstances may differ. You should not therefore act in reliance on it without first obtaining specific legal advice.