hilst there are a whole heap of DIY resources available out there from post office services to online DIY kits, many of them make us cringe. A DIY will is like pulling your teeth out with a pair of pliers instead of going to the dentist.
As one of the most important financial documents of your life (and your families too) there are just so many things that can go wrong if not properly. Did you know that people cannot rule from the grave – i.e. inserting a clause in your will stating Sally inherits the house only if she stops smoking and completes her degree at university?
In the event that things do go wrong and sadly they do all the time with DIY wills, you and your estate could end up spending lots of time and money unravelling things. Sometimes things cannot be unravelled at all which is a devastating result for all parties.
We are seeing an increase in the number of court cases involving families who contest wills and the court costs can go into the hundreds of thousands of dollars. These costs can be drawn from the estate itself meaning some estates can be halved in value or valued to nothing for lengthy disputes through court battles. The family of Bart Cummings recently launched expensive Supreme Court proceedings over his will which are still ongoing. Prince didn’t have a will at all and his family have been left fighting out complex American family law protocols over his estate.
For a will to be valid there are an array of strict formalities such as the signing of the will itself and even the pen used with the slightest non adherence to these formalities rendering a will invalid.
Your will needs to be as robust as possible so it is able to effectively carry out your wishes and having it done by a legal professional is strongly recommended.
Don’t leave the most important financial document of your life until the last minute – call us today on 02 8317 3276 to ensure your will is valid and meets your wishes.
By Jeremy Maspero