Whilst writing your own Will might seem like a cheaper option, it can cause problems and be far more costly for your estate in the long run. Here is the answer for the most asked question “why do I need an Estate Lawyer” or “Estate Lawyer vs Free Will kit”.
There are a number of formal requirements that should be complied with for a Will to be valid, such as being signed in the presence of two witnesses. Suppose your Will is not properly executed in accordance with the legal requirements. In that case, further evidence may need to be obtained to support an application to the Court to obtain a Grant of Probate or Letters of Administration. This can result in delays and increased costs in the administration of your estate. For example, it may be necessary to locate witnesses to provide further evidence regarding the execution of your will.
Complications can also arise if any of the wording in your Free Will is ambiguous. If your intentions are not clearly explained in your Will, gifts may fail. For example, if you leave your car to your friend, but at the time of your death you have more than one car, or that car has been sold, your wishes may become unclear. Problems could also arise if your friend cannot be located, or if he or she has since moved overseas as such a gift would be costly to transport. Any ambiguity may require an application to be made to the Court. Evidence would then need to be provided in relation to your intention, for the Court to interpret your Will, which would be likely to result in significant legal fees for your estate.
Our experienced Estate Planning lawyers will take the time to run through details of your family situation and assets to try to avoid any issues arising after you pass away. We will discuss details of your assets, as it is important to note that not all property will automatically form part of your estate. It is important to consider what will happen to jointly owned property and your superannuation benefits. Any claims against your estate or issues that need to be rectified due to incorrect wording or execution of your Will can become very costly and delay the administration of your estate.
Lawyers will discuss your individual needs and tailor clauses to ensure your Will reflects your wishes. You may have considered how you wish to divide your estate, but what if one of the beneficiaries named passes away before you? If you don’t have alternate provisions stated in your Will, it may be that part of your estate would not be covered, known as a partial intestacy, in which case the intestacy provisions will apply and your estate may be distributed to family members who you do not wish to benefit.
If you would like to make an appointment to discuss updating your estate planning documents call us on 07 3806 4354.We can arrange phone and internet appointments if required during this time. We are currently providing a free Will review, claim your offer below.
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