By Munro Doig Lawyers

12/14/2024 Creating a will is one of the most important steps you can take to ensure that your assets are distributed according to your wishes after you pass away. However, the rise of do-it-yourself (DIY) will kits and online templates has led many people to believe they can handle this task without the help of estate planning lawyers in Perth. While these DIY options might seem convenient and cost-effective, they often lead to significant mistakes that can cause legal disputes, confusion, and unintended consequences. They are as follows:

1. Using Ambiguous Language

One of the most common errors in DIY wills is the use of ambiguous or unclear language. When drafting a will, it's essential to be precise and unambiguous in your instructions. Vague terms can lead to different interpretations, causing confusion among beneficiaries and potentially leading to legal disputes. For example, saying "I leave my car to my children" without specifying which car or which children (if you have multiple) can create confusion and conflict.
How a Lawyer Can Help:
Wills and estate lawyers Perth ensures that your will is clear and specific. They use precise legal language to avoid any ambiguity, ensuring that your intentions are accurately conveyed and that there is no room for misinterpretation.
2. Failing to Meet Legal RequirementsEvery state and territory in Australia has specific legal requirements for creating a valid will. These may include having the will witnessed by two independent adults, ensuring that the testator (the person making the will) has the legal capacity to do so, and making sure the will is properly signed. DIY wills often overlook these requirements, leading to invalidation.
How a Lawyer Can Help:
A lawyer ensures that your will complies with all relevant legal requirements. They guide you through the proper process, from drafting the will to ensuring it is signed and witnessed correctly, thus avoiding any risk of the will being declared invalid.
3. Overlooking Key Assets and BeneficiariesIt's easy to accidentally omit key assets or beneficiaries when creating a DIY will. You might forget to include digital assets, such as online accounts or cryptocurrencies, or you may unintentionally exclude certain beneficiaries. These oversights can lead to assets not being distributed as you intended or certain loved ones being left out.
How a Lawyer Can Help:
A wills and estate lawyer conducts a thorough review of your assets and family situation to ensure everything is accounted for in your will. They help you consider all possible assets, including those that might not be immediately obvious, and ensure that all beneficiaries are included according to your wishes.
4. Ignoring Potential Tax ImplicationsDIY wills often fail to take into account the tax implications of certain bequests. Without careful planning, your beneficiaries could end up paying more in taxes than necessary, reducing the overall value of their inheritance. For instance, gifting a significant portion of your estate to a non-dependent might attract higher taxes.
How a Lawyer Can Help:
A lawyer provides expert advice on the tax implications of your estate plan. They can suggest strategies to minimize the tax burden on your beneficiaries, such as setting up trusts or making tax-effective bequests.
5. Not Updating the Will RegularlyLife changes, such as marriage, divorce, the birth of children, or the acquisition of new assets, require updates to your will. DIY wills are often created and then forgotten, leading to outdated provisions that no longer reflect your current circumstances.
How a Lawyer Can Help:
Trust lawyers in Perth can remind you to review and update your will regularly, ensuring that it reflects your current situation and wishes. They can also make the necessary legal changes quickly and accurately.
While DIY wills may seem like a convenient option, they often result in costly mistakes that can create significant issues for your loved ones. A lawyer’s expertise not only provides peace of mind but also ensures that your final wishes are carried out exactly as you intended, protecting your legacy and your loved ones. For learn more https://www.munrodoig.com.au/practice-areas/trusts-and-estate-planning/