Factors to Consider Before Drafting Your Own Will
When planning your will, you may be tempted to wonder why you need a lawyer when you can do the job yourself. However, consider this: your last will and testament is probably the most crucial legal document that you'll ever sign. This paperwork distributes all of your assets at death, determines who takes care of minor children or pets after you're gone, and even specifies your funeral plans.
Maybe then, instead of 'Why pay for a lawyer,' the better question would be 'why wouldn't I ensure my most important legal document is professionally prepared?'
You won’t know if you have made a mistake until it’s too late
Making a will with yourself may not always be the best decision for everyone. Even small errors can have huge implications, such as forgetting to appoint an executor or guardian of minor children, not dating the will, incorrect wording regarding gifts and leaving uncertain provisions. Everything you put time into making sure your estate and loved ones are taken care of could be undone in mere moments. Even a comma in the wrong place can have huge consequences. Mistakes can also cause your family further grief by having to rectify issues left behind after you are gone. Your passing will be difficult enough, so why make it even harder, more stressful, and potentially family destroying by not have a proper Will? Remember, lawyers train for many years to be able to offer the services that they do.
Problems it will cause your family.
Rather than leaving a do it yourself will behind, have you considered the problems it could bring to your family and friends? At a time when they are mourning your loss, do you really want them to be dealing with additional troubles as well? To answer this pivotal question, let us examine the difficulties that can arise from a do it yourself will.
These issues may include:
No Valid Will, No Peace Of Mind
When there is no valid will, the intestacy laws take effect and can allocate your assets to family members or even a former spouse that you did not intend. This could be quite distressing for you and your dependents as it may take some time before any issues are resolved and money is made available to vulnerable members of your family for living expenses.
No Will, No Plan
When your will is not legally valid, it is essentially the same as not creating one at all. In this case, intestacy laws take precedence and control who receives your assets after you die. Unfortunately, those assets might end up with someone you didn't expect or even a former partner in some cases.
Processing Delay
It may take a while to identify any issues with the will and unlock access to your assets. In the event that you have people depending on you, this could be an obstacle in their ability to acquire money for everyday living costs.
Download our FREE Guide to Testamentary Trusts, and why you absolutely need one.
Disclaimer:
The aforesaid is not legal advice and is only general in nature. Please obtain advice specific to your own circumstances, alternatively get in touch with the writer at http://hazelegal.com.au Please note that we do not endorse any of the services mentioned in this article, they merely serve as an example.