Three problems with homemade wills
Surely it can’t be that hard?
I don’t have many assets!
I’m anxious about discussing my situation with a lawyer!
I’m scared of what it will cost!
The above are all common reasons why very sensible people keep putting making their will at the bottom of the list of things to do.
Even more concerning, those thoughts sometimes make people think that they could just write their own will — which is usually just a recipe for disaster.
Three common things I have seen go wrong with “homemade” wills are:
- Wills failing to cover all assets
- Wills gifting assets which cannot legally be gifted
- Wills which do not comply with technical drafting, signing and witnessing requirements
Wills failing to cover ALL assets
Many homemade wills gift specific assets to people, however do not cover the very common situation of assets changing, being sold, or new assets being accumulated. This can lead to a difficult situation that when a person dies, they have other assets which are not included under the will.
Wills gifting assets which cannot legally be gifted
It is common to find that a self-drafted will (whether it be on a scrap of paper or a dreaded “will kit”) runs into trouble when the willmaker has tried to gift something that can’t be gifted.
For example, you might wish to gift your house to someone, but based on the way it is owned (such as whether the house is held as joint proprietors or tenants in common with someone else), you may not be able to do this.
Another problem I have seen regularly is gifts of superannuation. To gift superannuation, it is crucial that the will is drafted in connection with a binding death benefit nomination with the superannuation fund. Getting both steps right can be complicated and you need legal advice to make sure you have it right.
Wills which do not comply with technical drafting, signing and witnessing requirements
There is legislation that governs the formalities associated with how a will is drafted, signed and witnessed. Many homemade wills do not meet the strict formalities, which may leave them open to being challenged, or even in some cases, may render them invalid.
When you make your will, you really want to be reassured that you have got it right, that your wishes can be carried out. These benefits far outweigh the concerns many people have.
Wanting to prepare you will with me now? You can book an online appointment with myself or call me on 03 5445 1063 and we'll have a chat to get the process started.