{"id":3009,"date":"2020-04-03T09:58:04","date_gmt":"2020-04-02T22:58:04","guid":{"rendered":"http:\/\/www.coulterroache.com.au\/?p=3009"},"modified":"2021-09-28T15:43:38","modified_gmt":"2021-09-28T05:43:38","slug":"pitfalls-of-informal-wills-and-diy-will-kits","status":"publish","type":"post","link":"https:\/\/www.coulterlegal.com.au\/pitfalls-of-informal-wills-and-diy-will-kits\/","title":{"rendered":"Pitfalls of informal Wills and DIY Will kits"},"content":{"rendered":"

The old phrase \u201cyou get what you pay for<\/em>\u201d applies to many things in life, including your estate planning.\u00a0 With many online \u2018DIY Will Kits\u2019 available for free and without the need to speak to a lawyer, it\u2019s important to understand the potential problems such simple Wills can cause after you pass away.<\/p>\n

More often than not, the cheaper the service, the simpler the document it will generate and the fewer directions and explanations it will give you as to what the document legally means.\u00a0 In particular, Will kits and other informal Will options cannot take into account and provide options for complex factors such as superannuation (including Self-Managed Super Funds), interests held in businesses, Family Trusts, and blended family scenarios.<\/p>\n

Without a professional to guide you through making your Will, assets might be looked over or the manner of holding incorrectly recorded.\u00a0 For example, you might think that the family home is held as joint proprietors but in fact it is held in your partner\u2019s sole name or as Tenants in Common.\u00a0 If this were the case, then inadequate provision might mistakenly be made for your spouse or child, potentially causing costly litigation in the future.<\/p>\n

The risks with informal Wills and DIY Will kits can also include:<\/strong><\/p>\n