My phone must be listening to my conversations whilst I am at work, home, everywhere! Because my targeted Facebook and Instagram ads of late have been flooded with apps and websites advertising a ‘do it yourself’ Will kit. The irony of these ads targeting a Wills & Estate lawyer is certainly not lost on me, but nevertheless, here are my top three reasons why you should not skimp out on paying a solicitor to draft your Estate documents:
1) You don’t get the whole service or information
Did you know that some assets are not considered Estate assets that can be bequeathed under the terms of your Will?
Did you know that if you don’t own real estate, your biggest asset could be your superannuation, and that mostly, this is dealt with at the discretion of the super fund, and not in accordance with your Will?
When discussing your estate planning wishes with an experienced Wills & Estates solicitor, they can identify issues and assist with maximising the potential of your estate. This may mean providing guidance through the mind field that can often be Super Funds so that your estate is distributed in accordance with your wishes, rather than at their discretion, and in the most efficient and tax effective manner.
2) You may be making it harder for your friends and family after you die
A poorly drafted Will could make things more complicated after you die as family members and loved ones attempt to unscramble and make sense of your Will. This can, at best, lead to a delay in the distribution of inheritances and can also, in a worse case scenario, lead to prolonged and expensive Court intervention to attempt to discern the contents of your Will.
At Tiyce & Lawyers our strategy when preparing Estate Planning documents is to keep it as simple and straightforward as possible. A Will does not need to be lengthy or convoluted. It does not require legal jargon. A Will simply needs to record your wishes and ensure that your end of life experience is as stress free and simple for your family to navigate.
3) It may cost you (or more accurately, your estate) more in the long run.
If there are questions as to the interpretation of your Will after you have passed away, your Executor or the beneficiaries may need to turn to the Supreme Court to ask for their determination in the clarification of your Will.
This will unfortunately be a time-consuming and costly exercise, and any costs borne by the Executor in taking the matter to the Supreme Court, the Estate will be liable to pay. This means that your estate assets could be chewed up in legal fees before it even makes it to the hands of your loved ones.
Contact us at Tiyce & Lawyers, we are here when you need us.
