‘I’ll just do my own will – what could go wrong?’

EVERY day, people make excuses as to why they don’t need to protect their most valuable assets by having a will.

Often, they decide they’ll do it themselves, with a will kit off the internet or from a newsagency.

Reasons commonly given include:

1. Aren’t wills for rich, old people?
2. I don’t have much to worry about, really.
3. Getting a will is too expensive and time consuming.
4. I’ll be dead anyway, so it’s not my problem.
5. If I talk about it too much, I’ll jinx myself.
6. My family all love each other – they won’t fight about my things.
7. I don’t need a will because my wife/kids are going to inherit everything anyway. She/they’ll take care of it.

A recent Supreme Court decision demonstrates the fallacy of this approach.

A wealthy, older couple decided that instead of getting a lawyer to update their old wills, they’d do it themselves with some input from their accountant.

Unfortunately for them and their family, the documents produced weren’t clear, and Supreme Court proceedings took place involving 10 parties: the executors, the children, some family companies and a family trust, all asking the court to decide what the wills actually meant.

A case of ‘penny wise, pound foolish’? Supreme Court proceedings – with 10 parties, involving numerous lawyers and barristers – certainly don’t come cheap.

While not having a valid will may mean that assets eventually find their way to next of kin, the pathway without a valid will is longer, more expensive and usually means court involvement – overall a much slower and much more expensive way to achieve the outcome a straightforward will could secure.

Of course, not having a will means that your intentions are irrelevant, and what you wanted to have happen may not occur.

When people die without a will (called an intestacy), the law sets out a formula that applies to distribute assets in different proportions between next of kin. That may mean a house has to be sold, even if the wife is living there, to satisfy the intestacy formula.

The absence of a will may also open the door to a contested estate.

A simple will prevents unintended consequences occurring.

Straightforward wills are not expensive (usually under $500).

Unless the estate is complex, there is no need for a testamentary trust or other complications to blow out the costs of a will.

In fact, lawyers make much more money when people don’t have a valid will, as the sorting out of people’s estates without one significantly increases the time and expense involved.

 Brisbane & Sunshine Coast Elder Law are experts in wills, estate disputes and estate management. Call 1800 961 622 or visit brisbaneelderlaw.com.au or sunshinecoastelderlaw.com.au