As the current COVID-19 pandemic continues to bring uncertainty to our communities, many of you may be taking the time to consider your estate planning. It’s not an easy subject to discuss, but it is an essential step in ensuring your wishes are put to paper in the right way. Although it is tempting to pick up or google a DIY Will Kit, almost all solicitors would not recommend this option.
Succession Law has complexities which should be considered by an experienced solicitor when drafting your Will, and by using these kits you run the risk of not considering certain things which may impact the administration of your estate. Some of the key points which can be overlooked in these kits include:
Executing the Will in line with legal requirements;
Including all necessary elements to ensure the Will is valid;
Any possible consequences of specific gifts; and
Any risks of contestation of the Will.
While no one can guarantee a Will won’t be contested, there are ways to lessen the risk which are determined based on the wishes of the will maker. Other areas for consideration when making your Will are:
Choosing the right executors, trustees and guardians;
Reviewing superannuation funds and death benefit nominations;
Whether a testamentary or family trust is the right option for you;
Setting up power of attorney and advanced health directive documents.
Our practice focusses on three documents to complete your estate planning. These documents are a Will, Enduring Power of Attorney and Advanced Health Directive. Each of these documents function in a different way and come into effect at different times when they are needed. Having these documents in place helps your family and loved ones to follow your wishes through each decision they may have to make.
The most important thing for your estate planning is your wishes, and we’re just here to make sure they’re communicated properly.
Author - Beth Wellings