Your last Will and Testament is one of the most significant documents you’ll ever sign, so it’s important to get it right.
Many people think a DIY Will kit is a quick and easy way to take care of their final wishes, but unfortunately that option can be fraught with disaster.
A DIY Will kit is easy to get wrong, and therefore, easy to contest or be considered invalid.
Here’s a list of the common mistakes made with DIY Will kits:
- It fails to comply with basic legal formalities
There are certain legal requirements that must be followed when making a Will to ensure that it is valid, and something simple – like only having one witness to your signature, or even using different coloured pens – can raise questions about the legality of the document.
- Forgetting to appoint an executor to the Will
The executor of your Will is an extremely important decision. Forgetting to appoint one won’t invalidate your Will, but it can slow down the process of sorting out your estate. It can also lead to disputes among family members.
- Will kits don’t offer the full range of options
Many kits won’t allow you to personalise your Will to suit your wishes or your circumstances. What happens if your intended beneficiaries or executors die before you do?
- Will kits cannot attest to mental capacity
Wills can be challenged based on the fact the person making the Will did not have the mental capacity required. Mental capacity to make a Will is not a medical test but a legal one. If you make a Will with a lawyer and it’s challenged in court, they’ll be able to provide independent evidence of your capacity.
- Circumstances change
The Will you make at 30 will not be the same Will you make at 65. DIY Will kits often overlook any potential changes in your financial and family circumstances. With the correct legal advice, most scenarios can be covered and dealt with.
- DIY Will kits can’t explain succession law
Most people don’t properly understand what assets are capable of being gifted under the terms of a Will – and nor should they be expected to. When using a DIY Will kit, a common mistake is improperly gifting property that is either jointly owned or is not yours to gift at all. An expert wills and estates lawyer will be able to ensure that doesn’t happen.
If you’re looking for legal advice, or an expert in succession law to draft your Will, look no further than Bickell & Mackenzie. Make an appointment with our team today.
