Just like a wish from a monkey’s paw or buying a car from a shady used car dealer, obtaining a free or cheap Will from the internet or the post office may seem like a good idea at first, but it can become more costly down the road. Here’s why:
Lack of Personalisation
Free or cheap Wills often use generic templates that don’t consider your unique situation. Important details like family relationships and dynamics, asset ownership, superannuation, and joint assets are often overlooked in these documents which can have disastrous consequences when it comes time to distribute your estate by exposing it to potential claims. It’s best to work with an experienced estate planning lawyer who can tailor your Will to fit your personal circumstances and needs.
Hidden Costs
While a free Will from the Public Trustee might seem like a bargain, these Wills usually have hidden cost of appointing themselves as the ones that oversee distributing your estate as your executor. This is where they make their money back and then some by charging high fees on a time cost basis and then taking longer than necessary to settle your affairs. Poor communication and the failure to proactively manage your estate are all problems that you can avoid by engaging with an estate lawyer to draft your Will and then deal with your affairs efficiently after you are gone.
Lack of Legal Guidance
Free or cheap Wills also don’t come with the legal advice that a lawyer can provide when setting up an estate planning strategy. This guidance is crucial for handling complex issues like blended families, the tax implications of the distribution of certain assets, setting up trusts for beneficiaries who need extra support or have substance abuse issues, and deciding on guardianship for young children. An experienced hand from a legal professional is needed to navigate you through all these pitfalls and to answer any questions that you may have.
Easily Disputable
A Will needs to be signed in a particular way to be considered valid in the courts of your state or territory. Without a legal professional guiding you on how to sign your document there is a high chance that the document could be signed incorrectly rendering it invalid. Drafting a Will without legal guidance further increases the risk of errors, omissions and ambiguous language within it which can lead to disputes and legal battles when you pass away. These claims can be very emotionally and financially costly that will drain your estate’s resources in legal fees, giving less of your estate to your loved ones and more to the lawyers attempting to clean up your mess.
In life, you get what you pay for, and estate planning is no exception. While inexpensive options may seem appealing now, they can leave your loved ones facing higher costs and complications later. It’s important to have a Will drafted by an estate planning expert to ensure that you leave the right kind of legacy to your loved ones when you pass away, not one with the stress, frustration or uncertainty that a free or cheap Will provides.
Speak with an estate planning specialist at Fidelis Legal to guarantee your affairs are in order, so you can leave behind a legacy as meaningful as the life you’ve lived.
The information contained in this webpage is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided.
