One problem which is quite common with home-made wills is that not all of the will maker’s property is effectively dealt with.
When this happens, the estate or part of it may be dealt with in accordance with the rules of intestacy, which effectively can mean that the person might as well not have made a will at all.
One example of where an intestacy can arise from a home-made will is where the will maker gives away specific assets, such as a house and a bank account, but does not say who is to receive anything else they may own.
A will prepared by a solicitor will include a residuary clause to ensure that there is no intestacy, and will reflect your instructions about who is to benefit if any of your intended beneficiaries dies before you. A solicitor can also provide you with advice about how to deal with assets that may not pass under your will, such as jointly held property, superannuation and assets that are held by companies or in family trusts. With superannuation, in particular, people who make their own wills often do not realise that their will does not govern what happens to their superannuation after they die.
Why it is a good idea to consult a solicitor
Just as you can, if you so choose, re-wire your own home, service your own car or pull your own teeth, it is open to you to make your own will. The real difference with making your own will is that if there is a problem it is not likely to be discovered until after your death when it will be too late for you to do anything to fix the problem. The result is likely to involve additional legal expense – often many times more than the cost of making a will with a solicitor in the first place. As well as additional expenses your family is faced with delay and uncertainty as to how your assets will be distributed.
There are a number of good reasons to consult a solicitor for advice when making a will. Your solicitor will be qualified to handle the intricacies involved in making a valid will. It is usually not an expensive service, and will be far less costly than dealing with the problems that often arise with home-made wills. Your solicitor will ensure that your wishes are translated correctly into a valid will that will be accepted by the Court. Your solicitor can also consider and advise you in relation to potential family provision claims and the protection of vulnerable beneficiaries, as well as other planning documents you may wish to put in place, such as an enduring power of attorney and an appointment of enduring guardian.
If you are looking at making a will, please contact us and we will be able to assist you. We have had many years of experience in wills and estates matters and can ensure that your wishes are properly recorded in your will.