With so much information readily available online and offers of low fees for Wills it can be difficult to navigate what information is correct and more importantly what is the best option for you regarding your Last Will and Testament (your Will).
It is estimated that approximately 50% of the Australian population do not have a Will in place and for the other 50% of the population the Will you have in place may not be valid.
Will kit Wills, homemade Wills and Internet Wills
These Wills are legal documents, providing, they have been drafted correctly. Numerous issues can arise from poorly or incorrectly drafted Wills or incorrectly signed or witnessed Wills. It can often end up being very expensive, stressful and time consuming for your family and loved ones if they must litigate over uncertainties in these types of Wills.
So, the old saying ‘you get what you pay for‘ in this case may be very true!! What may be very inexpensive at the beginning may cost your estate thousands at the end, which could have been avoided.
When we think of investments, we generally apply our thinking to how we can invest our hard earnt savings to receive the best possible return with no to minimal risk. This is exactly the thought process to adopt regarding sound legal advice and the drafting of your Will.
Consider this, if you have received sound legal advice and your Will accommodates for your personal requirements and the initial outlay for your Will costs you between $500.00 – $800.00 then over say the next ten years*, the initial outlay over that period of time has only cost you between $50.00 – $80.00 per year. That is a pretty economical investment in yourself to ensure that upon your death your assets will be dealt with in accordance with your wishes and in a cost-effective manner. Compare that to a situation where you Will was not a valid Will and if Court proceedings were required or it was contested due to various reasons it could end up costing your estate thousands.
Each person’s situation and requirements are different, and it is important you receive the correct advice regarding your assets and wishes to provide for your loved ones for their futures.
We provide our clients with specialist advice in preparing all types of Wills, both simple through to complex Testamentary Trust Wills. We also prepare Enduring Powers of Attorney and Advance Care Directives (‘Living Will documents’).
Our thorough approach to estate planning assists us to fully understand our client’s needs which in turn helps our clients understand and achieve their objectives.
If you feel you need some advice regarding your Will or your Living Will documents please contact our specialist in this area, Tammy Sava, Senior Associate of our Wills and Estates team, located at our Adelaide and Aberfoyle Park (by appointment) offices. Tammy will assess your requirements and provide personalised advice. Contact us today on (08) 8213 1000 to arrange a time to meet with Tammy.
*We recommend you seek sound legal advice whenever something personally or financially changes in your life as you may be required to update your Will.