While it may initially seem convenient to draft a free or low-cost Will through online templates or services such as the post office, these options can end up being far more expensive in the long run. Here's why:
Lack of Personalisation
Free or inexpensive Wills are typically generic templates that fail to account for your unique circumstances. They may overlook key factors such as family dynamics, asset ownership, superannuation, and joint assets. This can expose your estate to potential claims and disputes during the distribution process. It is always advisable to consult with an experienced estate planning lawyer who can craft a Will that reflects your specific needs and situation.
Hidden Costs
Although a free Will might appear to be a bargain, it often comes with hidden costs. For example, the Public Trustee may offer a free service but appoint themselves as the executor, charging high fees for the administration of your estate. These fees are often time-based and can result in delays and additional costs. Engaging an estate planning lawyer to draft your Will can help you avoid these unnecessary complications and ensure that your estate is handled efficiently and cost-effectively.
Lack of Legal Advice
A free or cheap Will typically does not come with the legal guidance necessary to establish a comprehensive estate plan. Complex issues such as the distribution of assets in blended families, the tax implications of certain bequests, establishing trusts for beneficiaries with special needs or substance abuse issues, and appointing guardians for minor children all require careful consideration. A qualified lawyer can provide the legal expertise needed to navigate these challenges and ensure your Will accurately reflects your wishes.
Increased Risk of Disputes
To be valid, a Will must meet specific legal requirements, including proper signing and witnessing. Without legal guidance, there is a high risk of procedural errors or unclear language that could render your Will invalid. Such mistakes can lead to costly and emotionally charged disputes among your beneficiaries, draining your estate’s resources and diminishing the legacy you intended to leave. These legal challenges can be avoided by working with an estate planning professional to ensure that your Will is properly executed.
The True Cost of "Free" Wills
As with any legal matter, you get what you pay for. While inexpensive Wills may seem like a good deal now, they often result in greater costs, complications, and stress for your loved ones after you pass. To ensure that your estate is distributed according to your wishes and to prevent unnecessary conflict, it is crucial to have a Will drafted by a qualified estate planning lawyer.
At Fidelis Legal, we can help you create a comprehensive estate plan that reflects your wishes and protects your loved ones. Contact us today to ensure that your affairs are in order and your legacy is secure.
The information on this webpage is of a general nature and is provided in good faith. It does not take into account your personal circumstances. While every effort has been made to ensure the information is accurate, no warranties are provided regarding its completeness or applicability to your specific situation.