Although creating your own DIY Will may appear to be a convenient and cost-effective option, it can often lead to
complications resulting from simple errors. These mistakes can cause significant financial loss and emotional distress for
families, which may require court hearings and legal assistance to resolve. As we have previously outlined in this guide, there are several areas of complexity involved in drafting a Will, and we would like to reiterate some of them here for your awareness and preparedness.
1. Using incorrect terminology or wording - even a small mistake can lead to unintended distribution of assets or even the
invalidity of the Will. Mistakes can range from a simple misspelling of a name to unclear descriptions of assets.
2. Failing to appoint an Executor - this can result in the courts appointing administrators to manage your estate, rather than a trusted person of your choosing.
3. Including unenforceable conditions - if you include conditions that cannot be legally enforced, the intended beneficiary may not receive the asset/s as you intended.
4. Unclear descriptions of assets - if the assets assigned to a beneficiary are not clearly defined, they may not go to the
intended recipient.
5. Forgetting to account for all assets - it's easy to overlook assets, and if your Will doesn't contain clear instructions for your entire estate, some assets may be distributed according to intestacy law.
6. Failing to properly sign and witness the Will - if the Will is not signed and witnessed correctly, it may not be considered valid.
7. Neglecting to update the Will - if you don't make updates for subsequent marriages, divorces, new children, or the death of a beneficiary, assets may not be distributed according to your current wishes.
8. Making invalid alterations - if you attempt to update your Will but don't follow proper formalities, the changes may not be
recognized.
9. Storing the Will at home - if the Will isn't store securely, it may become lost or destroyed by someone in your family.
The information provided in outdated templates may not be up to date.
a) Templates offer limited customization options.
b) Arbitrary age or time limits used in some templates can limit flexibility.
c) Templates may contradict themselves when assigning assets to beneficiaries.
d) Some templates overlook important estate considerations, such as arrangements for pets.
e) Many templates do not address tax issues. When a Will is deemed invalid by the courts, the testator's estate
is distributed according to the laws of intestacy, which may not reflect the testator's wishes and can result in some beneficiaries receiving nothing. While some Wills are simple, most are complex and involve legacies, trusts, and tax issues. Although DIY Wills may seem cost-effective initially, they can lead to costly legal fees if errors are made. It's important to keep in mind that the potential risks of DIY Wills outweigh the short-term benefits.