DIY Will?

[Sove18a]

Like many people I don't have a will and I've been putting this off for years.

Would you do a DIY will using a will kit and then lodging it with a "will bank" like the State Trustees or would you get a lawyer to draw it up for you?

How much would you expect to reasonably pay someone to do this for you?

Any advice/recommendations would be appreciated. I'm in Melbourne.

Regards
Sue

 

[Aaron_C]

This is one area of law which you must get legal advice for....it's just too important to leave to a DIY.

 

[cu@thetop]

I'm a lawyer and I love it when I see a DIY will.

 

[Sove18a]

I have no dependants or ex-husbands. I'm single. So it will be very simple - I'll be leaving everything to all my five young nieces - equal shares each.

I'll get a lawyer to do it. Can anyone recommend one in Melbourne that is reasonably priced?

 

[MTR]

We have DIY will

We have also recently been using a lawyer on another property issue/reviewing bank docs and I raised the question of using DIY, he said in general they are OK, whatever that means.

However, I have decided to use this lawyer, his fee is $300, I thought pretty reasonable.

 

[alexlee]

I have no dependants or ex-husbands. I'm single. So it will be very simple - I'll be leaving everything to all my five young nieces - equal shares each.

Done right, the will can create trusts that will benefit your nieces and their descendents for generations to come. How would you like the assets you pass to them to produce income that can be distributed to minors (your nieces while they're still minors, and their children and grandchildren when they are minors) as if they're adults with a tax free threshold?

If you don't know what a testamentary trust is, or didn't understand the last paragraph, get a lawyer. A good one will be expensive, but given the benefits if you have decent assets......... Remember, your estate can include your life insurance proceeds.

 

[Peter_Tersteeg]

DIY wills are easily contested. Get a lawyer to write it up. It can cost anywhere from a few hundred dollars to a lot more, depending on the complexity.

 

[Sove18a]

the will can create trusts that will benefit your nieces and their descendents for generations to come

That sounds good to me, I had never considered this or even heard of a "testamentary trust". Thanks Alexlee for the info. Definitely will get a lawyer to do this.

 

[MTR]

Here are some points to consider:

http://www.smh.com.au/money/planning/avoid-pitfalls-of-a-diy-will-20120403-1w9vx.html

 

[Terry_w]

Like many people I don't have a will and I've been putting this off for years.

Would you do a DIY will using a will kit and then lodging it with a "will bank" like the State Trustees or would you get a lawyer to draw it up for you?

How much would you expect to reasonably pay someone to do this for you?

Any advice/recommendations would be appreciated. I'm in Melbourne.

Regards
Sue

I am a lawyer and have a masters degree in wills and estates - so this shows how complex they can be - a 2 year course on top of a law degree.

You might have a simple situation and will want to leave everything to your spouse. Sounds simmple but:
what if he remarries and dies leaving your children nothing.
what about the tax aspects
- leaving property to a non resident
- requiring property to be sold and proceeds split
what about the asset protection aspects
- seen one guy receive an inheritance while he was bankrupt.
- money to your daughter who divorces a year later.

Don't forget super and trust assets don't pass via your will.

 

[Scott No Mates]

very much behind Terry on this one.

I know of one person who died intestate. as he had migrated to oz 50 years ago the public trustee had a worldwide search for any other dependants chewing up the legitimate children's inheritance.

 

[geoffw]

Before I was married, at my father's prompting, I had a will drawn up by Perpetual Trustees. I decided not to go ahead with it:
1. It did not specify anything about the charges they would take out of my estate. They could legally have taken everything.
2. It was ambiguous and could have been taken two ways just in the fundamental division of my estate. If a company which specialises in wills gets that wrong there's problems.

 

[Terry_w]

I reviewed a client's will drawn up by a lawyer and found 4 major mistakes in it. So it is very common, especially for the wills that cost around $400 or less.

 

[Terry_w]

I reviewed a client's will drawn up by a lawyer and found 4 major mistakes in it. So it is very common, especially for the wills that cost around $400 or less.

And funny enough, that was more than 2 years ago and I recently bumped into the client, who is 72, and asked if he had changed his will and he said he hadn't gotten around to it yet!

 

[allegria]

I deal with wills everyday and see heaps of mistakes in those by lawyers (and in home made wills too). Take the time to carefully read the will and make sure it reflects your wishes, the clause numbers run consecutively, each page is included (i'm currently dealing with one where a page covering the distribution of the residuary estate is missing!) and check the spelling of all the names. Don't just sign, chuck it in a drawer and never think about it again.

Make sure the attestation clause (where you sign) specifies that the testator (the will maker) signed in the presence of the witnesses and they signed in the presence of the testator Sight does not = presence!
Also, if you keep the will at home don't attach other documents to it with a paperclip/bulldog clip, or pull out the staples to make photocopies. Can cause hassles when you pass away.

If you have significant assets and/or want to set your beneficiaries up like alexlee has mentioned, definitely see a lawyer who specialises in wills and estates like Terry.

 

[hobo]

We need to redo ours as our situation is decidedly more complicated than it was a couple of years ago.

We received a quote for, from memory, $4000+. We were taken a little aback but understand that the complexity means extra time/costs. We just need to get onto it, now.

Terry - do you do wills for people who you can't see/meet in person (ie live elsewhere to your office), or is that not recommended due to the complexity / information required?

 

[Terry_w]

We need to redo ours as our situation is decidedly more complicated than it was a couple of years ago.

We received a quote for, from memory, $4000+. We were taken a little aback but understand that the complexity means extra time/costs. We just need to get onto it, now.

Terry - do you do wills for people who you can't see/meet in person (ie live elsewhere to your office), or is that not recommended due to the complexity / information required?

Yes it could be done without meeting but it is best to meet face to face as there is less risks of things going wrong.

I just set up a will with 2 different testamentary trusts for a forum member and advised on the succession issues with 2 trusts and a SMSF for the same client for $2200.

 

[marg4000]

While you are at it, also do an Enduring Power of Attorney.

For a start your 5 young nieces probably won't be able to inherit immediately, but have funds held in trust. Another can of worms.

Legal charges are low for the peace of mind in having things done correctly.
Marg

 

[Angel13]

Hi Terry, I need to get a will done too now I have a daughter and my partner and I are not married (and we don't plan to). I'm planning on selling my house in the new year so is it best to wait until after that is finalized?

Mine is probably quite straight forward - only have an investment property and super. How much should I expect to pay for a will?

 

[Terry_w]

Hi Terry, I need to get a will done too now I have a daughter and my partner and I are not married (and we don't plan to). I'm planning on selling my house in the new year so is it best to wait until after that is finalized?

Mine is probably quite straight forward - only have an investment property and super. How much should I expect to pay for a will?

Best time to do a will is right now - what if you don't wake up in the morning? Seriously!

You might need a simple will - if you die everything to spouse, or decide for a testamentary trust or you may want to leave specific propety to specific people. Prob $550+

Super doesn't form part of your estate unless the trustee pays your legal personal representative on your death. This is also a complex area and the best course of action will vary depending on your situation, your dependants, and whether you have a SMSF or not.