Doing your own will

Hi,
I have spoken with 5 or 6 local solicitors recently about adjusting an existing will. Some seemed OK & some...well they make proverbs about such people.

So, rather than just jump on-board with someone I didn't know, I was wondering if anyone had done their own will using some of the do-it-yourself forms available these days?
Any recommendations?

Thx,
JB
 
Here's another proverb for you: "A man who represents himself (in legal matters) has a fool for a client". :D

Will kits - or more commonly referred to by the legal fraternity as "I love you wills" are better than nothing but so open to being contested, are almost useless IMO.

Get a good solicitor.
 
For the average person with no complications at all there ok. But when you are a property investor with multiple entities/ownership structures, or have divorced kids, kids who are in high risk of litigation jobs,you start to need some better estate planning advice rather than a DIY kit bought off ebay for 14.95
 
Hi,
I have spoken with 5 or 6 local solicitors recently about adjusting an existing will. Some seemed OK & some...well they make proverbs about such people.

So, rather than just jump on-board with someone I didn't know, I was wondering if anyone had done their own will using some of the do-it-yourself forms available these days?
Any recommendations?

Thx,
JB

Hi JB

I was looking at this the other day after coming across a free will offer from AAMI on their website. You basically answer some questions, it creates a pdf document for you, which you have to get signed by two witnesses. You then have the will stored for free at one of the participating law firms local to you.

As mentioned previously, it is aimed at fairly straight forward set-ups though.

Link is http://www.aami.com.au/customer-service/free-wills-online.aspx

Cheers

Neil
 
I desperately need a new will. My existing one doesn't mention any of my current property, my partner, or 2nd child. Partner has no will but then his only asset is half a house and he doesn't have any complicating factors.

I keep putting it off ... will do it when the house sells (it didn't sell), now it is when we have the new title on the subdivision, next it'll be when the baby is born, then it'll be when the house is built ...

How easy/expensive is it to change an existing will if you're expecting a run of major circumstance changes?
 
You don't change an existing will. You write a new one that supercedes any existing will.

I had a new one done recently by my lawyer. Was pretty simple and cost me $220.
 
Seems an expensive exercise if you have to do that every time you buy or sell a house. Do lawyers have clauses like "all my stuff" without having to list things specifically?
 
Seems an expensive exercise if you have to do that every time you buy or sell a house. Do lawyers have clauses like "all my stuff" without having to list things specifically?

Mine didn't specify assets as such so it should last a long time.

I changed my will due to divorce.
 
Partner has no will but then his only asset is half a house and he doesn't have any complicating factors.

yikes, not half of your house I hope? that could be a nightmare. even worse could be if your partner became a vegetable and the bank suddenly refuses to deal with you because they need a joint signature or something. Maybe the accounts are all in your name and maybe you have a joint tenancy ownership and everything would be ok. hopefully.

does your partner have super? life insurance? personal treasures and heir looms they would like you to have?

just getting you thinking
 
yikes, not half of your house I hope? that could be a nightmare. even worse could be if your partner became a vegetable and the bank suddenly refuses to deal with you because they need a joint signature or something. Maybe the accounts are all in your name and maybe you have a joint tenancy ownership and everything would be ok. hopefully.

does your partner have super? life insurance? personal treasures and heir looms they would like you to have?
I have one house to myself, the other is joint, yes, I honestly have no idea if we need joint signatures - certainly don't for day-to-day banking (we both use netbanking) but needed both to get a topup loan.

Almost everything is in my name except the home loans. Becoming a vegetable is more a power of attorney situtation in the case of incapacitation rather than a will though, I think. My mother is big on these as she works with old people - who are incapable but alive. I really need to get one of those too. Hell, everyone should have one of those as well as a will.

Partner really doesn't own anything beyond the half house, half business and trivial stuff like clothes. I'm the one with the super, insurance and so forth. He'd be more screwed if I dropped off the planet than I would if he did as my existing will doesn't mention him at all, he's not the beneficiary of my super, insurance etc but his affairs are simple and would default to me. I deal with his financial affairs (he has set me up to do so) because he has a fair degree of people-phobia. Its a bit like having an extra child. Maybe I *should* insure him :D

I'm putting up a very convincing argument as to why I really need to go see a lawyer, oh, yesterday, aren't I :rolleyes:
 
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