Doing your own will with a DIY will kit, is like colouring or cutting your own hair.

Sure, it gets the job done but at what cost?

Occasionally you nail it. You don’t have many grey hairs and your cut is simple. The bottle of colour gets you through.

Most of the time though, you create a bit of a mess or at least put your stylist back a few steps.

Coming off the back of a few years of pandemic, we all did what we had to do.  But it definitely took a few trips to the hairdresser to get things back on track!

The DIY

We’ve all been there.

Getting your hair washed, coloured, and cut by a professional is a luxury in time and money.

When we are short on either time or money and the greys are out of control, the DIY option looks appealing.

With an old towel wrapped around our shoulders and disposable gloves on our hands, off we go.  Hoping we turn out looking like the model on the box with the shiny auburn hair!

Has anyone ever turned out looking like the model on the box? (If you have, please email us your secrets).

Then, with our tail between our legs, we book in for an emergency appointment with our hairdresser to repair the damage.

Sometimes the DIY kits are all we can manage.

Sometimes something is better than nothing.

It’s the same with our wills.

If it’s a choice between no will at all or a DIY will, we will (mostly) say, a will is better than no will.

But a bad will, like a bad haircut or colour, can cause a big mess.

The Professional

A good will is like a good haircut. Done by a professional is always better.

It can make you feel invincible.

Why? Because wills lawyers are the experts. We are trained to do this. It’s our jam. We are in the business of delivering peace of mind and we love doing it.

DIY don’ts

DIY wills can and have caused all sorts of messes.

Here are a few common mistakes we see:

1. Missing assets. If we asked you to list all your assets, you’re likely to miss a few on the first go. It usually takes a few prompts to get a complete list of our assets and liabilities from our clients.

Not taking into account the whole picture can cause lots of problems.

We also always include a ‘rest and residue’ clause in our wills – to make sure nothing gets missed. 

2. Not dealing with assets held outside your personal name.

Assets held in companies, trusts, superannuation or life insurance all need to be considered and form part of your estate plan.

As will specialists we know this and how to make it work.

3. Gifting assets.

There are several ways to gift your assets in your will but generally DIY wills only allow 1 way. There should not be a one-size fits all.

The best way for you will depend on what assets you own, how you own them and your family circumstances.

Testamentary trusts, for example, are one of the most effective asset gifting tools in a will lawyer’s tool kit.

The way assets are gifted under a will can have huge impacts for your VIPs – we’re talking tax savings and protections from legal disputes like being sued, divorce or separation property disputes and bankruptcy.

4. Not appointing a back-up executor.

An executor is one of the most important roles appointed under your will.

If you only appoint 1 executor and they pass away before you or aren’t able to act, once you die, your family will need to apply to the court for permission to be your executor.

Wasting time and money and causing unnecessary stress during a tough time.

5. Not meeting the formal requirements to make a will.

There are lots of rules that need to be followed for a will to be valid. Some may even seem pedantic but trust us, they are necessary.

If challenged, failing to follow the rules could mean your will is held to be invalid. Which means often lengthy and costly disputes. It’s a lawyer’s job to get these rules right.

DIY wills might seem like the cheap and easy option, but these common mistakes can cause costly and lengthy court disputes or a whole big mess for your VIPs.

It’s the last thing you want your family dealing with while they’re grieving.

So please…back away from the will kit and see an expert.

Book in with our wills specialist team here!

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