Using a “Do It Yourself” (DIY) Will Kit or making a “homemade” Will can be an attractive option for some people.
In the short term DIY Wills are quick, easy and cheap. But are they legal? Are they binding? Will they stand up in court?
The short answer to these questions is “yes” but it’s important to know that DIY Wills can also come at a cost if they are not completed properly.
The Australian Financial Review published an article earlier this year, (March 15) by Anna Hacker, discussing some of the problems that often come up when using a DIY Will Kit, including:
1. DIY Wills not being dated…which is problematic if more than one Will is found.
2. People thinking that Superannuation can be left as an asset…apparently quite a common mistake, but the only way a beneficiary can be nominated is through a Binding Death Nomination form.
3. Wills that are lost or cannot be found, therefore delaying the administering of the estate due to a formal search process that needs to be adhered to.
4. Wills that are not witnessed by two people.
5. Taxes that may be incurred by the beneficiaries that you may not be aware of.