Do I Need a Lawyer to Make a Will?
A Will is one of the most crucial personal documents you should have in place. Your will outlines how your assets will be handled in the event of your passing. While proceeding without a lawyer is possible, drafting a Will can be complex and emotionally challenging. Engaging a lawyer not only provides legal expertise but also offers essential support during a sensitive time.
Complications of Not Having a Lawyer
Drafting a Will without legal assistance can lead to complications for you and your loved ones. An invalid Will can result in prolonged legal battles, increased costs, and hardships for family members. An experienced wills lawyer will ensure your wishes are accurately recorded, thereby minimising the risk of complications after your passing.
A lawyer can further help you navigate the intricacies of estate planning. This level of expertise is especially crucial if you have a complex family situation, such as multiple marriages or dependents with special needs. Also if you run your own business this will need to be factored is to your estate plan.
Storage of Your Will
The loss or misplacement of your Will can cause difficulties for your family. When you draft a Will with us, we securely hold the original document at no cost in safe custody in our secured deeds room. Without original copies of your will your family may face the expensive task of applying for a grant of administration. This is a lengthy and costly method as opposed to a usual grant of probate, which can also have unforeseen consequences.
By engaging a lawyer, you not only ensure the proper storage of your Will but also receive guidance on informing your loved ones and appointed executor about the location of the original document. This proactive approach contributes to a smoother transition during an already challenging time.
Correctly Signing a Will
The process of signing a Will is complex and has specific requirements. If a Will is not properly signed and witnessed there can be issues about its validity which could lead to legal challenges. A lawyer will guide you through these requirements, ensuring your Will has been properly executed.
A lawyer will further provide independent witnesses, which minimises any challenge. For example, challenges that the Will maker was forced to sign or was uniformed. This attention to detail is vital for preventing future challenges to the validity of the Will.
Drafting a Will with a Lawyer
With the assistance of a lawyer drafting a Will becomes a much more straightforward process. Given the cost of preparing a Will is relatively inexpensive it is defiantly advisable to use a lawyer.
A lawyer can also provide insights into potential challenges or disputes that may arise, helping you structure your Will to minimise the risk of family conflicts. This is invaluable, especially in cases where family dynamics may lead to disagreements over the distribution of assets.
Appointing an Executor
When drafting a Will, who you choose to be your executor is an important question. An executor ensures your wishes are carried out, and your estate is administered correctly.
Typically, most people chose their partner as the executor and their children as default executors. However, this may not always be the best option particularly with blended families or where family members are in conflict. Selecting a suitable executor with the necessary knowledge and independence to handle the administrative, legal, and financial aspects is essential.
A lawyer can also assist in communicating your expectations to the chosen executor, ensuring they understand their responsibilities and can fulfil the role effectively. This is often done by a document known as a letter of wishes. Whilst a letter of wishes is not a legally enforceable document it does give guidance to the executor on how you wish your estate to be handled.
Updating Your Will
Regular updates to your Will are recommended, especially after significant life events such as marriage, having children, or property transactions. Ideally a Will should be reviewed every 5 years or when life events impact the provisions in your current Will. Your Will may not necessarily need to be changed but it is important to check.
Contact Lord Commercial Lawyers Today
As experienced commercial lawyers, we possess the knowledge and expertise to assist you in preparing a Will, ensuring it is done correctly. If you or someone you know needs help or advice in preparing a valid Will, please get in touch with us at (03) 9600 0162 or email info@lordlaw.com.au.
In conclusion, while making a Will without a lawyer is possible the benefits of engaging legal expertise far outweigh the potential risks. By ensuring the validity of the document to providing ongoing support for your changing circumstances, a lawyer plays a crucial role in the Will-making process.