1. Legally Valid Wills
A valid Will must meet specific legal requirements detailed in the Queensland succession legislation. A simple mistake or oversight can render your Will invalid or ambiguous.
There’s no guarantee a Court can fix mistakes in a DIY Will and any decision by a Court may not be what the Will-maker intended. Court costs to attempt to rectify a Will easily add up to tens of thousands of dollars which means less money in the estate for the Will-maker’s loved ones.
2. Family Structures
3. Identifying and Managing Assets
Appropriately identifying and managing your assets in a Will is crucial for a smooth estate administration process. DIY Wills may overlook certain assets or fail to account for the changing value of your estate over time. Superannuation (and any life insurance held within your super) does not automatically become part of your estate and must be considered in the overall strategy for the estate plan.
4. Tax Efficiency and Asset Protection
Estate planning involves maximizing tax efficiency and protecting your assets. DIY Wills may not adequately address these aspects, resulting in unnecessary tax burdens or leaving assets vulnerable to claims or challenges.
5. Avoiding Family Disputes
6. Peace of Mind
Our initial consultation is the first step in your estate planning journey, allowing us to delve into your financial situation, family dynamics, and desired outcomes for your estate plan. During this crucial step, we discuss various options and strategies tailored to achieve your specific goals. While the ultimate goal is the creation of your estate plan documents, the immense value lies in understanding the “what,” “why,” and “how” of the process. This comprehensive approach sets a professionally crafted Will miles apart and ahead of a DIY Will.
While DIY projects can be fulfilling, preparing your own Will is not one of them. The potential risks and consequences associated with DIY Wills are too great to ignore. Take the right step today and secure the future of your loved ones. Click here to request a booking, or head to the ‘Request a Booking’ tab. We look forward to speaking with you soon and creating a strategic estate plan tailored to your needs.