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Everything you should know about DIY Wills

A Will is one of the most significant legal documents you’ll sign in your lifetime, so it’s important to get it right – but why? It’s an opportunity to meet two goals: to have your wishes heard, and to make things easier for your family after you pass. If you use a DIY Will kit, it’s possible that neither of those goals will be met. What are the risks of DIY Wills? The biggest problem with DIY Wills is that it’s very easy to get them wrong. As I detail in my book <a href="http://www.mauriceblackburn.com.au/ebook">The Australian Guide to Wills & Estate Planning</a>, even the simplest mistakes can cause the Will to be contested or held to be invalid. Some of the most common mistakes we see are: 1. Attempting to give away assets you don’t own. A Will can only dispose of assets that you own at the date of your death, but we often find that some people with a DIY Will try to give away assets that they don’t own. For example, we once saw a Will that contained a clause that directed the life insurance be used to pay off their house so that the Will-maker’s son could receive the house free of debt. Unfortunately, the life insurance policy nominated the Will-maker’s new partner as the beneficiary. When the policy was paid to the partner, they then refused to use it to pay off the mortgage. Had the Will-maker sought legal advice, this problem would have been identified and the appropriate steps taken to ensure that the intention was fulfilled. 2. Failing to comply with basic legal formalities. A Will is a legal document. There are legal requirements that must be followed when making a Will to ensure that the Will is valid. Simple things such as having only one witness to your signature or having the witnesses using different coloured pens can raise questions about whether your signature was actually witnessed. Basic errors such as these can either invalidate your Will or create costly disputes within the family. 3. Being too specific in your Will. Some people who attempt to make a DIY Will try and give away every single thing they own. This creates two potential problems. First, the Will-maker often forgets to include a “catch-all” clause at the end of the Will. This means that there will be some assets that are not disposed of. These “forgotten assets” are then distributed in accordance with a formula set out in legislation. Second, some assets listed in the Will are likely to change. For example, if the Will leaves a house to a beneficiary and that house has been sold prior to the Will being administered, that beneficiary misses out on the gift. Proper advice at the time of preparing a Will can avoid these problems. 4. Imposing requirements on a beneficiary. Some DIY Wills impose requirements on the beneficiaries that are sometimes unrealistic or impractical. This often happens where gifts made to a charity direct that the funds be used for a purpose that might no longer exist. This outcome can be avoided if the Will is drafted correctly. Further, sometimes the identity of the organisation that is to receive the gift is unclear. This, too, can be avoided with proper advice. 5. Forgetting to appoint an executor to the Will. Forgetting to appoint an <a href="https://www.mauriceblackburn.com.au/wills-and-estates/probate-and-estate-administration/executor-of-a-will/">executor of your Will</a> won’t invalidate your Will, but it can complicate or slow down the process of sorting out your estate. The failure to appoint an executorcan also lead to a dispute as family members jostle to be appointed as Administrator of the estate. 6. Overlooking the fact that circumstances change. DIY Wills often overlook the need to cater for change. A Will needs to be drafted to deal with any potential change in circumstance. While not every scenario can be covered, with proper advice the most obvious scenarios can be dealt with. 7. Illegible handwriting. This is a simple but common mistake we often see with DIY Wills. If no one can read your Will, then you can’t be certain your wishes will be granted. What’s the best way to make a Will? The first thing I say to people who want to write their own Will is: Don’t do it. But if you do have your mind set on creating a fuss-free, quick and easy standard Will, we have the perfect solution. Our online Wills service, <a href="http://www.mauriceblackburn.com.au/createmywill">MyLife Wills™</a> is the best of both worlds. Like an online DIY Will, you can provide the information for your Will online in the comfort of your own home or on your lunchbreak. It only takes 30 minutes, reducing face-to-face time with a lawyer, therefore reducing the cost. However, the significant difference with our online service is that an expert Wills & Estates lawyer will draft your Will so you get the peace of mind that it’s legally valid. DIY Wills are often seen as a cheaper option to seeking legal advice, but that’s not necessarily true. A DIY Will might cause more issues down the track, potentially costing your loved ones money or causing disputes. Be smart about your Will and start <a href="http://www.mauriceblackburn.com.au/createmywill">online</a> today. Need more information? Andrew Simpson is the National Head of Wills & Estate Planning at Maurice Blackburn Lawyers. Andrew has 20 years’ experience as a lawyer and for the past 18 of these years he has practiced in <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Wills disputes</a> and <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Estate planning</a>, so he understands the many facets of <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Estate law</a>. He is so passionate about this area of law that he wrote a plain English book about it to help people understand the importance of Estate planning. A best-seller, <a href="http://www.mauriceblackburn.com.au/ebook">The Australian Guide to Wills & Estate Planning</a>, has just been republished and is available in all good bookstores. This is a sponsored post written in partnership with <a href="http://www.mauriceblackburn.com.au/createmywill">Maurice Blackburn Lawyers</a>.

Legal

Why a Will is only one piece of the estate planning puzzle

More than 50% of Australian’s don’t have a Will or estate plan, let alone other important medical and life documentation in place. It may be daunting to consider another person to make a life-changing medical decision, to be guardian of your children or to be your Power of Attorney if you fall ill or become incapacitated. However, the unavoidable fact is, if you don’t think about these serious decisions now, your partner or children might be put in a situation where they are left guessing your wishes, causing extreme stress, chaos and uncertainty. It is normal to forward plan in other aspects of our life, such as finances, insurances or superannuation to ensure we and our families are protected. Don’t skip planning for your life. We believe something as important as estate planning should be easy, so we have developed a unique package called <a href="https://www.mauriceblackburn.com.au/mylifedocuments/">MyLife Documents™</a>. This unique offer allows you to prepare five essential estate planning legal documents easily, in one go, for a fixed price and under the consultation of an expert Wills & Estate Planning lawyer. As I assure you in my book, <a href="http://www.mauriceblackburn.com.au/ebook">The Australian Guide to Wills & Estate Planning</a>, Wills and estate planning doesn’t have to be as daunting, labour intensive or expensive as you may think and the benefits far outweigh the drawbacks. Making plans now is the best way to ensure that your family and loved ones are looked after if anything should happen to you. Blackburn Lawyers work with you over two consultations to prepare five vital documents: 1. A standard Will A Will is a legal document that enables you to determine how your ‘estate’ is to be distributed after your death. This includes your money, property, shares, investments and possessions. While separate from your estate, you should also make decisions about how your superannuation is dealt with when you make your Will. 2. Enduring Power of Attorney (POA) An Enduring Power of Attorney is a legal document that allows you to nominate one or more persons to act on your behalf for legal, financial and personal decisions. This can start when you decide and continues to be effective if you lose the ability to make your own decisions. 3. Appointment of Medical Treatment Decision Maker The appointment of a Medical Treatment Decision Maker is different to a POA, as they are tasked specifically with making medical decisions for you if you are ill or injured and unable to make them for yourself. 4. Advance Care Directive In relation to your medical decisions, you are also able to prepare a second document called an Advance Care Directive which allows you to record your wishes regarding treatment and communicate them to your Medical Treatment Decision Maker so that they have an understanding of what is important to you. 5. Statement of Wishes A Statement of Wishes is a separate document to your Will. A Statement of Wishes is not binding but can assist your executors when it comes time to administer your estate. At Maurice Blackburn, we store your Statement of Wishes with your Will so that executors have everything they need to administer your estate. Things that might be included in a Statement of Wishes: <ul> <li>music that you wish to be played at your funeral</li> <li>who your pallbearers will be</li> <li>who will scatter your ashes</li> <li>other preferences around burial or cremation</li> <li>the location of your assets so your executors may easily find them</li> <li>who you would like notified about your death.</li> </ul> These five essential legal and medical documents work hand-in-hand to protect your loved ones in the event you are injured or incapacitated, or if you pass away. Failure to do so can create uncertainty and stress for family and friends, leaving them guessing your wishes. In my experience, the cost of not planning your estate is far greater than the cost of planning it. Don’t put it off any longer, as your family will always be better off with these documents in place. By making one simple phone call today, you can take the pressure off your family and loved ones down the line. Andrew Simpson is the National Head of Wills & Estate Planning at Maurice Blackburn Lawyers. Andrew has 20 years’ experience as a lawyer and for the past 18 of these years he has practiced in <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Wills disputes</a> and <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Estate planning</a>, so he understands the many facets of <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Estate law</a>. He is so passionate about this area of law that he wrote a plain English book about it to help people understand the importance of Estate planning. A best-seller, <a href="http://www.mauriceblackburn.com.au/ebook">The Australian Guide to Wills & Estate Planning</a>, has just been republished and is available in all good bookstores. For all oversixty.com.au readers, we are pleased to offer a <a href="http://www.mauriceblackburn.com.au/ebook">FREE download</a> of Andrew’s book, valued at $29.95 This is a sponsored post written in partnership with <a href="http://www.mauriceblackburn.com.au/createmywill">Maurice Blackburn Lawyers</a>.

Legal

Deceased estates: knowing where to start needn’t be stressful

Managing the estate of a deceased friend or loved one can be an overwhelming task. Aside from processing the sadness of loss, you have the added pressure of honouring someone’s wishes while trying to understand jargon in a complicated legal process. The first question you need to ask when managing a deceased person’s estate is simple: Do they have a Will? There is no Will If your loved one has passed away without a Will, there will be no executor appointed to start work on the estate and there won't be any formal instructions to help you determine what happens with their estate. Things can get very complicated, very quickly. We understand that losing someone close to you is very distressing. In addition to the emotional strain of dealing with the loss, you may need to quickly take care of practical matters such as organising their funeral, contacting different organisations (such as utility providers and superannuation funds), and working out the assets and debts of the estate. Having expert help and advice can make all the difference. How is an intestate estate dealt with? Dying without a Will is known as “dying intestate”. This is not an ideal situation, but it’s far more common than you think. So, where do you start? If your loved one has passed without a Will, an application needs to be made to the Court to appoint a person to act as the Administrator of the estate. This is because there is no executor appointed. This application is referred to as an application for a <a rel="noopener" href="https://www.mauriceblackburn.com.au/wills-and-estates/letters-of-administration-on-intestacy/" target="_blank">Grant of Letters of Administration</a> on intestacy and it’s the first thing you need to do. The process can be complex and you may need to have a lawyer assist you in making the application. In all cases where it is necessary to apply for a Grant of Letters of Administration, it is usually the person with the greatest entitlement to the estate, as determined by applying the intestacy formula, that applies for the Grant. For example, if a spouse or partner survives the deceased, they would usually bring the application. If the deceased is survived by children (and no spouse/partner), then one or more of them could apply. There is a Will When someone names you as the executor of a Will, you become responsible for their estate and their final wishes upon their death. Being an executor of a <a href="https://www.mauriceblackburn.com.au/wills-and-estates/writing-a-will/">Will</a> can feel overwhelming for some people, but it doesn’t need to be. Your main role as executor is to represent the person who has passed away and wrap up all of their personal, financial and legal affairs. Ideally, the Will-maker will have explained how they’d like you to carry out your duties in their Will. Here is a list of the main responsibilities you now have as an executor of a Will: 1. Identify the assets and liabilities of the estate; 2. protect these assets (ie; store them safely where necessary and make sure they’re insured); 3. apply to the Court for a Grant of Probate where necessary; 4. collect the assets of the estate and hold them on behalf of the estate prior to them being distributed; 5. make sure all estate liabilities, including tax, have been paid; 6. defend the estate from any challenges; 7. distribute the estate to the beneficiaries in accordance with the Will. If you need advice on administering a Will, our expert Wills & Estates lawyers can guide you through the process and ensure you make informed decisions. Do I have to accept the responsibility of being the executor? A lot of people ask me this question, and I refer to it in detail in my book <a href="http://www.mauriceblackburn.com.au/ebook">The Australian Guide to Wills & Estate Planning</a>. You are not legally obliged to take up the appointment of executor, even if you agreed to accept the role while the Will-maker was alive. A lot can happen in the time between the writing of a Will and the time when the administration of an estate is required. We can help if you decide that you don’t want to act as executor. What is the difference between a Grant of Probate and a Grant of Letters of Administration? An <a rel="noopener" href="https://www.mauriceblackburn.com.au/wills-and-estates/probate-and-estate-administration/" target="_blank">application for a Grant of Probate</a> is made to the Court by an executor appointed by a Will. The Grant of Probate confirms that the Will is valid and that the executor has the authority to deal with the assets of the estate. An application for a <a rel="noopener" href="https://www.mauriceblackburn.com.au/wills-and-estates/letters-of-administration-on-intestacy/" target="_blank">Grant of Letters of Administration</a> is usually made to the Court where there is no Will and, therefore, no appointed executor. In this case, a beneficiary of the intestate estate will apply to be granted the formal right to administer the estate as Administrator. An application for a Grant of Letters of Administration may also need to be made where there is a Will but the nominated executor refuses or is unable to take up the role. Assistance with administering an estate We can help take the pressure off you during this difficult time. Our expert lawyers can manage everything and you can be sure that the estate will be handled professionally and impartially. We can handle the entire administration process, or assist in applying for a Grant of Probate or a Grant of Letters of Administration. We’re here to help. If you would like us to administer the estate of your loved one, or you would like to discuss the options available to you, please feel free to <a href="https://www.mauriceblackburn.com.au/wills-and-estates/executor-of-a-will/">contact us</a> and speak to our expert lawyers today. How do I make a Will? Our online Wills service, <a href="http://www.mauriceblackburn.com.au/createmywill">MyLife Wills™</a> is a great place to start. You can provide the information for your Will online in the comfort of your own home or on your lunch break. It only takes about 30 minutes, reducing face-to-face time with a lawyer, therefore reducing the cost. The main difference with our online service is that an expert Wills and Estates lawyer will draft your Will so you can be confident that it is not only thorough, but also legally valid. To protect yourself, your assets and your loved ones when you eventually do kick the bucket, it’s time to take your Will out of the too-hard pile and put it in the must-do pile. Maurice Blackburn has made it easy for you to <a href="http://www.mauriceblackburn.com.au/createmywill">start online</a> today. Need more information? Andrew Simpson is the National Head of Wills & Estate Planning at Maurice Blackburn Lawyers. Andrew has 20 years’ experience as a lawyer and for the past 18 of these years he has practiced in <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Wills disputes</a> and <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Estate planning</a>, so he understands the many facets of <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Estate law</a>. He is so passionate about this area of law that he wrote a plain English book about it to help people understand the importance of Estate planning. A best-seller, <a href="http://www.mauriceblackburn.com.au/ebook">The Australian Guide to Wills & Estate Planning</a>, has just been republished and is available in all good bookstores. For all oversixty.com.au readers, we are pleased to offer a <a href="http://www.mauriceblackburn.com.au/ebook">FREE download</a> of Andrew’s book, valued at $29.95. This is a sponsored post written in partnership with <a href="http://www.mauriceblackburn.com.au/createmywill">Maurice Blackburn Lawyers</a>.

Legal

The one thing more important than any bucket list

By Andrew Simpson Regardless of age, each of us has a multitude of things we’d like to achieve before we die. That’s why creating a bucket list is such a powerful way to start documenting what we’d most like to accomplish. But before we get too excited about all the wonderful possibilities that can be achieved over a lifetime, it’s important to make sure we plan for our inevitable departure. This means preparing a valid Will. Why a Will is so important As I covered in <a href="http://www.mauriceblackburn.com.au/ebook">The Australian Guide to Wills & Estate Planning</a>, creating a valid Will gives you choice and control over how your Estate is distributed and, importantly, it simplifies the administration of your Estate for your loved ones who would otherwise be left to sort it all out. You might want a certain family member to inherit specific items once you pass on, or perhaps you’d like to allocate an inheritance to children from previous relationships. You can also distribute items of sentimental or emotional importance in your Will by documenting those wishes which will then be executed in accordance with your desires. Think of your Will as a gift you leave your family and loved ones, making the management of your Estate clear and easy for them to follow. The main reasons to create a Will include: <ul> <li>to appoint someone – an <a href="https://www.mauriceblackburn.com.au/blog/2016/november/18/think-you-don-t-need-a-will-think-again/">executor</a> – who has the authority to step into your shoes and tend to your affairs when you die</li> <li>to communicate your wishes regarding the distribution of your assets after your death, and</li> <li>to try to avoid disputes that may arise if you do not create a Will.</li> </ul> Many of the disputes we deal with at Maurice Blackburn Lawyers result from people not having a Will, or having one that is out of date, meaning it does not reflect the deceased’s circumstances at the end of their life. Preparing your Will now will help you feel organised moving forward so you can achieve what you want in life. Now you can enjoy planning your bucket list Once your Estate is in order and your assets are protected, get out there and start taking advantage of the rest of your life – because before we know it, life catches up with us. Only a quarter of people aged over 50 say they’ve achieved their life goals, but bucket lists are helping them tick off their biggest ambitions. Writing down your list of ideas helps you realise what you want to achieve. Apart from having a set list of goals to strive for, it will also help you reflect on what you’ve already accomplished. Making sure you’ve got everything in order will enable you to make the most of every day with peace of mind that your wishes have been clearly laid out should anything unexpected happen. That way you can focus on enjoying your latter years and ticking off items on your ‘to do’ list. Here are some ideas to get you started: Get out and about Retirement is often a time when enjoying life takes precedence over asset accumulation. It is a time to pursue an old hobby or try a new one and there is plenty to get involved in. You might go on a hot-air balloon ride and find it a fun and peaceful experience. You might devote more time to the arts by auditioning for the local community theatre. If you’re an animal lover, you could apply to become a foster parent to a shelter pet in need. The options are limitless. Travel If travel is your thing, you might contemplate a cross-country RV trip, a cruise or a holiday in Europe. As with many things in life, the planning is half the fun! Start a business Have you always had dreams of starting your own business and being your own boss? If so, why not add that to your retirement bucket list? It’s never too late to reinvent yourself. Volunteer Volunteering is good for the soul and a great way to give back to your community in retirement. Whether you’re passionate about animals, children with special needs or homelessness, there are countless volunteering opportunities available throughout the country and around the world. Get involved by exploring charitable and not-for-profit organisations in your community. Enjoy time with grandchildren Spending time with grandchildren and watching them grow is a special gift for both of you. They will cherish memories you create for the rest of their lives. Organise schedules and school vacations so you can visit them or they can take a trip to see you. Maybe even plan a special holiday for a large group of family members or just take the grandkids. Learn something new Have you always wanted to learn something new but never had the time? The retirement bucket list ideas are endless when it comes to learning. This fresh chapter is a great opportunity to finally learn a different language, take a cooking class, play an instrument or become an expert on wine. Check out a local college for class ideas and let the learning begin. Tips to make your retirement bucket list a reality: <ul> <li>Determine your lifestyle – setting expectations for your overall lifestyle can help you create a budget and save for the things that matter most to you in retirement.</li> <li>Financial planning – creating a budget and having a plan to cover living expenses and health care costs will be important to determine what discretionary funds you have for your bucket list.</li> <li>Plan your Estate – if you’re looking to the future, consider getting a lawyer to assist you with your Estate planning. <a href="http://www.mauriceblackburn.com.au/createmywill">Maurice Blackburn</a> has many options available at fixed prices. Everything from a valid lawyer-drafted Will to an Estate planning bundle that includes Powers of Attorney and the various medical documents required if you become incapacitated for whatever reason.</li> </ul> How do I make a Will? Our online Wills service, <a href="http://www.mauriceblackburn.com.au/createmywill">MyLife Wills™</a> is a great place to start. You can provide the information for your Will online in the comfort of your own home or on your lunch break. It only takes about 30 minutes, reducing face-to-face time with a lawyer, therefore reducing the cost. The main difference with our online service is that an expert Wills and Estates lawyer will draft your Will so you can be confident that it is not only thorough, but also legally valid. To protect yourself, your assets and your loved ones when you eventually do kick the bucket, it’s time to take your Will out of the too-hard pile and put it in the must-do pile. Maurice Blackburn has made it easy for you to <a href="http://www.mauriceblackburn.com.au/createmywill">start online</a> today. Andrew Simpson is the National Head of Wills & Estate Planning at Maurice Blackburn Lawyers. Andrew has 20 years’ experience as a lawyer and for the past 18 of these years he has practiced in <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Wills disputes</a> and <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Estate planning</a>, so he understands the many facets of <a href="https://www.mauriceblackburn.com.au/our-people/lawyers/andrew-simpson/">Estate law</a>. He is so passionate about this area of law that he wrote a plain English book about it to help people understand the importance of Estate planning. A best-seller, <a href="http://www.mauriceblackburn.com.au/ebook">The Australian Guide to Wills & Estate Planning</a>, has just been republished and is available in all good bookstores. For all oversixty.com.au readers, we are pleased to offer a <a href="http://www.mauriceblackburn.com.au/ebook">FREE download</a> of Andrew’s book, valued at $29.95 This is a sponsored post written in partnership with <a href="http://www.mauriceblackburn.com.au/createmywill">Maurice Blackburn Lawyers</a>.

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Everything you should know about DIY Wills

Why a Will is only one piece of the estate planning puzzle

Deceased estates: knowing where to start needn’t be stressful

The one thing more important than any bucket list

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