We have all heard of the common scenario, of DIY kits, such as
DIY renovations, at the outset they seem cheaper and easier, but if
you drill into a water or gas pipe, then you have to engage the
professionals to rectify the situation, which will cost you more in
the long run.
The same situation applies to Will Kits, whilst they may be
cheaper and what seems "easier" to complete than seeing
your lawyer, the implications of having an incorrectly drafted Will
could be dire.
The most common problems that arise from Will Kits relate to a
will maker's lack of understanding of Succession Law, the
formal requirements for ensuring the Will is valid and that the
gifts in the Will do not fail.
Some issues which require care and specific drafting:
Proper consideration as to the appointment of an executor and
in particular the appointment of alternate executors. This should
be someone that you trust.
Whether the Will is correctly executed? In our experience, a
Court may be lenient on this issue, but the cost and effort of
resolving this discrepancy in Court is substantial.
The difference between giving a gift to several beneficiaries
as a joint tenancy or tenants in common. The right of survivorship
in respect of a joint tenancy means that if one of those
beneficiaries were to predecease the Will maker, then their share
is redistributed amongst the remaining beneficiaries and not
distributed to their children.
Ensuring that particular gifts do not fail, such as if a child
does not survive his or her parents leaving children, will those
grandchildren take the share that their parent would have
If the grandchildren are to receive a share in the estate,
should a particular age be nominated for when they have access to
that share, and the executor in the interim will hold such share on
Understanding that superannuation does not normally form part
of the estate.
Appreciating the implications of "leaving someone
out" of your will. What rights do you have to challenge your
will under the Succession Act 2006 (NSW). The cost of this
costly litigation will be deducted from your estate assets and may
leave your intended beneficiaries substantially less than is
required to meet their needs.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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There are several requirements that must be completed by an executor before the distribution of assets to beneficiaries.
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