Making Your Will: 5 Important Reasons to Do Your Will with an Expert

KEY TAKEAWAYS:

• Experienced Wills and Estates lawyers can tailor your Will to your individual family circumstances, assets and wishes.

• Professional advice can help you make informed decisions, reduce the risk of future disputes and ensure your Will remains up to date as your circumstances change.

• Choosing an experienced Wills and Estates lawyer ensures your Will is professionally prepared, properly executed and safely stored for when it is needed.

Making a Will is one of the most important steps you can take to protect your loved ones and ensure your wishes are carried out after your death. While it can be tempting to use inexpensive options for preparing your Will or having it prepared by someone who occasionally handles estate planning, there are significant benefits from seeking advice from an experienced Wills and Estates lawyer. Here are 5 important reasons to make your Will with an experienced Wills and Estates lawyer.

1. Your Will is tailored to your circumstances

Every person and family is different with their own individual circumstances. A Will should reflect your individual circumstances, including your assets, family relationships and wishes for your estate. An experienced Wills and Estates lawyer will take the time to understand your circumstances before preparing your Will. They will ask the right questions and identify issues you may not have considered yourself.

Professional estate planning advice is particularly important where there are:

• Blended families;

• Children from previous relationships;

• Minor children or vulnerable beneficiaries;

• Estranged family members;

• Multiple business interests;

• Trusts or companies; or

• Concerns about potential estate disputes.

These circumstances can raise important considerations when preparing your Will. Professional advice allows your lawyer to consider the bigger picture and ensure your Will is appropriately structured for your circumstances, as opposed to a generic document that does not consider your individual situation.

2. You can make informed decisions about your estate

There are many decisions to make when preparing a Will, and some are not always straightforward. Choosing an executor, identifying beneficiaries and deciding whether there are any potential family issues that may need to be considered are decisions that an experienced lawyer can help you navigate. They can explain your options and help you understand potential consequences of the decisions you make.

This is particularly important where your circumstances are complex, or there may be competing interests within your family. Having someone who regularly works in Wills and Estates means you can receive advice that is specific to your circumstances and make decisions with a clear understanding of how your estate plan will operate.

3. A professionally prepared will can reduce risk of future disputes

Disputes in relation to estates can be extensively stressful, costly and emotionally difficult for families. While no Will can guarantee that a dispute will not occur, careful planning and understanding of how your Will operates can help to minimise the risk of uncertainty and disagreement.

A Will that is outdated, unclear or does not properly reflect your intentions can create uncertainty for your loved ones, which can lead to disagreements between beneficiaries or legal proceedings that could otherwise have been avoided. An experienced Wills and Estates lawyer can help to identify potential areas of concern and advise you as to how your wishes can be given effect to.

Professional advice can be particularly valuable if you have concerns about your family circumstances, anticipate that someone may challenge your estate or intend to distribute your assets in a way that differs from what your family may expect. Taking the time to properly consider these issues while you have capacity to do so can create greater clarity for your loved ones in the future.

4. You have a professional to help review and keep your Will updated

Your Will should continue to reflect your wishes as your life and circumstances change. Over time, you may acquire new assets, get married or divorced, or have children and grandchildren. These changes may affect your overall estate plan and could mean that your existing Will no longer reflects your wishes.

Having an ongoing relationship with an experienced Wills and Estates lawyer means that you have someone you can return to when your circumstances change. They can review your existing Will and advise whether it remains appropriate for your situation or whether amendments should be made.

It is important to consider that certain life events may have legal consequences for your Will. Seeking advice when you experience significant life changes can help to ensure that your estate plan continues to reflect your wishes.

5. Your Will is stored safely and can be located when needed

Choosing the right person to prepare your Will is more than simply finding someone who can draft the document. It is important to consider whether your lawyer regularly practices in Wills and Estates or whether Wills are simply something they prepare from time to time as a small part of their broader practice.

You should also consider what happens to your Will once it has been signed. A professionally run Wills and Estates practice should have appropriate systems in place for the secure storage of original Wills and the maintenance of accurate records. This is important because, following your death, your executors need to know where your original Will can be found. Secure storage can help protect the original document from being lost, damaged or accidentally destroyed. Proper record keeping also helps ensure there is a clear record of the Will and where it is held.

When choosing a lawyer to prepare your Will, it is worth asking about their arrangements for the safe custody of original Wills and their systems for maintaining records. It is important to have the peace of mind that comes from knowing your Will is being looked after by a professional who understands the importance of the document and its role in administering your estate.

CONCLUSION

A Will is too important to treat as a simple form or an afterthought. It determines who will manage your estate, who will benefit from your assets, and how your wishes will be carried out after your death.

Using an experienced Wills and Estates lawyer provides greater confidence that your Will is properly drafted, appropriately executed, and securely stored. It can also help protect your family from unnecessary stress, uncertainty, and disputes at an already difficult time.

If you are considering making a Will or would like to review your current estate plan, our experienced Wills and Estates lawyers can help. We take the time to understand your individual circumstances and provide tailored advice to ensure your wishes are properly accounted for.

ABOUT OLIVER LATHAM:

Oliver joined the Coutts team in July 2022, working as a Senior Lawyer within our Wills & Estates and Commercial Law teams, across our Narellan and Campbelltown offices.

Oliver has a Bachelor of Laws and a Bachelor of Communications and Media from the University of Wollongong. He completed his Graduate Diploma of Legal Practice with the College of Law.