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Author Topic: DIY WILL KITS  (Read 6416 times)

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Offline woolgoolgaoffroad

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DIY WILL KITS
« on: July 24, 2014, 08:58:42 PM »
Just wondering if anyone has done these will kits you can get online/at the post office etc ?

Am trying to wind things up here on the property to say bye bye and I thought it may be time to put one of these into action. Are they really worth it or are you better off going through a solicitor ?
i suppose they would be legal, just have to get someone to witness it all - is that all that you should worry about ??
« Last Edit: July 24, 2014, 09:15:01 PM by woolgoolgaoffroad »
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Offline Beatle

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Re: DIY WILL KITS
« Reply #1 on: July 24, 2014, 09:19:42 PM »
Have you called a solicitor to check prices?
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Offline woolgoolgaoffroad

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Re: DIY WILL KITS
« Reply #2 on: July 24, 2014, 09:20:34 PM »
not as yet....
as there is soooooooo much knowledge on here
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Re: DIY WILL KITS
« Reply #3 on: July 24, 2014, 09:44:50 PM »
You could write your will on a beer coaster and it could be considered valid. But just because it is valid doesn't mean it will have the exact effect you are after or not cause problems for your executor or beneficiaries.

Those DIY will kits look simple but can also lead to trouble unless you are talking about the most simple "all to spouse" Will. Even omitting wording such as "my" before a gift or "as shall survive me" after naming a beneficiary can create issues in your Estate.

A DIY kit is also unable to discuss with you issues such as Family Provisions claims and tax planning issues. It can be easy to inadvertently give a 'contingent' gift to a minor (such as children or grandchildren) which can create significant tax liabilities.

I can only recommend you speak to a professional. For the sake of a couple of hundred $$ you can get peace of mind.

Oh and I am not a solicitor trying to spruik business. Just someone with enough knowledge to recommend people get some advice.  :cheers:


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Offline Jasman

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Re: DIY WILL KITS
« Reply #4 on: July 24, 2014, 09:50:12 PM »
Definitely talk to a Solictor and when there make sure you discuss Enduring Powers of Attourney and Advanced Health Directives.
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Offline dmax13

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Re: DIY WILL KITS
« Reply #5 on: July 24, 2014, 09:59:03 PM »
Definitely get some advice from a solicitor, the fee isn't just writing the will. It usually also includes the holding of the will (useful if travelling) and the later reading if something unfortunate happens.

Wills can be very complicated based upon what your personal finances look like or who the beneficiaries might be.
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Offline woolgoolgaoffroad

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Re: DIY WILL KITS
« Reply #6 on: July 24, 2014, 10:01:04 PM »
awesome...
thanks guys...
see i told you there was a ton of info from/on here

 :cup:
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Offline edz

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Re: DIY WILL KITS
« Reply #7 on: July 24, 2014, 10:24:21 PM »
Definatly put a power of attorny and a health directive in place ... We went through a very stressfull  best part of a year being bounced around dealing with doctors and Govenment tribunals etc to sort out Dads affairs .. and that was before he passed away ..
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Offline McTavish

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Re: DIY WILL KITS
« Reply #8 on: July 25, 2014, 12:33:55 AM »
What they said !!   
See a solicitor - I remember a solicitor telling me the story of how at professional development breakfast meetings - they would always do a toast "To the Will Kit" Hip pip hooray!!     They are legal but can they place the right money with the right taxation consequences to the right person at the right time???    You can get the state you live in = Public Trustee to do one up with nil to very little cost = but I'd still go to a solicitor who specialises in Estate Planning.     My understanding is that approx25% of wills are contested.   In no small part to the fact that most times the estate has to pay the legal costs - so why not give it a crack for some $$'s hey...   

Money & Family is a volatile mixture.
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Offline achjimmy

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Re: DIY WILL KITS
« Reply #9 on: July 25, 2014, 07:36:20 AM »
I did our own, bought of the internet. Mainly because I left it to the last minute and had no choice.  When I took mum to redo hers with my solicitor, he was a bit horrified, till he read it. And thought it wasn't too bad.  But I would go with a professional as they are not that expensive. Also as above they no some common pitfalls to avoid or get around and advise you of some unsavouries too. Like doesn't matter who or where you want your kids to go or be looked after by, the court decides the best welfare for them.
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Offline paceman

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Re: DIY WILL KITS
« Reply #10 on: July 25, 2014, 08:09:52 AM »
going to a solicitor is money well spent for piece of mind... IMHO...
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Offline camper48

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Re: DIY WILL KITS
« Reply #11 on: July 25, 2014, 08:39:32 AM »
hi all.a free will service with public trustee maybe the go. only pay when u are gone to heaven.
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Offline chester ver2.0

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Re: DIY WILL KITS
« Reply #12 on: July 25, 2014, 09:59:45 AM »
As above pay a professional

Look at the following
Estate Planning
Who will be executor if you die
Who will be your executor if you loose your facalties (sometimes they are different)
Should your assets be given or held in trust for dependants (even if over 18 as there are tax implications)
What are your wishes for yourself if you loose your facalties
What are your wishes for yourself if due to incident or ilness your facalties remain inact but your quality of life is greatly dimished
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Offline MDS69

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Re: DIY WILL KITS
« Reply #13 on: July 25, 2014, 11:00:07 AM »
Quote from: camper48 on July 25, 2014, 08:39:32 AM
hi all.a free will service with public trustee maybe the go. only pay when u are gone to heaven.

I am not speaking from experience here but I believe things can still get difficult with the Public Trustee involved when executing the will and estate and they can take quite a large percentage for fees compared to having a solicitor preparing you will.
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Offline JCOJ

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Re: DIY WILL KITS
« Reply #14 on: July 25, 2014, 11:15:21 AM »
I would avoid the Public Trustee in all circumstances, go and see a proper solicitor that specialises in wills and be done with it.

My grandma in law had hers with the Public Trustee - they were going to take a big chunk of the estate as 'their fee' plus another ridicules fee for being Executor.  Luckily she re-wrote her will with a solicitor and saved an absolute fortune.

When we did ours with a solicitor he came up with things that we would never have thought of that could be challenged with a crappy DIY will.  Eg: Not having to sell the house immediately if the market is crap; not having to immediately sell shares if the price is currently crap; specifyling what the recipients of our will have to do with the money eg putting it in trust until the nieces and newphews turn a certain age etc.

There is lots to take into consideration that isn't explained in the DIY version.  It is like anything, leave it to someone professionally trained in the area.
« Last Edit: July 25, 2014, 11:17:02 AM by JCOJ »
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Offline chester ver2.0

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Re: DIY WILL KITS
« Reply #15 on: July 25, 2014, 11:50:15 AM »
Also include the following if you are travelling with your partner that is also a benificiary

The clause needs to go something along the lines that your benificiary needs to survive you by 30 days. This gets around the issue of if you and your partner are both in an accident together the estate must be transfeered from you (dead) firstly to your partner (also dead) then say to your child. (who would be come the benificiary of you both die)

And this can take a hell of a long time to go through probate.

Just something to consider if you and your partner are travelling together for an extended time together
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Offline Pipeliner

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Re: DIY WILL KITS
« Reply #16 on: July 25, 2014, 01:51:41 PM »
The most important lesson out of all this is WRITE A WILL.  Friends of ours had been putting it off because they could not decide who should have guardianship of their three young children - then he died suddenly and unexpectedly at the age of 33 leaving his wife to try and sort everything out.
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Offline Bird

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Re: DIY WILL KITS
« Reply #17 on: July 25, 2014, 02:31:25 PM »
Honestly with something this important isn't it worth dishing out a few sheckles to get one written ???
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Offline fuji

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Re: DIY WILL KITS
« Reply #18 on: July 25, 2014, 04:11:58 PM »
Decided to get it done properly and for the both of us it will cost around $900 (discount) and that includes power of attorney, medical and legal and heap of other stuff.  If anyone wants to contact her let me know.

Wayne
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Offline McTavish

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Re: DIY WILL KITS
« Reply #19 on: July 25, 2014, 08:49:46 PM »
Good on you...   $900 verse 10's of thousands in solicitors fees (I know of a case being over $100k in fees - ouch).

I'm no expert in estate planning but here's a little ditty.    If a couple with no kids die at the same time in an accident and both have no wills (intestate) - and no not Interstate :) - then the eldest person can be deemed to have died first.   Therefore that persons assets go to the youngest person whose assets then go to their next of kin.   Outcome - the eldest persons family may end up getting ZIP ALL...    How's that for the law being an Ass...
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Offline Wortho

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Re: DIY WILL KITS
« Reply #20 on: July 25, 2014, 10:42:45 PM »
Did mine online through Slater and Gordon. It was free during National Law Week (runs from May 13 to 19). But cost $199 normally.

https://online.slatergordon.com.au/sgo/?

Pretty straight forward and gave us the option to split assets between Wife and Mines families if we both were to depart together. You can also leave a signed copy of the Will at one of their 
offices for safe keeping.

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Offline woolgoolgaoffroad

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Re: DIY WILL KITS
« Reply #21 on: July 26, 2014, 06:46:39 PM »
thanks all, after all the positive comments- will seek a pro and do it properly....thanks all
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Offline Mongoose

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Re: DIY WILL KITS
« Reply #22 on: July 27, 2014, 06:21:51 PM »
Quote from: woolgoolgaoffroad on July 26, 2014, 06:46:39 PM
thanks all, after all the positive comments- will seek a pro and do it properly....thanks all

You would be better off seeing a lawyer... >:D
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Offline Mallory Black

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Re: DIY WILL KITS
« Reply #23 on: July 27, 2014, 06:57:37 PM »
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Offline nab

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Re: DIY WILL KITS
« Reply #24 on: July 27, 2014, 10:49:48 PM »
We did the DIY will when our third was born, just to have something in writing if the worst does happen. We will see a lawyer when we decide what do do with the specifics. Better than having none at all.
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