Making a will is one of the more important actions you can take for yourself in terms of future planning. You or your loved ones can rest easy, realising that, in the afterlife, your assets will be distributed in accordance with your preferences thanks to a will. The issue of whether to use a professional wills lawyer or do it yourself is one that many people must answer. To assist you in selecting the best method of action, particularly if you’re thinking about hiring a Melbourne will lawyer, we’ll go over the benefits and drawbacks of each choice in this post.
What is a DIY will?
A DIY (Do-It-Yourself) will is a legally binding document that you create yourself that specifies how you want your estate to be administered and divided upon your passing. It’s never been simpler or more accessible to create a DIY will, thanks to the growth of internet platforms and will kits. These websites frequently offer templates and detailed instructions to assist you in creating your will on your own without the need for legal counsel.
Advantages of a DIY Will
- Cost-Effective: However, the major benefit of a DIY will is that it is cheap compared to hiring the services of a professional. While compiling a will on the internet with the help of templates or simply purchasing ready-made kits is, as a rule, significantly more affordable in comparison with an application to a qualified wills lawyer, For people with uncomplicated estates, such a saving can be significant.
- Convenience: When using DIY, wills can be done at your own convenience and from the comfort of your own home. It is not necessary to make appointments to meet with a lawyer or take off work for a meeting. Several sites are easy to navigate and self-explanatory, so you can complete the operation with ease.
- Control and Privacy: One of the things that makes a will unique is that you always write it on your own; therefore, you get to choose what it should and should not contain. You are free to edit the agreement at any time without requiring legal counsel’s help, and this flexibility is a plus. Also, if privacy is an issue, DIY wills will let you know that the details of the estate are none of anyone’s business.
Disadvantages of a DIY Will
- Risk of Errors: However, the most severe disadvantage of DIY wills is that one is bound to make one or more mistakes. Reading and understanding laws, as well as writing legal terms, can be a tedious job for laymen and women. Mistakes made in your will could cause disputes among beneficiaries, take a longer time to get the will granted, or invalidate the will.
- Lack of Legal Advice: DIY will kits will not contain individualised legal advice. If you have many assets, such as houses, other buildings, or stocks, or if you have dependent family members with special requirements, then a simple will is likely to be inadequate.
- State-Specific Requirements: As for the wills, their legal regulation in different states is different, including the requirements for the witnesses, the signing, and the execution of the will. In case you are not acquainted with these, it might be difficult for you to produce a DIY that will not contravene the state laws and hence be vulnerable to being annulled in court.
What is a professional will?
A trained wills attorney with an emphasis on estate planning drafts a professional will. Hiring a wills lawyer in Melbourne guarantees that your will is written with a thorough awareness of the relevant state laws as well as your unique circumstances in places like Melbourne.
Advantages of Hiring a Wills Lawyer
- Expertise and Legal Knowledge: It’s important to hire a professional wills lawyer since a person will get legal experience from the lawyer. They are in a good position to point out areas of concern that may not be easily spotted, especially because you are drawing the will on your own, for example, in terms of taxation, asset protection, and family relationships. Your will is complete and definitively legal due to their knowledge.
- Customisation and Personalisation: To suit your requirements, a wills lawyer can prepare your will depending on the plans that you have made. They can help you learn how to organise your estate with a view to avoiding one’s tax liabilities, defending the weaker party, and preventing any conflicts between family members. It can save a lot of time and effort for such people since it proactively delivers the level of specificity that is needed for their personal and business needs.
- Compliance with State Laws: There are general rules of will that apply across every state, but the specifics may be unique to a specific state. An experienced wills lawyer in Melbourne will be acquainted with the current legal policies in your region, and thus your will will be legal and executable. They can also inform you of any changes in the law that may, in one way or another, affect your estate plan.
- Peace of Mind: It is reassuring that a lawyer has drawn up the will and that there are real documents that have been drawn and prepared ready for implementation, just in case. It can help you be assured that all legal ground has been covered so as to minimise the chances of a likely confrontation or controversy ensuing upon your death. Further, a lawyer can keep your will safe and make sure that it is not lost or obtained by your executor.
Disadvantages of Hiring a Wills Lawyer
- Cost: This is the greatest weakness of employing a wills lawyer since it will cost one a lot of money to do so. That way, apart from the few cases where professional legal service providers will be engaged to work on your estate, the fees for such services could be relatively high, especially if your estates are complicated or if you need constant legal assistance. But the cost is hardly unexpected and can be justified by the sense of security and protection it provides.
- Time and effort: Hiring a wills lawyer adds extra hours and extra work compared to when one is creating a will on their own. Yes, you might need to make appointments with lawyers, arrange for some documents, or even go to several meetings before even finalising your will. Such a process might consume so much time, especially if one has many things to attend to in their working schedule.
Which option is right for you?
The intricacy of your estate, your financial situation, and your personal preferences are some of the elements that will determine whether you should choose a professional wills lawyer or a do-it-yourself option.
- Simple Estates: If you own a simple estate, let’s say, a house with no commerce and few relatives expected to inherit your property, then the ready templates might be enough for you. It is cheap, and one can easily and quickly write their intentions on how they want to be buried without any consultation from a funeral director.
- Complex Estates: If the circumstances of such an estate are more complicated, meaning that it includes several properties, business items, and so on, or where the testator would like to provide, especially for dependent relatives, then it might be wiser to consult an experienced wills lawyer in Melbourne. A professional can avoid all such complications and guarantee that all legal processes are followed to the letter on your estate.
- Peace of Mind: If you have qualms about generating mistakes in your do-it-yourself will or if you simply wish to have a specific guarantee that your will is clean, seeking the help of a professional wills lawyer is a wise thing to do. The extra expense can be justified on the grounds of the safety of the estate and of the members of the family.
Conclusion
Both professional wills and do-it-yourself wills offer advantages, and the best option for you will depend on your unique situation. Although DIY wills can save money and provide convenience, there is a chance of making mistakes and a lack of legal advice when using them. However, retaining the services of a wills lawyer in Melbourne guarantees that your will is accurate, valid, and customised for your particular circumstances, giving you peace of mind and shielding your estate from future legal challenges. In the end, what matters most is how complicated your estate is, how much money you have to work with, and how comfortable you are doing it yourself.
