Making a Will: Can I Draft My Own Will?

Don't have a will? You're not alone. Nearly half of Australians don't have one, and the COVID-19 crisis is prompting an increasing number of people to write their own will and take care of their estate planning. But can you draft your own will or do you need a lawyer to do that?If you die without a will, no one knows who you wanted as your beneficiaries. Your assets will be distributed according to a formula set by legislation. This means that certain relatives will receive a defined percentage of your assets, despite what you may have wished.

During these uncertain times, if you're looking for the best lawyer in Sydney CBD, NSW, Jeffrey of JCL Legal is available by mobile phone. Please call him on 0419 233 670.

Making a will in Australia is a relatively affordable and straightforward process. However, it is important to ensure you follow the law so that your will is considered valid and legally binding.While there are several DIY will kits available in Australia, you should consider talking to a Sydney solicitor when making your will in Sydney to ensure it is valid at the time of your death.And even if you do have a will, chances are it may not be up to date. If you've gotten married or divorced, had a baby, or one of your beneficiaries has died, part or all of your will may no longer even be valid.It's not the nicest thing to think about, but it's good to be prepared. By not preparing for the worst, you may cause delay and expense for your family at an already emotional time.Some people choose to make their own will. We think that is a mistake. Although writing your own may seem easy enough, the law around wills can be complex.When you make a homemade will, you risk not drawing it up properly or not expressing your intentions clearly enough. A DIY will is more likely to be contested, which means the whole process of giving away your assets could end up in court.That is why, when you make your will, it is important you have it drafted by someone who understands the law and can advise you on the best way to make sure your assets end up where you want them to. And that means engaging a solicitor.

What You Need to Prepare

• a list of your assets such as property, bank accounts, superannuation and investments• the names and addresses of your beneficiaries (the people who’ll receive your assets)• if you have children under the age of 18, the name/s of whomever you'd like to appoint as their guardian(s)• specific gifts you wish to make to particular people or organisations, such as personal items or sums of money• the details of your funeral if you have a pre-paid arrangement• a responsible and competent executor. The role of executor includes collecting the estate assets, paying debts, and distributing the assets to the beneficiaries named in the Will. You can choose a friend or relative, or appoint a lawyer you trust.

How to Draft Your Will

While the rules vary across the states, there are some common things to keep in mind:• You must be at least 18 years old or married. The will must be in writing, and you must be of sound mind and understand the implications of making a will.• Be clear. Rather than simply writing 'my spouse', state their full name.• Your will must be signed in the presence of two witnesses, who also need to sign the will in your presence. It's best for the witnesses and the will-maker to also sign each page and to use the same pen. Also, ensure the witnesses aren't beneficiaries or the spouse of a beneficiary.• Appoint an executor. The executor's job can be onerous and time-consuming. For example, the executor may need to apply to the Supreme Court for probate—a formal document to get permission to administer your estate, lodge a tax return and establish any trusts (for example, if you have young children). Appoint a substitute executor just in case, such as a solicitor.• Update your will when your circumstances change. A new de-facto relationship, marriage, separation or divorce, having a baby, the death of a beneficiary or your executor becoming unavailable are some common examples. As a rule of thumb, review and update your will every three years.• Get legal advice. Again, make sure that your will is valid and legally binding. Contact your local professional lawyer today. They will be happy to help you.• Keep your will in a safe place.

DIY Will Traps

• Financial arrangements made in your lifetime, such as debts, don't die with you—they must be honoured by your estate.• Superannuation is a minefield. Unless you have a current binding nomination, selecting the beneficiaries may be up to the discretion of the trustee of your fund.• Even if you disinherit immediate family members or dependants, they may still be able to contest your will. They would normally need to convince the court that you have failed to make adequate provisions for their proper maintenance, education or advancement in life.

When Should You Get Legal Advice to Draft Your Will?

There are a lot of issues that need special attention to make sure your will is valid and your wishes will be carried out. They could include the following:• a change in marital statuses such as marriage, separation or divorce• balancing needs of your new partner and your children• obligations you have to stepchildren or other non-relatives who are (or claim to be) dependents• taxation of estate assets• superannuation—and making a binding benefit nomination• jointly held assets such as property• a gift you give to someone before you die• future control of a company or family trust• distribution of sentimental items• pets

Hire The Best Sydney Lawyer Who Cares About Your Needs

A good Sydney lawyer like JCL Legal will be able to assist you with any legal issues in an efficient manner. To better your chances of meeting your goals in a timely manner, they can handle negotiations on your behalf and if needed, represent you in court.During these uncertain times, if you're looking for the best lawyer in Sydney CBD, NSW, Jeffrey is available by mobile phone. Please call him on 0419 233 670.