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Will Kit Estate Planning Lawyers Brisbane Sunshine Coast

The top six reasons why you should not use a Will Kit – Part Two

In an earlier blog, The Top Six Reasons why you should not use a Will Kit – Part One, I explained the first 3 reasons why I think people should not use a Will Kit to record their last wishes. To recap, the six reasons are:

  1. Your wishes may not be carried into effect.
  2. A Will Kit does not cover all bases.
  3. A Will Kit does not deal with your superannuation funds.
  4. Estate Planning is more than just making a Will – what happens to your business and investment assets?
  5. A Will Kit does not cater for blended families.
  6. A Will Kit opens the possibility for challenges to an Estate.

Here are my final 3 reasons:

4. Estate planning is more than just making a will. It is not uncommon today for people to have various structures owning assets that sit outside of their estate. These structures include trusts and companies, which means any assets owned by these structures may not form part of your estate and will not be distributed in accordance with your Will. Wherever a trust or company is involved, it is important to seek the advice of a solicitor so that you ensure the assets pass to the intended beneficiaries.

A Will Kit does not provide for these situations and this creates potential for the control of your Trust and Companies to end up in someone else’s hands. For example, you may want your children or someone else in your family to take over controlling these structures and this may not occur.

5. A Will Kit does not cater for blended families. If you do not adequately provide for your spouse (including de-facto spouse) and your children (including step-children), those people will be entitled to make a claim against your estate. If you simply leave everything to your Children in your Will Kit, you could inadvertently be including your step-children whom you may not want to include. This is a complex area of law and a solicitor will be able to discuss with you the appropriate precautions to put in place to reduce a risk of a claim being made against your Estate.

6. A Will Kit opens the possibility for challenges to an Estate. Unfortunately, a Will Kit opens the doors for potential challenges to a person’s estate because the Willmaker does not understand this complex area of law. Then when you combine this with the ageing population making it easier to question a Willmaker’s “capacity” and people leaving beneficiaries out of their Will or a disproportionate to their loved ones, a Will Kit is an easy way to ensure your Estate will be challenged! The only way to avoid this, is to see a solicitor who can put appropriate measures in place to protect your Estate and have everything documented correctly.

If you want to correctly document your intentions and ensure your assets pass in accordance with your wishes, you should obtain the advice of an experienced estate planning lawyer. Please do not hesitate to contact me if you require assistance.

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The information provided in this article is for general information and educative purposes in summary form on legal topics which is current at the time it is published. The content does not constitute legal advice or recommendations and should not be relied upon as such. Whilst every care has been taken in the preparation of this article, Wills, Estates and Probate Lawyers (WEP Lawyers) cannot accept responsibility for any errors, including those caused by negligence, in the material. We make no representations, statements or warranties about the accuracy or completeness of the information and you should not rely on it. You are advised to make your own independent inquiries regarding the accuracy of any information provided on this website. WEP Lawyers does not guarantee, and accepts no legal responsibility whatsoever arising from or in connection to the accuracy, reliability, currency, correctness or completeness of any material contained in this article. Links to third party websites or articles does not constitute any endorsement or approval of those sites or the owners of those sites. Nothing in this article should be construed as granting any licence or right for you to use that content. You should consult the third party’s terms and conditions of use in relation to any third-party content. WEP Lawyers disclaims all responsibility and all liability (including liability for negligence) for all expenses, losses, damages and costs you might incur as a result of the information being inaccurate or incomplete in any way. Appropriate legal advice should always be obtained in actual situations.

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Written by—

Chloe Kopilovic

Call 07 3035 4077 to speak with our team now