Australian law news

Why You Require a Lawyer to Draft Your Will

Contemplating getting started creating your will? About half of Australians don't have a legally binding will, meaning they risk dying intestate. When a person dies intestate, the estate and inheritance laws of their specific state or territory will be used to determine how their wealth and assets should be distributed. This may not always conform to the wishes of the deceased person. 

To ensure your estate will be shared according to your specific instructions when you die, it's important to create a valid will. Will-writing is something you can do yourself, but it's generally recommended to enlist the help of a lawyer that specialises in wills and estate planning. Continue reading to find out the various reasons you require a specialist lawyer to draft your will.

A lawyer will help you write a valid will

When it comes to writing wills, there's a set of legal requirements that must be met for the wills to be valid. These legal requirements can vary widely from state to state or even within same-state territories. What's more, different areas of Australia's succession laws are constantly being reviewed and revised to accommodate new developments. These revisions to the law can affect the requirements for drafting a legally binding will.

Besides having intricate knowledge of your state or territory-specific deceased estate laws, wills and estates lawyers keep abreast of the latest changes in the legal environment. This makes it possible for them to create legally binding wills for their clients.

A lawyer will help you cover all your assets and properties

When it comes to creating a will, there are many asset types that you may have to think about. These include real estate, company shares, personal vehicles and items, managed investments, and many more. If you have a large or complicated estate, it's easy to leave out some important details regarding the transfer of your assets and property to the beneficiaries. Wills and estate lawyers can assess your entire asset pool and help you figure out the best way to share or distribute each.

A lawyer will help you plan for contingencies

DIY wills are often created based on the assumption that certain conditions must exist. But what if things change down the track? Unforeseen circumstances such as a beneficiary dying before the testator can require making changes to an existing will. A lawyer can help you foresee such circumstances and recommend ways to deal with them accordingly. For example, they may advise you to name an alternate beneficiary that will receive the deceased beneficiary's share of the wealth as a gift.

A lawyer will help you maximise the portion of your wealth that beneficiaries will receive

The goal of will-creation is to protect the social welfare of your loved ones by ensuring they benefit from your estate as much as possible. A lawyer can help you achieve this by coming up with legal strategies for minimising estate taxes and fees.

While there's absolutely nothing wrong with writing a DIY will, using a lawyer to write your will is an excellent way to avoid common will-writing mistakes. Contact a wills and estates lawyer today to discuss your financial and family situation.