It seems like we are doing everything online these days, from buying the groceries to doing the banking, and now with the readily available convenience of the world wide web, making an online will is just another thing you can tick off the list.
Online will kits and forms online are becoming increasingly popular and can be beneficial as a research tool, especially for less complicated cases. Say if you have instructions that are more straightforward and just want to leave everything to your significant other or children, then an online will kit can be handy. However if you have many assets or a complicated financial situation, and aren’t married or even have step-children, then that’s when an online tool may fall short.
People who are unfamiliar with the technicalities of wills, and prepare one online, can sometimes create ambiguous instructions which are easily misinterpreted. This can not only cause your wishes to be challenged but may invalidate your will. The wording of your will and the terms you use are very important (all that legal jargon isn’t for nothing!), but is something that can be very easily over looked if you’re not careful.
A report commissioned by the State Trustees in Victoria, found that with an ageing population and the rise of dementia, as well as the baby boomer’s growing wealth, it is becoming more common for the transfer of wealth to be mishandled. With around half of Australians not having a valid will it is important to always get professional advice even if it may be cheaper to just do it online only.
It’s especially important to get advice if you are leaving a family member out of a will, have a debt such as a mortgage on a property, have property abroad or have any complex instructions. If you have any questions or would like some advice then feel free to call us on 07 3210 3444.