Writing your own will is a relatively straightforward process if your assets and bequests are also straightforward. So the short answer is “Yes” as long as you have you have full capacity and all your thinking abilities – and you know exactly what you are doing.
However, I suggest the real question you should be asking yourself is: “would I really want to take the risk of writing my own Will?”
Tips & Warnings
Wills have far more technicalities associated with them now than they did 50 years ago. If you get the wording wrong or your relationships change, the money you initially save will be minimal compared to the costs of rectifying errors or causing costly claims. In over 10 years of litigation I have only ever seen one ‘home written’ Will prepared correctly. But that is a choice we all have to make. Things to consider if you wanted to write your own will include the following:
- Avoid handwriting a Will, if possible. It can give rise to numerous complications.
- Avoid alterations and additions to the Will document if at all possible.
- Make sure that your Will fully complies with the applicable State laws. If you fail to create a valid will, then your assets will be distributed according to what the legislation says and not according to your wishes.
- If your assets and/or bequests are complicated -- if you own property or have more than $50,000 in assets or suspect that someone may contest the Will, for example -- you may be better off having a professional draft your will.
If you are a pensioner or have a disability you will qualify for a Kenny Spring discounted Will. So why take the chance?
Please note the answers provided are for your general information only and we ask you to call our office on 02 6331 2911 to obtain detailed legal advice for your individual situation.
Wills & Estates | Kenny Spring Solicitors