76 Million Reasons Not To Write Your Own Will

While writing your own Will, using a DIY kit may seem attractive from a cost viewpoint, it can be a risky approach to take. If errors are made or if witnessing rules are not followed correctly, the document could be invalid. Before examining these risks more fully, outlined below is a recent example of what difficulties can occur when writing a self-prepared Will without suitable advice. The turmoil in the estate of Peter Reid highlights the extent to which matters can go wrong if a Will is ill-prepared.

When writing a homemade Will, using a kit or otherwise, you risk not drawing it up properly or not expressing intentions sufficiently clearly. This means it is more likely to be contested and the whole process of giving assets away is likely to end up in a courtroom.

Case study: The estate of Peter Reid

Peter Reid was a very wealthy widower when he died childless, aged 100, in August 2015. His estate was valued at $76 million and included property at Point Piper and Surfers Paradise and bank shares worth $6 million. Although he had no children of his own, he did have a number of step-children, nieces and nephews who were to go on to claim an entitlement to a share of his large estate.

He prepared a Will by himself in January 2000, followed by 22 potentially testamentary documents between 2001 and 2014. Court documents showed he executed at least 12 codicils or amendments to his Will. He also wrote several documents entitled a ‘statement of wishes’. These changes were drafted poorly, with the judge saying that the ‘provisions ... are essentially idiosyncratic products of a lay imagination vaguely familiar with the use of legal language’. 

Inevitably, Mr Reid’s intentions were far from clear and challenges appeared from his nieces, nephews and step-children, amounting to 40 people in all. His niece by marriage, with whom he had had a romantic liaison, initiated a family provision claim.

The claims were made amid allegations that Mr Reid was not of sound mind when he made the various amendments and statements of wishes. Several beneficiaries alleged that the executor, and significant beneficiary, may have coerced Mr Reid and that some documents were signed in ‘suspicious circumstances’. The end result was three years of litigation, family conflict and lack of privacy. 

As to Mr Reid’s motivation for this unfortunate state of affairs, if it was privacy, it was not to be. The Court surmised: ‘Confident in his own abilities, and anxious not to pay legal fees for the preparation of another will or any codicil, the deceased took it upon himself to prepare the will dated 25 January 2000, and subsequent legal instruments, without legal assistance. The deceased became an enthusiastic will-maker, but his strategy for minimising legal fees miscarried at the expense of the deceased estate. His poorly drafted documentation has served as a beacon to controversy, and with that, engagement of not a few litigation lawyers.’

Without a modest investment in professional advice, the result was extensive litigation and legal costs as well as the serious family rifts which could have been avoided. It is hard to believe this was what he wanted, yet this was part of his legacy.

What could you lose by making a homemade Will?

Writing a Will is a specialist area of the law and trying to write one of the most important legal documents in your life on your own is often not likely a good idea for your dependants.  The reasons for this include:

Lack of guidance 

Even if using a prepared DIY kit, there is limited assistance offered on issues such as what forms part of an estate, how to deal with blended families, how to treat superannuation, the powers of the executors, and the role of guardians and trustees.

The law evolves, but DIY kits and online Wills services come with no guarantees about being current and are unlikely to be State-specific.

Lack of flexibility

Many people believe their affairs are simple and straightforward and do not require professional estate planning.  Often this proves not to be the case. For example, your family circumstances may be more complex than you think. You may have an interest in a business or might have overseas assets. It is important to have a Will that is specifically tailored towards your circumstances.

There may be elements that require careful attention and specific language to achieve the desired result regarding what may have initially been thought to be a simple task. This may result from a misunderstanding about what can be achieved with proper planning.

Lack of familiarity 

Lack of familiarity with legal vocabulary can result in ambiguous wording open to interpretation. This could result in argument or conflict between beneficiaries as to intentions at the time of making the Will. If no interpretation can be agreed upon, this will probably lead to added expense or even taking the matter to Court.

Lack of execution

There are strict requirements on how a Will needs to be signed and witnessed. If done incorrectly, the Will could be deemed invalid. In such an event, the estate will pass according to intestacy rules.

Lack of warranty

Even if you use a kit or online service, they disclaim responsibility for problems arising from the use of their documents. Even small mistakes can be costly. A professional adviser stands behind their advice.

Contact our Wills and Estate Planning Lawyers in Sydney, NSW

A Will is one of the most important documents you will sign, so it is wise to have it professionally prepared. Even small mistakes in Will writing can have detrimental consequences and lead to Will disputes. Whilst a DIY Will may seem attractive in relation to costs, you will not benefit from the peace of mind you would have received if you had taken professional advice. Szabo & Associates Solicitors offer specialist Will writing and estate planning services. For expert assistance, please contact us on 02 9281 5088 or fill in the online contact form.