As solicitors, we quite often are asked “Why do I need a Will? I don’t own much.”

The short answer is, everyone over 18 should have a Will, whether you think you own much or not.

A Will isn’t just for rich people, it’s for everyone who wants to make sure that if they pass away, their assets go to the people they intend. If you don’t have a Will, your assets will be left to people in accordance with the laws of intestacy. This may or may not be what you want to happen.

Without a Will, you’re also leaving your loved ones to either administer your estate or try to obtain Letters of Administration without any written direction from you. If you have certain classes of assets, or your assets are above a certain threshhold, your loved ones will need to apply to the Supreme Court of New South Wales for Letters of Administration. This process is more difficult and time consuming than an application for Probate. 

We’re also asked whether a Will kit or online Will template is a good idea. While we’ve seen some people successfully use a Will kit, others are very lucky that they’ve decided not to use their old Will kits and have come to see us about their Wills.

A Will kit works if you carefully follow the instructions, and your requirements for your Will are very simple – and even then, some people still make mistakes!

Online Will services are becoming more popular, and for people with very simple circumstances, again, they can work well. Unfortunately, there’s no solicitor proofreading them at the end, and if there are mistakes, it’s unlikely that they’ll be found until it’s too late.

Finally, doing your Will with a solicitor ensures that it is signed correctly. Will signing has particular requirements that solicitors are familiar with and do everyday.

If you’d like to discuss your estate planning needs, contact us for an obligation-free chat.