Will Awareness 2013 Speaker's Kit Powerpoint.ppt
- 1. The Law Society of NSW Will Awareness Events 2013 The real cost of home-made wills
- 2. Outline of presentation • What is a will? • Why should you make a will? • Home-made wills • Problems with signing and witnessing • Problems with identifying who gets what • Problems with failing to give away everything • Problems with storage and security • Sorting out problems with home-made wills • Cost, delay and uncertainty of outcomes • Conclusion
- 3. What is a will? • A will is a document which expresses a competent person’s wishes about the distribution of his/her testamentary assets on death. • It may also: • Nominate an executor • Appoint a trustee • Appoint a testamentary guardian • Express wishes for the disposal of his/her remains.
- 4. What is a will? • To be valid, a will has to meet certain formal requirements in the way that it is signed and witnessed • If a document is not validly signed and witnessed as a will, it can only be a will if the Court makes a determination that it was intended to form the person’s will even though it was not validly signed and witnessed
- 5. Why make a will? • If you do not make a will: • The laws of intestacy will decide how your property is divided and who will receive it after death • Some of the people you would like to provide for may receive nothing or may end up applying to the Court for provision from your estate • You will not have a say in who is to be trusted to deal with your assets after death (because the court appoints the administrator) or, if you have children under 18, who should be their guardian
- 6. Do I have to have a solicitor? • It is possible to make your own will but it is not recommended. • Problems often arise with home-made wills which can lead to delay, uncertainty and legal costs. • The cost of consulting a solicitor to make your will in the first place is likely to be much less than the cost of dealing with problems which may arise from home-made wills.
- 7. Problems with signing and witnessing • To be formally valid: • A will must be in writing • A will must be signed by the will maker or by someone else at the will maker’s direction • The signature of the will maker must be made or acknowledged in the presence of at least two witness who must sign the will in the presence of the will maker • The two witnesses must both be present at the same time to witness the will
- 8. Problems with signing and witnessing • With home-made wills the formal requirements may not be strictly complied with. • If the document is unsigned or not adequately witnessed, or there is a problem with the way the document was signed or witnessed, the Court has to make a determination as to whether the document is the person’s will.
- 9. Problems with signing and witnessing • Examples of problems with home-made wills: • Will kit form filled out but not signed or witnessed • A will has been altered and the alterations have not been signed and witnessed • The will refers to a list but the list has been changed since the will was made and the list is not signed or witnessed • One of the witnesses is an intended beneficiary under the will
- 10. Problems with identifying who gets what • In a will it is important to use language that is clear and unambiguous. • It should be capable of being understood by someone who does not know anything about the will maker’s circumstances. • If the wording in a will could have more than one possible meaning an application needs to be made to the Court to decide how the will should be interpreted.
- 11. Problems with identifying who gets what • Examples of problems from home-made wills: • Gift to ‘my family’. Who is ‘my family’? How is it intended to be shared between them? • Gift to ‘my nieces and nephews’. Does this include children of half brothers and half sisters? Does this include nieces and nephews of a spouse or de facto partner? • Gift to ‘the Blind Dogs’. There is no organisation of that name.
- 12. Problems with failing to give away everything • Sometimes with home-made wills, the will maker will: • Give away the assets owned when the will was made, eg. a house and a bank account, but will not say who is to receive anything else they may own when they die; or • Leave everything to one person, eg. their spouse, but fail to say what should happen if that person dies before them. • Some assets – eg. jointly held property, superannuation – may not pass under the will and legal advice may be needed to ensure they pass as the will maker would want.
- 13. Problems with storage and security • Keeping an original will at home can be risky • If the will cannot be found after death, it may be assumed that the will maker destroyed it intending that it be revoked. It may be necessary for the issue to be determined by the Court. • Solicitors will generally store wills securely, or at least keep a file copy of your will if you want to keep the original at home.
- 14. Conclusion • If you make your own will, be aware that if there are any problems with the will: • The problem may not be discovered until it is too late for you to fix it • It may be necessary to make an application to the Court to resolve the problem • There will be delay in relation to sorting out your affairs after death • There will be uncertainty about how your estate will be distributed • Your estate is likely to have to pay substantial legal costs in order to resolve the problem • The real cost of a home-made will can be many times more than the cost of consulting a solicitor about a will in the first place