Make a will

Discussion in 'Wills & Estate Planning' started by Mady, 4th May, 2021.

Join Australia's most dynamic and respected property investment community
  1. Mady

    Mady Well-Known Member

    Joined:
    11th Apr, 2017
    Posts:
    48
    Location:
    Melbourne
    Hi All,

    We are a couple with 2 young kinds under 10, want to make a will. What the beat and most cost effective way to do this. We have couple of investments and Smsf with 1 property. We are Melbourne based, are online or Australia Post wills any good??
     
  2. thatbum

    thatbum Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,792
    Location:
    Perth, WA
    ...why would you want the cheapest will out there? Do you not care about the quality of your estate planning?

    No, online or post office will kits are not any good. Arguably worse than not having one at all.
     
    Perp, Shazz@, wylie and 4 others like this.
  3. ChrisP73

    ChrisP73 Well-Known Member

    Joined:
    5th Oct, 2018
    Posts:
    1,205
    Location:
    Brisbane
    With young children I'd recommend a will with a testamentary trust.

    Check out willwizard.com.au. The site has lots of information and is quite transparent about the contents of their wills.
     
    momentum26 likes this.
  4. Joynz

    Joynz Well-Known Member

    Joined:
    5th Apr, 2016
    Posts:
    5,751
    Location:
    Melbourne
    My industry super fund has a free will service which is provided by a well known Melbourne legal firm.
     
  5. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,260
    Location:
    Australia
    Say a well written will costs 5 thousand dollars and a cheap one 500 dollars. Which would you choose? The answer depends on what you think you are getting.

    Learn about what you want in a will, then price it.
     
  6. Cousinit

    Cousinit Well-Known Member

    Joined:
    6th Aug, 2017
    Posts:
    1,022
    Location:
    Victoria
    You also need to update it fairly regularly as you go through life and also make sure your family know where it is located.
     
    Jingo and Perp like this.
  7. Phar Lap

    Phar Lap Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,060
    Location:
    NSW
    Why?
     
  8. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,103
    Location:
    Sydney or NSW or Australia
    • Hasn't received specific legal advice which may apply to your own circumstances
    • Any clause that you personally draft may be contested
     
  9. Shazz@

    Shazz@ Well-Known Member

    Joined:
    24th Jun, 2018
    Posts:
    1,310
    Location:
    NSW
    I’d go as far as saying you need a solicitor who specialises in estate planning to draft up your will, rather than just any solicitor.
     
    Cousinit, Jingo and Perp like this.
  10. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
    I am a lawyer specialising in wills and estate planning and think you might even be better off without a will rather than use a will kit. I reviewed one prepared by a client for themselves and it had about 5 things wrong with it including
    - had only one witness that signed and one that didn't sign, so it was invalid.
    - a gift was made to a witness
    - mistakes were scribbled out and some parts were ineligible (he was a doctor)
    - assets he didn't own were included
    - assets were named and no longer owned making a different outcome than he thought would happen
    - he had directions about his super which were invalid.
    - nothing was left to his child

    But hey he saved some money as he only paid about $100. But he left his heirs with a potentially $100,000 legal bill when he dies as they will have to contest it.
     
    Jingo, Perp, audrey canberra and 6 others like this.
  11. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,786
    Location:
    My World

    I went the cheap route.... then I went the cheap route again, but this time with a lawyer, very simple will, split 50/50. Cost $300
     
  12. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,260
    Location:
    Australia
    The right things in the will can benefit even the great grand kids.

    but it will require education of the beneficiaries to learn how to use it. Or pay a lawyer.

    simple isnt always best, but depends if you see value in the complicated option.
     
    Last edited: 4th May, 2021
    Jingo likes this.
  13. Cousinit

    Cousinit Well-Known Member

    Joined:
    6th Aug, 2017
    Posts:
    1,022
    Location:
    Victoria
    What about a medical power of attorney, testamentary trust etc etc? I spent a lot more than $300.
     
  14. SatayKing

    SatayKing Well-Known Member

    Joined:
    20th Sep, 2017
    Posts:
    10,729
    Location:
    Extended Sabatical
    While @Terry_w and other professionals will have seen, and will see, many goofs with wills, I've heard of a few such a single individual completing a Binding Death Benefit Nomination to split superannuation equally between a two close relatives. 50/50 sounds fair.

    However, when one beneficiary has a large HELP debt and no private health insurance and the other has no such debt and has private health insurance, even a dummy like me can see there could be a discrepancy in the after tax outcome. 50/50 may not be considered so fair then. My rough back of the envelope numbers indicated about $35k difference in after-tax.

    They finally went and received legal advice.

    Same here. What I spent was a relatively small amount in relation to the assets. I doubt the cost would even crack 0.01%.
     
    Jingo likes this.
  15. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,786
    Location:
    My World

    Simple or complicated is OK, most important is that it covers the bases. Lawyers come at different prices and experience. Do DD I guess

    Seems many are thinking if it costs more it must be best option, this is good marketing btw..... and scare tactics work well
     
    Rooky, ChrisP73 and Phar Lap like this.
  16. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    11,655
    Location:
    Newcastle
    When I was single, I had a will drawn up by a company (not a legal firm) specialising in deceased estates. It stated that assets were to be divided equally between my siblings and their children. I didn't like that at all - it seemed that it could be interpreted as equally between my sisters, and then to their children. While there may have been a clear meaning under law, it wasn't clear to me.

    Is that between children? Does your partner get nothing? Or have you planned for his demise before yours? ;-)
     
    Perp likes this.
  17. Phar Lap

    Phar Lap Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,060
    Location:
    NSW
    what if you have no-one to contest it. No kids etc. No one cares for me, no one (living) has contributed anything to me in the past to be making any claim of any remoteness.
    Why cant I just leave my assets to anyone I care to name ? Apart from my wife of course who I would have thought is a no brainer for a home made will.
    Why do I need a lawyer for that?
     
    datto and Joynz like this.
  18. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,786
    Location:
    My World

    I am not going to get into the nitty gritty of my Will on a forum, but all bases have been covered, and all entities, assets, children, partner by an experienced lawyer, who does this for a living.
     
  19. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    11,655
    Location:
    Newcastle
    All good. That's a much better situation than what you had suggested. Good value for $300.
     
    MTR likes this.
  20. Cousinit

    Cousinit Well-Known Member

    Joined:
    6th Aug, 2017
    Posts:
    1,022
    Location:
    Victoria
    Good questions. I'm sure someone like TerryW can give you some very good reasons.
     

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia