Writing a will on a napkin..

Hi All,

I am looking into getting a proper Will drawn up for my my wife in I in the coming weeks with a law firm..

In the meantime, is there a very basic Will template that I can draw up myself which would be legal and official?

Basically, my Will just needs to state something like:


“In the event of my death, give everything to my wife, in the event of both our deaths, give everything to my mother”


Any advice?


Thanks,
Robbie

 

Why the need for a will in the weeks in between? I'd just wait to see the lawyer.

 

Your wife is going to leave everything she owns to your mother?

 

Well im not sure when the lawyer will be able to see us (this time of year) and I might only have the cash to pay the lawyer in a few weeks (was quoted $500).

We also flying to NZ next week, so would like the peace of mind of having something in place.

 

Yes

 

Just write this on a piece of paper and sign it in front of 2 witnesses who are not your wife mother.

Better outline that this is your last will as well to demonstration intention.

Not ideal, but can be used as a temporary will.

But seek your own legal advice on this as many ramifications.

 

So i can use the exact wording and it will be legal and binding? Must it be dated?

 

Go to the newsagent and buy a simple will kit.
Not ideal, but probably better than nothing.
This should suffice till you get legal advice.
Marg

 

I could be legal and binding. Dating would be a good idea.
But it could also be very costly.

 

Of course you can write it on a napkin. I've just had better judgement as to the restaurants that I visit that I'd need to write my will after the meal.

 

I understand the importance
The tourists over there are outright hazardous
They have arrows on the road to indicate the correct side and direction, but some still get it wrong

 

Wife & I found ourselves needing to update a will at very short notice prior to travel. We bought a cheap DIY template and carefully executed this with witnesses to ensure it was compliant. Copy left with in laws. On return we had proper will redrafted. Of course the template was basic.

A recent case found a unsent sms on a deceased persons phone was suitable. Not best practice and it took a court decision to determine if it was valid.

 

This. The will kits are great. Bit of work to fill out properly, but sure beats a napkin and I believe they are very solid from a legal standpoint.

 

Depends on what you mean by 'solid'.
They could be very costly in the end.

 

I would say there is much more to writing a will than just writing a note about who gets what. There are legal considerations which you won't know unless you're an experienced lawyer dealing with wills & estates. I understand you want to write a simple one now but at first opportunity, get it done properly by a professional. I believe some things are best left to people who are qualified. This is one of those times.

 

A solicitor will ask about super. Your will doesnt address super. Most people have no idesa. Solicitors do

 

Actually most don't.

I had a friend who went to a lawyer at parramatta and his will said something like "i direct the trustee of my superannuation fund to give my benefits to xx" which would be completely worthless

But at least lawyers have PI insurance

 

A solid will with my guys will cost nearly $4k for a couple with EPA and AHD and associated structuring advice. We also do a simple will for a few hundred dollars.

The second one is legally binding, but what is the eventual cost.

Real life examples from past 12 months.
1. Elderly lady with <12 months to live and more than $1m in assets and doesn't have sufficient capacity to do new will. Son is in multimillion dollar trouble with ATO. Simple will didn't even leave it to his issue.
2. Multilple property investor with all properties in own name, will left all to one child in a testamentary trust but no ability to take in own right instead of TT. Massive land tax issues each year.

 

Not only that, they have PI insurance that covers legal advice. Accountants and financial planners' PI insurance has specific exclusions against the provision of legal advice and is why so often their PI cover is voided.

 

It always amuses me when financial planners say they cover 'estate planning' - the client pays for a financial plan and they write something like - I suggest you set up a will incorporating a testamentary trust, go see a solicitor. Why would anyone want to pay for that advice.