The Plague of DIY Wills
One cannot help but think that there is something going on in the World with death and destruction of biblical proportions. There has been an increase in terrorism, plane crashes, volcanoes erupting, natural disasters, serious road accidents, hideous murders, and, to top it off, the emergence of the Ebola Virus.
It certainly emphasises how fragile our existence is when these types of man-made and natural disasters are in full swing.
Although our office has experienced a spike in enquiries for Wills and Enduring Powers of Attorney in recent times, the reality is that the majority of people either do not have Wills at all or have not reviewed their Wills in a very long time. Of even more concern is the fact that a significant percentage of people who do have Wills have completed “Do It Yourself” Will Kits which invariably are incomplete and largely invalid.
There are varying statistics but our own experience with our client base and various studies that have been published, place the percentage of people who fall into the category of not having any current Will as high as 60% to 70%. This is quite a staggering figure given our modern society and relatively easy access to information and resources or professionals who can assist to have our affairs placed in order.
Why is it that people are so reluctant to have their Wills prepared?
Our research reveals a number of different reasons but probably the most common is the fact that people do not want to “tempt fate” by having their Wills done. Another big fear for clients is the cost of having the Wills done. What people do not realise is that if they do not have their affairs in order when they die (not ‘if’ but ‘when’!), this could potentially cost their families who survive them hundreds of thousands of dollars in additional legal costs and payments to unwanted beneficiaries. The costs of having a Will done vary from $150.00 to several thousand dollars.
The completely random course of World events in recent times would indicate that no-one can take their lives for granted and it is in everyone’s interests to ensure that their Estate Planning is up to date and regularly reviewed. We recommend that clients review their affairs every three to five years or whenever there is a significant change in your family circumstances (ie. death, birth, marriage, separation etc).
For more information contact our Wills and Estates Department Manager, Donna Tolley on 07 5506 8241 or freecall 1800 621 071 or email dtolley@attwoodmarshall.com.au
