FINANCE

Picking up a DIY will kit may sound like a cheap alternative, but, writes DON MACPHERSON, it can end up being the most expensive decision you will make.

More and more people are looking to do their own wills, either based on a previous version, or through a Will Kit purchased from a newsagency.

It reminds us of the old adage – “a person who does their own legal work has a fool for a client”.

Nevertheless, the court is increasingly being confronted with decisions on whether a document – whether it be a scribble on a wall, a text message, a handwritten note, or notes on an old will – should be treated as a person’s Last Will and Testament and admitted to probate.

Wills are supposed to be witnessed by two independent people who are not beneficiaries of the estate. Primarily this is to prevent fraud.

Sometimes the intended will is not properly witnessed, not signed correctly, or is expressed in language that simply doesn’t make sense or is internally inconsistent.

The question for a court is always whether the defective document purports to express the intention of a person to be their last will, rather than being merely notes or thoughts as to a possible will.

Recently the court had to consider what to do with a document which was a copy of an earlier will where the person had handwritten changes on the old document that had the effect of changing who got what and in what proportions.

The first question was whether the document with the handwritten changes was intended to be a last will or was the handwriting merely musings or notes where the person was thinking through what they may want to change in their will.

The court decided, having heard evidence from a number of parties, that the person did intend the updated document to be their last will.

Then the question became how to deal with the changes in the second will – did they trump the original bequests? The court decided they did.

The court then admitted into probate the first will, subject to, but superseded by, the changes in the second will.

What are the lessons from all this? Firstly, the person’s intentions were ultimately endorsed by the court and implemented.

Secondly however, to achieve the person’s intentions the matter needed to go to court with contested views from beneficiaries who benefited, or not, depending on what version was accepted.

A court application of that nature could cost perhaps $50,000. A new/updated will through a lawyer would have cost maybe $400.

It reminds us of another old adage – “penny wise, pound foolish”.

Don’t do it yourself – get an expert to make it right and avoid court.

CARAVANS WANTED

Don Macpherson is at Brisbane Elder Law, experts in wills, estates, and estate disputes. Visit brisbaneelderlaw. com.au or phone 1800 961 622

SURVEY FINDS WIDESPREAD SUPPORT FOR BANKING LAWS

Wanted to buy, all caravans and motorhomes. • We come to you • Fast settlement • Finance Paid out If you want a quick no hassle sale please contact Joe for a price 0418 876 395

A NEW nationally-representative survey has found widespread support for the passage of two landmark Banking Royal Commission reforms, including a compensation scheme.

The survey by consumer group Choice found that eight in 10 Australians agree victims of finance investment scams should receive compensation.

And almost three-quarters support a compensation scheme for victims of financial misconduct.

Choice’s banking policy adviser Patrick Veyret said the community had not forgotten the scandals of the Banking Royal Commission but two and a half years after the Federal Government committed to cleaning up the banking industry, many victims had not been compensated and many banking executives had got off scot-free.

“Justice delayed is justice denied,” he said. “More than 1300 people have had their complaints and compensation awarded paused until the Government passes the scheme. People have lost their entire life savings and are stuck in limbo.”

He said for many victims, compensation was the difference between living a secure retirement and facing a life on the aged pension in the insecure private rental market.

We believe in making it personal.

Wills aren’t about lawyers, they’re about you, and your desire to ensure that the results of all your hard work are well protected. Our mission for over 30 years has been to provide easy to understand wills that are custom made for you and flexible enough to change as your circumstances change. We are pleased to announce our bespoke estate planning tool, to assist you in creating and updating a professional legal Will easily and efficiently online. To find out more visit degroots.com.au or call us today on 3221 9744. Phone 3221 9744 degroots.com.au