Author: Geoff Brazel, Estates Lawyer, The Law Office of Conrad Curry
Making a Will is one of the most important things you can do to protect your family and ensure your wishes are carried out after you’re gone. Surprisingly, a 2023 survey found 60% of NSW residents do not have a Will!
Throughout my career I’ve helped many people protect their family and plan for the future. A carefully prepared Will can provide certainty and peace of mind, while simple mistakes or outdated documents can lead to unnecessary stress, expense and even costly family disputes.
Most of these issues are avoidable. Here are six of the most common mistakes and some tips to avoid them.
1. Waiting Too Long to Make a Will
Life doesn’t always go according to plan and many people leave it too late.
Without a Will, your estate will be distributed according to a Government formula, which may not be what you or your family expect.
2. Forgetting to Update Your Will
After you’ve made a Will, major life events can change your intentions and your family’s circumstances. Marriage, divorce, blended families, retirement, arrival of grandchildren, buying or selling property or the loss of a loved one can all affect your estate planning.
Tip: Review your Will every three to five years, or when circumstances change.
3. Choosing the Wrong Executor
Your executor carries out your wishes, manages your estate and deals with what can sometimes be complex administration processes.
Choose someone trustworthy, organised and willing to accept the responsibility, and also whether they have the time and ability to perform the role for you.
4. Thinking Estate Planning Is Just About a Will
A comprehensive estate plan includes an Enduring Power of Attorney and Appointment of Enduring Guardian. These important documents allow someone you trust to make financial, legal, medical and lifestyle decisions if you’re no longer able to make those decisions yourself.
These documents provide invaluable peace of mind for you and your family.
5. Using a DIY Will Kit
With online templates and DIY Will kits readily available, it can be tempting to prepare your own Will.
These appear very straightforward, but often don’t properly address blended families, business interests, superannuation, trusts or complex family arrangements.
Drafting errors are common, like not understanding some assets don’t form part of your estate (eg jointly owned property, family company’s property, superannuation), not having default beneficiaries, not disposing of residuary estate, or not properly signing the Will.
6. Not Talking to Your Family
Many family disputes arise because family members are surprised by the Will contents.
You don’t need to discuss every detail, but letting family know you’ve prepared a Will, where it’s stored and explaining significant decisions can help avoid confusion and misunderstandings.
Planning Today Brings Peace of Mind Tomorrow
Preparing or updating your Will isn’t simply about deciding who receives your assets. It’s about protecting the people you care about most and making things as straightforward as possible for them during what will already be a difficult time.
A professionally prepared estate plan can help provide certainty, minimise the risk of future disputes and give you confidence that your wishes will be carried out.