Australian Will Kits
Are Will kits right for you and your family?
The answer to this question really depends on what you want to achieve from your Will.
But first what is a Will Kit?
A Will Kit is any Will template you buy online or from the Post Office that you personally fill out and sign without any guidance or assistance from a lawyer.
You can find free ones online from your local State Trustee, or many companies sell Will kits online, ranging in price from about $20 up to $200.
They all perform the basic functions of a Will.
They nominate your beneficiaries, your executor and your guardian of young children. They usually allow you to list any household chattels and heirlooms you want to gift to certain people, and allow you to list your major assets (which can be problematic as most people’s assets change over time).
They are usually all between 2 and 8 pages in length.
Is a Will kit right for you?
Here comes the tricky part. In 2020, these basic Will kits are not really 100% ‘right’ for anybody.
That’s because they only perform the most basic functions of what a Will can, and should do.
They don’t offer the important tax benefits and asset protections of modern estate planning Wills that provide options for testamentary trusts and other risk preventative measures.
It is these benefits and protections that many smart or well-advised Aussies rely on to help keep their wealth in the family generation after generation.
Shielded from family events like divorce, financial difficulties and disputes. These modern Wills also provide valuable opportunities to minimise income and capital gains tax on inherited wealth, along with a host of important risk preventative measures and guidance for executors and beneficiaries.
If these benefits and protections are available, why would you choose to rely on a Will kit?
It usually comes back to money & time.
Aussie parents are particularly busy people. Time is not something they have a lot of!
Add in the financial pressures of school fees, a mortgage, rising living expenses etc – and finding the spare cash to throw at smart Wills prepared by experts usually gets put off to ‘a rainy day.’
So, Aussies turn to the easy and cheap option to get them by. Will kits.
However, Will kits are not the smart or safe option.
To understand the benefits and risks of relying on basic Will kits read our full article here.
At Will Wizard we are bridging the gap between cheap Will kits and smart high-end Wills that cost thousands.
Our Wills provide the same wealth and family protections of high-end Wills, but at an affordable one-off cost that every family can afford. They can be arranged online in minutes, and we provide free changes, free delivery and host of other important supplementary guides and supporting documents.
To learn more about how we work click here.
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Will Wizard Co-Founder
As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.