The concept of a "free" will can sound very appealing but choosing the cost free option might end up being more expensive than you think.
Free wills are often offered by charities and online platforms as a marketing incentive or way to encourage donations or new clients but often come with hidden obligations, hidden costs, inadequate legal protection and high risk for potential errors that could invalidate your will or end up costing much more than a custom will created with a professional.
Whilst these options may seem fast, stress-free, and attractive, they often come with hidden risks and can result in ambiguities in how your estate should be managed which can result in family disputes, lengthy legal battles, or court challenges—each of which carries a substantial emotional, legal and financial burden for your family.
Outlined below are the hidden costs of "free" wills and common pitfalls:
Free will = basic will
I've written a lot over HERE about "simple" wills and why oversimplifying estate planning doesn't make the complexities of your life any less complex after you die.
Free wills are very basic documents with limited customisable options. These simplified templates may be adequate for people who have limited assets, have no super, don't own a property, and have no family complexities but in my many years as a lawyer (and as a human) I'm yet to encounter too many of those people.
Free (or cheap) wills cannot accommodate the unique, rich, complex life 99% of people actually live - even people who believe they have a very simple life are surprised at the actual complexities when it comes to estate planning and estate law.
If you are getting married in the near future, are separated but not divorced, have children from a previous marriage, wish to make specific bequests, have business interests, own complex assets, wish to divide your estate into unequal portions, have overseas beneficiaries, or wish to leave someone out of your will - a basic will template will not cover those contingencies and attempting to to do so in a cheap or free will can leave your family at risk financially and legally.
Nothing is free (there's always a cost - somewhere)
Some organisations offer free wills that include clauses that obligate the executor to use the organisations's services for estate administration, often at a premium cost.
An organisation may offer a free will but stipulate that they manage the estate as executors, charging a percentage of the estate's total value as a fee. These fees can be much higher than what an independent executor might charge or what a family member or friend might handle at little or no cost.
Nothing is ever free and if after you get to the bottom of this article you still think a free will is for you, as a bare minimum check the fine print on your free will to see what it is really going to cost your family or beneficiaries after you die.
You're not paying for the paper
Nothing boils my blood as much as hearing someone say "Uncle Ralph's will wasn't worth the piece of paper it was written on..." and then finding out the piece of paper Uncle Ralph write his will on cost ZERO.
When you pay for estate planning you're not paying for the piece of paper the will is written on (well technically you are, and personally I use very nice thick glossy paper) you're paying for years and years and years of experience and legal advice from an expert.
Just like I didn't go to mechanic school and therefore I don't dig around under the bonnet of my car, even if I'm pretty sure that funky noise is the hoozit that's attached to the whatzit that's come loose - the chances I'll mess it up are pretty darn high - so I leave it to the EXPERTS.
When you get a free will (even one that's "checked by a lawyer") you're not getting any kind of advice that helps you navigate state succession laws (which are complicated, and ever-changing).
Free wills are free of any nuance
Free or templated wills (even those that purport to be "legally checked") do not include personalised legal advice that takes into consideration your unique circumstances (many of which you wouldn't even know could impact your estate if you're not asked the relevant questions).
Free wills often miss essential legal considerations which can lead to costly complications that could have been avoided.
Estate planning involves much more than just writing down your wishes; it requires considering how to structure those wishes to best protect your assets, protect your beneficiaries, reduce tax burdens, and make things as easy as possible for your loved ones.
An estate lawyer can guide you through complex issues such as establishing trusts that protect minor beneficiaries, providing for dependents with special needs, or planning for long term care - all of which a free will cannot address effectively.
Estate planning is not a 10-minute job
Most DIY or free will programs promote that you can have a legal will in 10 to 20 minutes. What they don't tell you is how much preparation work is required before finishing even a simple will.
Before you can complete your will you must locate, collate and organise substantial and detailed information regarding your assets and beneficiaries. Many people make incorrect assumptions about ownership of assets, improperly deal with jointly-owned property or account for changes in personal or financial circumstances.
Failure to account for all properties, investments or other assets can lead to partial intestacy.
Leaving people out of your will who have a legal claim to your estate (either by choice or by mistake) or incorrectly naming beneficiaries can lead to long and complicated legal battles after your death.
Finishing the job
For a will to be valid, it must be signed by the will-maker, and witnessed by two independent adult witnesses. In most jurisdictions, witnesses cannot be a beneficiary of the estate.
As many people don't want their friends or relatives to know the contents of their will they complete their will but do not finish the job, leaving an informal unsigned will that requires significant resources to administer after death.
Staples, torn bits, instruction booklets and more
The simplest things can lead to your will being challenged; improper storage, the use of more than one pen, the use of staples or removal of fasteners improper adendments including attaching lists or letters, removing wills from instruction books, incorrect witnessing or signing, accidental or unintentional revocation of the will, gifts to specific beneficiaires....
The chances of these things happening with a free, DIY or online will are so much higher than one prepared by a lawyer and after you're gone challenges can be made to your will or your estate and you wo't be around the explain or defend your decisions.
You're not covered if you lose capacity
A free will does not include the other benefits of estate planning, including the preparation of well-considered Enduring Power of Attorney documentation and Advance Care Directive. Both of these documents will help protect you and your family if you have an accident or lose capacity - which we believe is just as important as ensuring your family is taken care of when you die.