Key Considerations When Using Free Will Services

• Limited Customisation: Free wills often come with simplified generic templates that may not adequately reflect an individual’s unique circumstances. Some Will providers market the ability to make a Will using your phone within 10 minutes. This lack of customisation can lead to important issues not being addressed, particularly family dynamics, asset structures, and non-estate assets that are not controlled by your Will. For example, a Will does not control the assets held in a company, trust, superannuation fund, insurance policy, insurance bond, or property jointly held.
• Upselling of Additional Services: Many free Will providers use a “freemium model”, where the basic Will is free, but additional features offered, subsidise the service cost. This includes cross-selling of life insurance policies, prepaid funeral plans or probate administration costs, typically up to 3.5% of the value of the estate. These service models are based on large online Will providers in the US that cross sell other services or charities offered to their online platforms paying commissions and fees to the platform provider.
• Potential for Errors: The use of templates can result in errors or omissions in the will. If the document is not properly drafted or executed, it may be deemed invalid, leading to complications during the probate process.
• Lack of Legal Advice: Free will services typically do not provide personalised legal advice. Without professional guidance, individuals may overlook important legal requirements or fail to understand the implications of their decisions.
• Privacy Concerns: Some free will providers may collect personal information from users, raising concerns about data privacy and security. Consumers should be cautious about sharing sensitive information with unknown online platforms.
• Inadequate Support: Free will services often offer limited customer support, leaving users without assistance when they encounter questions or issues during the will preparation process.
• Legal Compliance Risks: Wills must comply with specific legal requirements to be valid. Free will services may not ensure that their templates meet the legal standards of the user’s jurisdiction, potentially rendering the will invalid.
• Potential for Conflicts: If a will is poorly drafted or ambiguous, it can lead to disputes among beneficiaries after the individual’s passing. This can create family conflict and result in costly legal battles.
• Marketing Tactics: Free will services often employ aggressive marketing strategies to attract users. This can create a perception of legitimacy that may not reflect the quality of the service provided.
• Long-Term Costs: While the initial cost of a free will may be appealing, the long-term costs associated with potential legal disputes, errors, or the need for professional assistance can far exceed the savings.

Understanding the Implications of Free Wills

While free wills may seem like an attractive option for individuals looking to save money on estate planning, it is essential to consider the potential implications. The risks associated with using generic templates and the lack of personalised legal advice can lead to significant issues down the line. Individuals should carefully evaluate their estate planning needs and consider whether a free will service is truly the best option for them.

Hill Legal’s Hot Take

At Hill Legal, we believe that effective Estate Planning is crucial for protecting your legacy and ensuring that your wishes are honored. While free wills may offer a quick solution, they often come with hidden costs and risks that can jeopardise your estate planning efforts.

Our experienced team is dedicated to providing personalised legal guidance to help you create a comprehensive Will that meets your unique needs. If you are considering a Will or have questions about your Estate Planning options, call Hill Legal today on 03 5976 6500 for expert assistance.

Visit us at www.hilllegal.com.au to learn more about our services and how we can help you secure your future.