The cost of making a Will in NSW will vary depending on a few different factors. This includes how complex the document is, and the methods you use to prepare a Will.
For instance, the cost of making a Will in NSW will differ if you use a do-it-yourself kit, as compared to if you prepare a Will with the help of a solicitor. If you choose a solicitor, the cost of making a Will in NSW again depends on the solicitor/firm’s charges.
To begin with, here is a refresher on the important terms associated with this topic. A Will is a legal document that consists of information about how to distribute a person’s estate and property following their death.
The person who drafts a Will a testator, or Will-maker; the person who receives entitlements in the form of estate is the beneficiary; and the person responsible for administering the distribution of property is the executor.
Additionally, as we’ve mentioned above, in determining the cost of making a Will in NSW, you also need to consider factors like:
- the nature of your assets
- the size of your estate
- the number of beneficiaries you wish to nominate
- whether you anticipate potential disputes against your Will
- Your financial health
Cost Of Making A Will In NSW: DIY Will Kit
Do-it-yourself or DIY Will kits are becoming quite popular. Generally, there are templates available for costs ranging from between $50-$100. Some DIY kits are available at post offices for a cheap price of $30. People only use DIY kits if they have very simple needs for an estate plan.
This is because in cases where your estate planning needs are a bit complicated, making a DIY Will can be very tricky. Often people fail to comply with all the regulations, and ultimately their Will becomes invalid.
This will then lead to added costs to redo your estate planning. This is why Will lawyers should review your DIY Will or online Wills to check how accurate it is. In NSW, NSW Trustee & Guardian or estate planning solicitors can help with getting the Will checked.
Yet, there challenges of preparing Wills by yourselves, i.e., without the help of legal professionals. One is that many times people fail to follow the strict legal requirements which make a Will legally binding.
If this happens, it will be a waste of your time and money. You will need to redo the entire process again. This is why it is not advisable to prepare DIY Wills.
Cost Of Making A Will In NSW: Through The Help Of Solicitors
As mentioned above, it is rather easy to slip-up when preparing a DIY Will. When considering approaching solicitors for the same, there are various factors that may affect the cost of making a Will in NSW when seeking help from solicitors.
These factors include:
- The nature and size of your assets;
- The number of beneficiaries you want to include. You must also include their current addresses and other relevant contact details;
- If you are separated, divorced or if you have remarried;
- Whether you have a blended or joint family;
- If you wish to exclude someone from the Will (someone who would normally be included in family or company trusts or inheritance);
- Whether you wish to distribute gifts in any particular way;
- If you have any loans or gifts which you have given during your lifetime;
- If there is some share which you own with someone else that you wish to leave for another individual; and
- If you anticipate any disputes regarding the document which ay arise in the future.
Depending on these factors, the overall cost that solicitors charge may differ. However, to begin with, there are some fixed-fees which some lawyers charge to give you a sense of the costs. These fixed-fees are for all straightforward cases.
However, to gather a clearer understanding of the cost of making a Will in NSW, the best thing to do is contact your local lawyers, and make an enquiry. Upon having an initial consultation with the lawyers, you will be able to get the clearest picture with regards to cost of making a Will in NSW.
How To Save Some Money When Approaching A Solicitor?
There is a lot of paperwork in the legal processes of estate planning. Moreover, the amount of work in preparing the document becomes doubled for a solicitor. An efficient way to reduce the cost charged by solicitors is by completing the paperwork beforehand, and being ready with necessary documents.
There are some important things that you can prepare before approaching a solicitor. This includes:
- A complete list of all assets which includes property, shares, investments, vehicles etc.
- Complete and accurate details of all bank accounts which includes account numbers and past bank statements which are relevant.
- A list of beneficiaries including all important details like full names, residential address, date of birth and contact information.
- Name and all relevant details of person/persons who will potentially be the executor of the Will.
- Further information about any inheritance from a family member.
- If the probate process is needed.
- If you’re matter should be handled by the local court or supreme court
Obtain Proper Legal Advice Today
This article has explored the cost of making a Will in NSW both by DIY methods, and by seeking help from estate lawyers. Since this is a tricky but crucial legal step for an average person, it is recommended that a person complete these procedures by seeking guidance from trustworthy professionals.
At JB Solicitors, our expert and friendly estate planning team are here to address all your needs. We have the compassion to understand that thinking about Wills is stressful, and drafting it is an altogether separate challenge.
This can especially be the case if you anticipate potential contests or challenges to your Will. To make it legally binding and valid, you need to seek expert legal guidance from lawyers who have the experience of dealing with complex Wills. We won’t draft just a Will but a valid Will that will meet legal standards.
Contact an estate lawyer today and make an enquiry on topics related to cost of making a Will in NSW.