If you are considering making a Will, you may be wondering about the cost of making a Will with a solicitor in Australia compared to just doing it yourself. You may have done some research online on prices which may have confused you about what to expect.
If this sounds like you, this article can help you decide what is best for you.
What Is The Cost Of Making a Will With a Solicitor In Australia?
If you are wondering about the cost of making a Will with a solicitor in Australia, it, unfortunately, does not have a clear cut answer. This is because the cost of making a Will with a solicitor in Australia can range anywhere from a few hundred dollars up to a couple of thousand dollars in rarer circumstances. The reason for this is because the cost of a Will heavily depends on the complexity of the document. Additionally, it will also depend on just how much a person utilises the services of a solicitor, in contrast to doing some of the processes themselves with a DIY Will Kit. The fees associated with such Will kits are relatively low compared to the cost of making a Will with a solicitor in Australia. However, they do contain some notable disadvantages.
The costs involved in making a Will look something like what is highlighted below, depending on your requirements:
1. If you do it yourself – the costs can be easily less than one hundred dollars
2. If it is a simple Will and Testament with a solicitor – the costs can range anywhere from a few hundred dollars up to a thousand dollars
3. If you require a more comprehensive estate plan which can involve a Will, trust set up, power of attorney and so forth – this can range in the thousands.
Is It Worth It To Make a Will Yourself?
As previously mentioned, A Will may cost up to a thousand dollars or so depending on the complexity involved, the time needed to draft the document and the number of assets involved. While It is possible to make a Will yourself without utilising the services of a solicitor, it is not recommended. This is because far too often, someone will create a Will themselves, which is not legally binding. For a Will to be legally enforceable, there are strict legal requirements that must be observed in Australia for it to be valid.
Considering this, the savings associated with the cost of making a Will with a solicitor in Australia in contrast to doing it yourself is negligible. It would be far better to have peace of mind in knowing that your loved ones will be taken care of in accordance with your wishes. Suppose you were to make a Will yourself. In that case, the unfortunate reality is that in some circumstances making a Will yourself may potentially leave your estate open to contention and cause legal conflict and drama, which could have easily been avoided.
What Factors Influence The Cost of Making a Will with a Solicitor in Australia?
Here are some items that will either increase or decrease the costs involved with making a Will:
- Whether you have a blended family;
- If you are separated, divorced or have been remarried;
- If you wish to distribute gifts in specific ways;
- If you wish to exclude someone from your Will that would be normally included in your family or company trusts or inheritance;
- Any loans or gifts that you have given during your lifetime; and
- If you leave a share of something you own in unison with somebody else to another individual
How To Reduce The Cost Of Making a Will With a Solicitor In Australia
A significant component behind the cost of making a Will with a solicitor in Australia is the amount of work undertaken preparing the document. As such, the cost of drafting the document can be reduced by simply preparing all of the required paperwork and documentation before even approaching a Wills & Estates solicitor.
Here are some items you should prepare before approaching a solicitor to reduce the costs and time required to prepare your Will:
- The list of beneficiaries and all their details, including their full name, date of birth and residential address;
- A comprehensive list of all of your assets, including properties, vehicles, shares and investments;
- Details regarding your bank accounts, including account numbers and bank statements; and
- Any information about family heirlooms or even sentimental items
Importance of Seeking Legal Advice
When discussing matters such as the cost of making a Will with a solicitor in Australia, it is critical to note that every Will does not cost the same amount to draft. To better understand the costs involved in your particular matter, please feel free to reach out to our team of friendly and experienced Wills & Estates solicitors.
Here at JB Solicitors, we’ll make the process as pain-free as possible. We have fixed-fee pricing for family law, giving you a clear sense of the costs from the start, and we will be sure to help you out every step of the way. With years of experience under our belt, we pride ourselves on making each client’s family law experience as positive as possible.
Contact JB Solicitors today to speak with one of our friendly and experienced family lawyers.
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