Many Australians brush off the cost of making a Will with a solicitor because of how complex it can turn out on their end. Sometimes, we believe we have plenty of time to make a Will and plan how our estate will be given once we pass away.
The cost of making a Will with a solicitor can vary. Fixed fees can lessen the cost of making a Will with a solicitor. This article will discuss the cost of making a Will with a solicitor and why it’s advisable to do so.
The Importance Of Having A Will
A Last Will and Testament is a document that includes much more than naming beneficiaries and transferring assets. As a result, the cost of making a Will with a solicitor varies. The following factors can influence the price of a Will:
- Whether you are separated or divorced and have children from previous relationships (blended family)
- When and if have little or disadvantaged children that need your attention,
- If you own or work for a company,
- If you have a Testamentary Trust or a Superannuation Proceeds Trust in your family,
- When there are specific charitable gifts in mind,
- The quantity and size of your assets
- The number of recipients
It is critical to address these matters correctly and with appropriate legal advice. Improper drafting and the absence of witnesses can invalidate a Will. In this case, the Will could be contested or challenged. Drafting this legal document is important.
If you die without a Will, you are said to have died “intestate”. This means there are established procedures for how your inheritance will be allocated. This means you will have no role in the issue. It’s possible that your estate will not be handled the way you wanted.
Cost Of Making A Will With A Solicitor: What To Consider
A probate lawyer usually handles the process of estate administration of the deceased. An estate planning lawyer advises on managing an estate. This could be accomplished by assisting clients with the cost of making a Will with a solicitor.
Length of the case
The cost of making a Will with a solicitor varies by state. Things can get tough when it comes to executing a Will. The more the Will is contested, the longer it will take.
In addition, the price will rise for everyone.
The lawyer’s experience and skills
Experience and skills play a role in determining the cost of making a Will with a solicitor. A probate lawyer who is just starting out and works by themselves will cost less. A probate lawyer with 20 years of experience working for a larger business will cost more. Consult with lawyers to know the cost of making a Will with a solicitor in their law firm.
The complexity of the case
The expense of probate increases as the case becomes more complicated. If your assets contain stocks, mortgages, and other intangible assets, the situation might become much more difficult.
Probate fees are normally the same. The cost of making a Will with a solicitor can increase the time of concluding a case. Associated costs charged by a solicitor to execute a Will varies depending on the circumstances.
The Risks Of DIY Will Kits
It’s tempting to save money by using free or cheap DIY Will kits. Will kits are available through the post office or on the internet. What’s more, DIY Will kits may not be legally binding. This can pose more problems if you decide to draft your Will by yourself.
Taxation
It’s important to keep in mind that DIY Will kits may have hidden costs. A Will might result in significant tax responsibilities if not drafted correctly. A poorly drafted Will may result in one beneficiary obtaining more from the estate than others, even though they appear to receive equal amounts under the Will. This is due to the failure to account for embedded capital gains taxes.
Tax on Superannuation Death Benefit
Tax may be due if superannuation entitlements pass to particular beneficiaries. This would not be the case if they passed to other beneficiaries. For example, if a deceased person left taxable superannuation benefits to adult children, the tax would almost certainly be due on the remaining superannuation benefits.
If the identical superannuation entitlements were gifted to a spouse, the tax would almost certainly not be due. Read: Finding Deceased Superannuation In Australia
More Related Risks OF DIY Will Kits
Unclear wording
As mentioned, a poorly drafted Will can have two or more different meanings. Consider this example: “I offer my estate to Marie, Therese, and Chris to share.”
One could believe that Marie, Therese, and Chris will each get an equal share. Another individual would interpret that the estate will be divided into two halves.
Lack of legal knowledge
The Succession Act contains multiple sections that determine how a Will operates. Your wishes may not be carried out if you are unaware of the various laws. The impact of marriage or divorce on a Will is an illustration of this.
A knowledgeable estate planning attorney will be familiar with the Succession Act 2006 and will ensure that your Will adequately tackles the difficulties.
Minimising The Cost Of Making A Will With A Solicitor
A solicitor is usually the best option for having your Will written. Furthermore, doing everything correctly can give you peace of mind. Some states and cities have different laws. DIY kits are generic, therefore they may or may not be legally valid in your jurisdiction.
JB Solicitors have worked with a variety of cases and understand the legal procedures in preparing a Will. Our team of solicitors can properly draft Wills for our clients. Because of this, beneficiaries may be less likely to contest or challenge it in the future.
Contact us today to find out the cost of making a Will with a solicitor.
