The cost of preparing a Will has a lot of factors that come with it. A Will is a legal document that specifies who will inherit a deceased’s property and belongings after they pass away. It can also include details like funeral instructions, organisation donations, and the appointed guardians for children.
A valid Will offers the best chance on where the deceased’s assets will go. If you have a family or are financially dependent on others, you should always prepare a Will. Dying intestate means passing away without a Will.
This means the intestacy rules of the deceased’s state or territory will dictate what will happen to a deceased’s assets. This usually implies that a person dying intestate will have no control over how their estate is distributed.
Having no control over your assets will pose a lot of Will disputes among family members and relationships breaking down. This is why knowing the cost of preparing a Will is essential. Read ahead to know more about the cost of preparing a Will.
Cost Of Preparing A Will: Who Carries Out The Will’s Wishes?
You must name an executor before knowing the cost of preparing a Will. The job of an executor is to get probate, pay the deceased’s obligations, and distribute your assets according to your Will. Although most individuals designate the same person to fulfil both responsibilities, you can name separate people as executor and trustee.
You can name as many executors as you want (although appointing more than two can complicate things). Generally, a trustee administers any trusts established in a Will. When you leave assets to people under the age of 18, this is what normally happens.
Before appointing someone as an executor or trustee, make sure they are capable of handling the responsibilities you are entrusting them with.
It’s recommended to appoint someone younger than you or naming reserve executors in case the ones you’ve named pass away. People frequently prefer to select their lawyers as executors because of their competence in administering Wills.
Approaches To Making A Will
Will writing has changed dramatically in the twenty-first century, as new technology has simplified, streamlined, and modified the process. The cost of preparing a Will involves Public Trustees, DIY Will kits, online Wills, and solicitors.
Writing a Will usually entails a trip to a law firm to have paperwork prepared, signed, attested, and stored for safekeeping. Moreover, the terms of a Will are typically written in legal jargon that is difficult for the average individual to comprehend and interpret.
For roughly $500 or less, you can have your Will drafted by the Public Trustee in your state or territory. However, you may be encouraged to name the Public Trustee as your Executor in this circumstance, which incurs additional fees.
Fees are determined by criteria such as your assets, liabilities, and the number of beneficiaries you have when a Public Trustee handles your estate as an executor after you die.
As a result, you should carefully consider the advantages of having a Will written by a Public Trustee. This can guarantee that your estate and beneficiaries are not financially disadvantaged in the future.
Online Wills, Simple Wills, and DIY Will Kits
These Wills have proven to be somewhat a reliable way for people to create their Wills. Online Wills can assist someone in completing all essential processes to create a Will. You can name your children’s guardians and explain your final desires in an online Will. They usually give a thorough service for less than $200.
Simple Wills/DIY Will kits
Will kits (blank templates) are available for roughly $100 or less through seniors’ organisations, and other estate planning companies. Some people usually have very basic estate planning needs or need to draft a Will quickly. Simple Wills, on the other hand, have specific limitations and provide little or no support in managing them.
The Issues With Simple Wills/DIY Will Kits
There’s a chance that a crucial element of the Will is missing, or that the words are written in a way that’s confusing or invalid. Furthermore, after you’ve completed a Will using a DIY kit or template, you’re usually on your own when it comes to revising and changing it.
A “will kit” presumes that your circumstances are basic, which is not often the case. Any flaws a Will-maker makes will not be discovered until after they pass away. The cost of preparing a Will and fixing it is significantly more expensive than getting it correctly the first time.
Solicitors And Lawyers
While consulting a lawyer comes at a cost, they can make Wills legally valid with their aid. Having a legal professional can be your best chance for ensuring that you know the cost of preparing a Will. They will cover all necessary bases while writing your Will. Hire a lawyer or solicitor if you:
- Assets abroad
- Need assistance with tax minimisation
- Need help with putting up a testamentary trust
- Want the assurance of preventing disputes by having it legally binding
- You want to have jargon-free legal advice
Prepare a list of all your beneficiaries, including their complete names, current addresses, and any necessary contact information. Having a document outlining your funeral intentions can also help speed up the Will-writing process with your solicitors.
Cost Of Preparing A Will: Achieve The Most With A Solicitor
You can customise your Will and assets with JB Solicitors to decrease the challenge of estate distribution. We can also help with preventing certain people from receiving a share of your assets and preventing them from contesting it.
JB Solicitors’ Wills and Estate planning solicitors can guide you with the procedures of drafting up a legally binding Will for your beneficiaries and prevent family disputes. The cost of preparing a Will can be minimised with our fixed fees and you can get the best advice for your legal matters.
Contact JB Solicitors and prepare your Will today.