It is necessary to know the cost of Will in Australia for a person to finalise estate planning and detail their wishes appropriately. A Will is a document that states a deceased’s best wishes for their asset distribution. Additionally, it includes information such as the deceased’s funeral arrangements and whether they want to contribute money to charities. Several Australians know the relevance of a Will when they pass away.
However, not knowing its in-depth details can affect the cost of a Will. As people undergo unique circumstances, the cost of a Will may vary. For instance, a Will-maker may have complex assets and family relationships that can affect how they write their Wills. When drafted properly, a Will can clearly state its best wishes and interests. Read this article to know more about the cost of a Will.
What Should Be Included In A Will?
Preparing a Will requires meticulous planning. Significantly, this is the deceased’s final record after their passing. The cost of a Will will depend on a Will’s contents. A Will ensures that asset distribution to beneficiaries is properly carried out. Here is a list of what a Will requires:
- Guardianship of children – A child;s security is important after a parent’s death. Several parents consider making a Will after childbirth to appoint guardianship for their children.
- Assets – It’s recommended that Will-makers write their assets in categories. Essentially, it’s important to list the approximate value of each asset and identify if there are mortgages or loans.
- Heirlooms and cherished items – Consider including items with sentimental value in this category. Often, Will-makers leave cherished these items to family members and close friends.
- Appointing an executor – The executor is the person that will carry out the Will’s wishes. Generally, an executor should be capable and willing to fulfil the role’s responsibilities. A solicitor can also take on this role.
- Beneficiaries – These people benefit from the Will by receiving specific gifts, assets, or shares from a deceased’s estate. It’s important to include their names and contact details.
- Charities or making a bequest – In a similar fashion, charities can be beneficiaries in a Will. For example, a testator can acknowledge organisations or charities that have aided them in their lifetime. Testators are people who have made a Will or given a legacy.
- Funeral instructions – Will-makers can also provide their preferred funeral plans if they want a burial or a cremation.
- Leaving someone out of a Will – Will-makers can exclude a family member from their Will. While this can result in Will contests, a solicitor can ensure that this is enforced.
- Financial matters – Executors will need the accountant’s and financial planner’s contact details after the Will-maker’s death.
Cost Of A Will: Varied Options
Australia offers a lot of options for people wanting to make a Will. Passing away without a Will (dying intestate) can be difficult. This is because the deceased won’t have control over their assets and wishes. While some of these options include cheaper choices, they pose disadvantages that can affect a Will’s quality.
Are DIY Will Kits Reliable?
Firstly, we’ll discuss the cheapest option for making a Will. Will kits are available for purchase online and they’re a set of forms that people can fill out. Moreover, Will kits are customisable which backs up their cheapness. Truly, it helps estate or asset distribution for small and simple estates, but it may not properly represent complex estates.
Furthermore, it poses instability for a deceased’s plans and wishes. Having a private company, shares, or a super fund needs a more significant approach. Likewise, the guardianship of children and blended family situations also require careful decision-making. DIY Will kits tend to cost around $0-$200
Online Wills consists of estate planning instructions drafted online into downloadable and printable documents. This will require signing and witnessing from the Will-maker. Creating online Wills can cost around $0-$100. While online Wills covers the basic features of Will writing, it’s only one document. An estate lawyer can help with figuring out other significant documents for a Will-maker.
How is a Will-maker sure that they’ve included everything in their Will? Experienced estate lawyers can prepare Will-makers for worst-case scenarios and loopholes from drafting a Will to finalising one. Hence, they can ensure Wills are legally binding with their legal advice.
The NSW Trustee and Guardian provides services for Will-making with a range of prices depending on circumstances. Initially, their basic Wills cost around $440. This includes choosing an executor, nominating guardians for children, and basic asset distribution.
Secondly, their custom Wills cost around $550 for business owners, blended families, and self-managed super funds. Next, they have their essentials package which costs $660 that includes a basic Will, powers of attorney, and an enduring guardian.
An enduring guardian is a legally appointed person responsible for making lifestyle and health decisions for incapable Will-makers. Finally, they offer a WillSafe Storage that costs around $29. However, knowing the cost of a Will with this trustee will vary on several factors like:
- How extensive the estate is
- The structure and nature of assets
- How simple or complex the wishes are for asset distribution.
Cost Of A Will With JB Solicitors
This article has discussed the cost of a Will in Australia. Importantly, seeking advice from Wills and estate planning lawyers is the best option to prepare your Will. In contrast, Will kits and Online Wills do not provide legal counsel for Will-makers. As a result, these options may lead to huge losses and mistakes without a solicitor or lawyer’s advice. Solicitors and lawyers typically offer fixed fees for their services.
Furthermore, a poorly drafted Will can affect relationships and cause disputes between beneficiaries. Essentially, there are several family and tax laws that impact a deceased’s estate. These reasons alone prove why Wills and estate planning lawyers are paid and commended for their services.
It’s strongly recommended to obtain proper legal aid from JB Solicitors and our seasoned lawyers. We can provide market-leading legal advice for Will-makers who want to draft legally binding Wills. Whether it’s simple or complex Wills, we can provide the proper steps to ensure a properly written Will.
Send an enquiry to know the cost of a Will with our solicitors.