The topic of cost to make a Will in Australia discusses the total costs that a testator will incur when making a Will. The process of making a Will involves a person making a written declaration for his/her asset distribution.
This allows the person to leave assets and any other possessions to beneficiaries listed in the Will after the person’s demise. However, the cost to make a Will varies depending on the Will’s complexity. The cost to make a Will will depend on the following factors:
- Type of assets;
- Amount of assets;
- Number of beneficiaries;
- How the Will-maker wants to safeguard his/her Will against Will contests.
Drafting up a Will requires preparedness and critical thinking. After all, a Will is the final record of the deceased. We’re here to help you draft up a Will that reflects your assets distribution and best wishes. Read on to the factors associated with the cost to make a Will.
The Cost To Make A Will: What You Should Prepare
Guardianship Of Your Children
The birth of a child inspires a person to create their first Will in some cases. If both partners pass away, they want to be assured that their children receive sufficient and proper assets. Parents can nominate a guardian for their child. The guardian will care for the children until they’re adults. Consider the following when choosing your guardian:
- Similarities in lifestyle, morals, and religious views (Check whether they are similar to yours or not);
- With whom your child may already have formed a relationship;
- Whether the nominee has children or plans to have them;
- Your children would have to make an adjustment to the guardian in terms of location and lifestyle and;
- If they are physically, financially, and emotionally capable of taking on the role
You can put down your wishes for your children. Some examples are:
- Where do you want them to live;
- Who do you want them to see;
- What kind of education and extracurricular activities do you want them to participate in, and;
- The values you would want them to have.
You may also express your opinions on subjects such as access to pocket money. Guardians can access this information in the Will.
The Cost To Make A Will With Assets
The cost to make a Will involves a list of assets. A list of the approximate value of each asset and their mortgages and loans can be helpful for a Will-maker. Here’s a list of possible independently owned assets:
- Your home and any investment properties
- Vehicles you own including motorbikes, cars, or boats
- Current bank details including account numbers and statements
- Details of any shares and investments
There are two methods to share real estate ownership with someone else. If an object is ‘jointly owned,’ the remaining owner will immediately inherit it when you pass away. Your Will won’t include the jointly held asset. Don’t neglect the tiny items while evaluating your assets. Although such items may not be valuable, they may have intrinsic, personal, or emotional value. These items are called family heirlooms.
Appointing An Executor
Your executor is the person or organisation you name to carry out the ultimate desires in your Will. Your executor is in charge of handling your estate when you pass away. The responsibility of the executor should not be taken lightly.
A nominated family member may feel honoured, but they must have the time and knowledge to carry out the duties. In general, choose someone who is a specified beneficiary of the estate when appointing an executor.
For someone who has no financial interest in the estate, acting as an executor can be a difficult duty. Moreover, there may be no one suited for the role. Therefore, it is recommended to appoint a solicitor for family conflicts. This will provide loved ones with peace of mind in the event of a passing.
Beneficiaries are people that benefit from a Will. They may receive certain gifts or a share from a deceased’s estate. As mentioned previously, beneficiaries can also receive family heirlooms. This can happen if a beneficiary receives a specific item written into the Will.
A beneficiary can be anyone of any age. This includes a minor (a child under the age of 18). A minor can be named as a beneficiary of property or shares. If this is the case, the executor is in charge of administering the minor beneficiary’s assets according to the terms of the Will.
Charities And Making A Bequest
Charities can also benefit from a Will. For example, a Will-maker can acknowledge specific organisations who have assisted them in their lifetime, or whose objectives and values the Will-maker respects. Make sure to put specific names of the organisations to make the executor’s job easier.
Are you planning to make a bequest? If that’s the case, pick the charity or charities you’d want to support. Unless you have a specific organisation in mind, you might want to go through online charity databases. If you contribute to particular charities on a regular basis, bring any relevant literature to your Will appointment so it may be readily identified and included.
Have you considered burials or cremations? We recommend including funeral instructions in your Will. This is also an opportunity to become an organ donor.
Frequently, any funeral arrangements made require Will verification. This is to ensure the proper delivery of funeral arrangements. Your next of kin will feel more at ease approving organ donations if you provide proof that you’re an organ donor.
Importance Of Seeking Legal Advice
Finances and businesses may complicate family relationships. For example, you may want to exclude someone from your Will or provide a beneficiary with special needs. In worst-case scenarios, your Will can be challenged or contested.
All of these can contribute to the cost to make a Will in Australia. JB Solicitors strongly recommend seeking legal advice to ensure a properly written Will. JB Solicitors offer fixed-fee prices for complex and simple Wills. This ensures that you get to put as much as you want in your Will without financial worries.
Contact JB Solicitors today for your Will writing purposes.