Are you uncertain when it comes to creating a Will in Australia?
If you are starting to think about your loved ones and what will happen to them once you pass away, you should educate yourself on your options when creating a Will.
Luckily for you, the process is relatively simple, and this article contains everything you need to know regarding just that.
Before Creating a Will In Australia, You Must Be Eligible
Before creating a Will in Australia, some basic eligibility requirements need to be first met. If these requirements are not met, and you go through with creating your Will regardless, then the effect is that your Will won’t be legally valid, and accordingly, your wishes will not be carried out.
These legal requirements are not too hard to satisfy and are designed to protect the creator of the Will from making any illogical decisions when they are in a vulnerable state of mind.
These requirements include:
1. You must legally be an adult (at least 18 years of age). An exception to this applies if you are married.
2. You must have testamentary capacity, which refers to:
- You are fully aware of all of the assets that you own and are in your control;
- You know which people are generally expected to benefit from your Will (such as your friends, family and anyone under your care);
- understanding the legal consequences that flow from creating your Will; and
- You are not mentally impaired or ill, which has impacted your ability to understand the results of your decisions and make illogical choices.
Creating a Will In Australia With a Solicitor
To create a Will in Australia with a solicitor, you should start by sitting down and preparing some information that can help drastically reduce the costs and time needed to draft your Will.
Here are some items you should have ready before contacting a solicitor:
- Your bank account details, numbers, statements;
- The list of all the beneficiaries of your estate, including their full name, residential address and date of birth;
- A list of all your assets, shares, investments, property and so forth that will be included in your Will; and
- A list of sentimental items and family heirlooms to be included in your Will.
The Cost Of Creating a Will Australia
When it comes to creating a Will in Australia, the costs can easily total less than $100 and reach even $1500. This will depend on a few factors, such as the complexity of the Will that needs to be drafted and whether it is a couples Will or a single Will.
Ultimately, the most pivotal factor that will impact cost, however, is whether you choose to utilise the services of a Wills & Estates solicitor or decide to undertake the task of creating a Will in Australia yourself.
By using do it yourself Will kits that are readily available with a quick Google search, you can now draft your Will yourself for as little as $50-100. However, whether this is recommended or not is another story.
If you are wondering about the cost of creating a Will in Australia with a solicitor, this will depend on whether the Will in question is a complex or simple Will and whether it is a single person’s Will or a couple’s. The cost of making a Will with JB Solicitors at the time of writing this ranges anywhere from $330 for a single simple Will, all the way up to $1540 for a complex couples Will.
As you can see, the cost of making a Will with a solicitor can range heavily. This is because the price of a Will heavily depends on the time and complexity involved in drafting the Will.
Our Expert Advice On Creating a Will Australia
When discussing something as important as creating a Will Australia, it is better to be safe than sorry and engage the services of a qualified lawyer to develop and draft your Will for you rather than doing it yourself.
Suppose you want to ensure that your loved ones are protected and taken care of. In that case, you should strongly consider having an experienced Wills & Estates solicitor prepare your Will for you to ensure it is legally valid.
Suppose you did decide to make a Will yourself. In that instance, the unfortunate reality is that the document may be unenforceable in many cases due to specific legal requirements not being observed, or it may not be protected from being contended. Accordingly, this will result in unnecessary drama and conflict amongst the beneficiaries of your Will and other people who believe they are entitled to a share of your estate.
Having an expert, Wills & Estates solicitor draft your Will for you is one of the best investments you can make for your loved ones. The cost of a few hundred dollars up to a couple of thousand dollars is worth the peace of mind in knowing that your loved ones will be taken care of in accordance with your wishes.
Importance of Seeking Legal Advice
When discussing matters such as creating a Will in Australia, you should remember that although you can create your own Will for a lower price, it is not worth it to take the risk of doing so. Especially with something as important as estate and your loved ones that will benefit from it.
If you have any questions regarding a Will, please feel free to contact us today. We are happy to help.
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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