You are in a position in life where you are thinking about what happens to your estate and loved ones when you pass away. After doing some research online on Wills and seeing much conflicting information, you are left quite confused and wonder – Just how much does a will cost? The answer to this question, unfortunately, does not have an answer applicable in every scenario.
Luckily for you, this article can help some light on this topic and give you a rough idea of what you can expect about the question ‘How much does a will cost?’
The Cost Of Making a Will
The answer to the question ‘how much does a will cost?’ does not have a clear-cut answer. This is because in NSW, how much a Will costs depends on the complexity of the document. Additionally, it will depend on whether the person making the Will chooses to use the services of a solicitor or a DIY kit. The fees for a DIY kit are relatively low compared to a solicitor and can be as little as $40, depending on which kit you use. However, the kits are not without their drawbacks.
In contrast, the cost of having a solicitor draft up your Will can range anywhere from $330 up to $1000.
Here are a list of the pivotal considerations when determining the amount you spend on your Will:
- The size and nature of your estate and assets
- How many beneficiaries are involved
- Ensuring the inheritance is used for particular purposes outlined by you
- Protecting your estate from other people who may attempt to contest the Will.
The Cost Of Making A Will Yourself Versus a Professional Making One
As noted earlier, the costs of making a Will are usually a few hundred dollars and can be more depending on the number of assets involved and the complexity and time needed to draft the Will. Although making a Will in Australia can be done without the need for a solicitor, it is often not the best course of action to undertake, and it is recommended that you do not do this. This is because there have been numerous instances throughout the years where someone will create a Will without the assistance of a lawyer, which is unfortunately not legally binding. This is because stringent legal requirements must be followed in Australia for a Will to be legally valid.
Considering this, the relative cost of what can be merely a few hundred dollars is negligible in contrast to the peace of mind in knowing that your estate will be distributed according to your wishes and your loved ones will be taken care of. The first scenario can leave your estate open to contention from anybody who may have a valid claim and cause unnecessary drama and even legal conflicts amongst the beneficiaries of your estate.
The Preparation Work Involved In a Will
A keep component in answering how much a Will costs can be attributed to the preparatory work involved. Accordingly, you can reduce the cost of preparing a Will by preparing all of the required documentation and paperwork before approaching a solicitor.
Here is a list of items you should bring to your solicitor to help streamline the process and reduce costs:
- A list of the beneficiaries, including their full name and current address
- Details regarding all of the properties and any vehicles you own
- Details regarding all of your bank accounts, including bank statements and account numbers
- Details regarding any assets, shares, investments and so on
- Details regarding any heirlooms or sentimental items
Importance of Seeking Legal Advice
When discussing matters such as ‘how much does a will cost?’, it is essential to remember that there is no clear-cut answer. A Will may cost as little as $30 if you choose to do it yourself and as high as $1000 if your matter is complex and you engage a solicitor to draft it professionally.
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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