How much does it cost to make a Will?
Well, the answer to this question depends.
Making a Will can cost you less than $100 or even over $1000. This difference may sound shocking, but it will make much more sense throughout this article.
The main reasons for this range in costs will depend on whether you want to take a risk and draft your Will yourself or approach a qualified Wills and Estates solicitor to do it for you. All Will’s are not the same, and so another factor involves the complexity in drafting your particular Will.
How Much Does It Cost To Make a Will Yourself?
If you choose to draft your own Will, the costs can easily total less than $100.
While It is possible to make a Will yourself without utilising the services of a solicitor, it is not recommended. This is because someone will often create a Will themselves, which is not legally binding. For a Will to be legally enforceable, strict legal requirements must be observed in Australia for it to be valid.
Considering this, the savings associated with the cost of making a Will with a solicitor in Australia in contrast to doing it yourself is negligible. It would be far better to have peace of mind knowing that your loved ones will be taken care of following your wishes. Suppose you were to make a Will yourself. In that case, the unfortunate reality is that in some circumstances making a Will yourself may potentially leave your estate open to contention and cause legal conflict and drama, which could have easily been avoided.
How Much Does It Cost To Make a Will With a Solicitor?
If you are wondering about ‘how much does it cost to make a Will with a solicitor?’
This will depend on whether the Will in question is a complex or simple Will. The cost of making a Will with JB Solicitors at the time of writing this ranges anywhere from $330 for a single simple Will 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.
The fees associated with such Will kits are relatively low compared to the cost of making a Will with a solicitor in Australia. However, they do contain some notable disadvantages.
As previously mentioned, A Will may cost up to a thousand dollars or so depending on the complexity involved, the time needed to draft the document and the number of assets involved. While It is possible to make a Will yourself without utilising the services of a solicitor, it is not recommended. This is because someone will often create a Will themselves, which is not legally binding. For a Will to be legally enforceable, strict legal requirements must be observed in Australia for it to be valid.
Considering this, the savings associated with the cost of making a Will with a solicitor in Australia in contrast to doing it yourself is negligible. It would be far better to have peace of mind in knowing that your loved ones will be taken care of in accordance with your wishes. Suppose you were to make a Will yourself. In that case, the unfortunate reality is that in some circumstances making a Will yourself may potentially leave your estate open to contention and cause legal conflict and drama, which could have easily been avoided.
How Is The Cost To Make a Will Determined In Australia?
When determining the answer to ‘How much does it cost to make a Will?’, this question will typically depend on whether the Will in question is simple or complex and whether it is the Will of a single person or a couple.
A complex Will as the name suggests if far more complex in contrast to a simple Will, and accordingly, requires a lot more time and effort to draft. A complex Will includes special disability trusts and testamentary trusts and provides the testator with many more ways to distribute their estate.
Here are some things you can expect to include in a complex Will:
- How an estate is distributed amongst children from multiple marriages;
- How children with disabilities will be cared for;
- The distribution of shares and stocks;
- Who will obtain control of any corporations or businesses; and
- Any gifts you want to award from your estate.
Generally speaking, if you approach a solicitor to draft your Will, they will have two sets of fees for simple and complex Wills. If your matter is more straightforward, such as simply leaving a property and money to your children, then this is likely a simple Will. If the above sounds like something more appropriate, then your matter will be a complex Will.
How To Reduce The Cost Of Making a Will With a Solicitor
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 some of the required documentation, paperwork, and information before approaching the solicitor. Having these prepared will result in less time required to prepare your Will, which can effectively reduce the cost of your Will.
Such information and documentation you should prepare include:
- Details regarding your bank accounts, including account numbers and bank statements;
- The list of beneficiaries and all their details, including their full name, date of birth and residential address;
- A comprehensive list of all of your assets, including properties, vehicles, shares and investments; and
- Any information about family heirlooms or even sentimental items.
Importance of Seeking Legal Advice
When discussing matters such as ‘how much does it cost to make a Will?’ it is essential to note that although making a Will yourself is far cheaper, the potential risks involved are far too significant.
Please do not hesitate to contact our team today if you have any questions regarding a Will.
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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