A person may wonder ‘how much is a Will?’ when he/she is in Australia. A Will is a legal document that provides information on how to distribute a deceased’s assets and estate to his/her beneficiaries.
An average person can find Wills and Estates laws in Australia to be complex. These laws also vary from state to state, so the cost of a Will depends on where an individual lives. Here are other factors that influence the cost of a Will:
- How extensive the estate is
- Structure and nature of assets
- The complexity of the deceased’s wishes
- Blended families
- Separation and divorce
- Remarrying
- Specific gifts
- Excluding someone from a Will
- Company or family trusts
- Gifts or loans that the Will-maker (testator) has given before he/she dies
- If the testator owns a property as a joint tenant with someone. For example, leaving something to someone that would normally go to the other owner upon death.
It’s essential to look at these factors when one is asking themselves ‘how much is a Will?’. If a person dies without a Will (dying intestate), states or territories will handle the administration of his/her estate and assets instead. So, it’s essential to read this article and to know how much is a Will in Australia.
What Are the First Steps To Making a Will?
Some people may feel lost when they are deciding on how to approach a Will. Aside from the costs, they may also need some help drafting a Will or planning their estate. An individual can make a Will more efficiently if they prepare all the necessary documents and paperwork that they can get themselves. Depending on family structures (such as if you have a blended family), and family trusts, the documents required for making your own Will may vary.
Here are the common things that a Will-maker should prepare:
- Details about any property they own, including their primary residence and any investment properties
- The make, model, year, and registration information for any vehicles they own, such as motorcycles, cars, caravans, and/or boats.
- Account numbers and current statements of their current bank accounts
- Information on any stocks or investments
- A list of any personal heirlooms that they want to leave to their beneficiaries
- A list of potential beneficiaries and all of their basic details like full names, current addresses and other contact details
DIY Will Kits
DIY Will Kits are readily available and downloadable online. But how much is a Will kit? People can purchase them for a small fee of $20 up to around $200. However, their small fee comes with minimal protection since Will Kits are not legally binding. Furthermore, DIY Will Kits are not really updated to adhere to state laws and regulations about Wills and estate planning. Here are some cons of using DIY Will kits:
1. No Inheritance and Crisis Protection
DIY Will kits do not give beneficiaries the option of inheriting through a testamentary trust. This excludes any long-term protection of inherited wealth from common events that Will-makers, their spouse, and their children/grandchildren may face at some point. Some of these common events are:
- Divorce
- Relationship breakdown
- Bankruptcy
- Financial constraints
- Business failures
- Mental health issues
Furthermore, DIY Will kits cannot protect family members during a personal or financial crisis. Wills in 2022 should aim to help families protect their inherited assets even if they go through a personal or financial crisis. This is the case if third parties threaten to contest or challenge those inherited assets from them.
2. No Tax Advantages
DIY Will kits do not provide any means of reducing income and capital gains tax obligations on inherited wealth. These valuable tax-saving opportunities are only available to beneficiaries who inherit through a testamentary trust. Not having these tax-saving opportunities will result in a testator wasting hundreds of thousands of dollars down the drain over time.
3. No Flexibility
When talking about how much is a Will kit, it’s important to know that they will provide no flexibility in distributing, managing, and maximising inheritance. Some people may want to change, void, or update their Will regardless of the complexity or simplicity of their assets and property.
How Much is A Will With A Public Trustee?
According to Moneysmart, a public trustee may not charge a person if they are a pensioner or over the age of 60 or if people appoint them as their executor. Executors are the people who are responsible for distributing assets to beneficiaries and handling financial matters when the Will-maker dies. Lawyers may also act as executors of a Will.
In New South Wales the public trustee charges $330 to prepare a Will. However, if people are eligible for the full Age Pension, this service is provided free of charge. How much is a Will in NSW Trustee and Guardian? The NSW Trustee and Guardian charge $440-$660 for their Will.
Wills and Estate Planning Lawyers
Wills and estate planning lawyers are a person’s best bet when it comes to making a Will. There are a lot of legal matters that are involved during drafting Wills and estate planning. That’s why these lawyers are trusted since they have the knowledge and ability to adhere to state laws and regulations. Moreover, they provide testators with the option to:
- Change, update, and void their Will if they want to add or remove beneficiaries
- Add or remove assets and property
- Make provisions where they can protect their beneficiaries during Will contests and challenges
- Get legal guidance if they ever go through a divorce or if they remarry which can greatly affect their assets and property
- Appoint a lawyer with powers of attorney who can act for their legal and financial matters while they are still alive.
- Appoint executors or have them appoint lawyers as executors.
They can also help testators validate their WIll further by helping them get probate for their Will. Executors will need probate since some institutions like banks and the NSW Land Registry will only release a deceased’s finances and property if the Will underwent probate.
How Much Is a Will with JB Solicitors?
Making a Will with JB Solicitors only costs a fixed fee that you can review before availing our services. This is better than taking services that will cost you an hourly rate.
You can potentially save more money if you chose to draft a Will with a lawyer, rather than making one yourself. This is because a DIY Will kit has additional costs, and may often not be legally valid. You may have to rewrite the last Will to make it legally binding.
We believe that making a Will should be affordable for all kinds of Wills whether it’s a simple Will or complex Wills. Will costs involved vary depending on several factors and circumstances such as whether it is a Simple Will, or just a Will or or if it includes other forms estate plan as well.
Our Wills and estate planning lawyers can provide proper legal advice and help people draft Wills that follow their best wishes and update them if necessary. We can also lodge provisions in Wills to prevent Will contests and challenges.
Contact us today to know more about how much is a Will with our lawyers.
