Not knowing the entire cost of making a Will in NSW will give you a run for your money. When we talk about how much you should save for your Will, we want to know every single thing that you might spend on.
Fees charged by solicitors for drafting a will can range from $300 to $1000. This will depend on how simple or complex a Will is.
There are filing fees, legal service fees, and possible court fees if someone contests or challenges your Will. Moreover, you might also spend on some services when you want to safeguard or update your Will. All of these factors are important to know the entire cost of making a Will.
Aren't DIY Will Kits Cheaper?
To help Australians create easy online Wills, there are do-it-yourself Will kits available online. This sounds more cost-effective and easy to use, but that's not always the case. Generally, there are templates available for costs ranging from $50-$100. Some DIY kits are inexpensive and may cost $30, which are sold at post offices.
You may use a DIY Will kit if you have very simple needs for an estate plan. In cases where your estate planning needs are a bit complicated, making a DIY Will can be very tricky. Often, people fail to comply with all the regulations, and ultimately, their Will becomes invalid.
Additionally, DIY Will kits are often too generic. They lack comprehensive succession planning advice (like asset restructuring and superannuation), and increase the risk of estate challenges.
So, It's Better To Write Your Will With a Solicitor, Right?
Yes! Let's compare DIY Will kits to Wills that you can prepare with the help of a solicitor. If you choose a solicitor, the cost of making a Will in NSW again depends on the fees that particular solicitor/firm charges. But don't you want a Will that specifically names your assets and with more provisions that protect them?
This is the main edge that a Will written by a solicitor. Yes, there are costs of making a Will in NSW with a solicitor. However, these costs come with many legal services that can help you build the perfect Will. Solicitors help ensure that a will is legally valid and meets all regulatory requirements.
This is why it is recommended to have your DIY Will or online Wills reviewed by a professional who can check how accurate it is. In NSW, NSW Trustee & Guardian or estate planning solicitors can help with getting the Will checked.
Important Terms To Remember About Wills
Let's have a refresher on the important terms associated with this topic. A Will is a legal document that consists of information about how the estate and property of a person are to be distributed following their death.
Let's look at the main people involved in a Will. The person who drafts a Will is a testator, or a Will-maker. The person who receives entitlements in the form of the estate is the beneficiary. Finally, the person responsible for administering the distribution of property is the executor.
The cost of making a Will in NSW will vary depending on the following factors:
- The nature of your assets
- The size of your estate
- The number of beneficiaries you wish to nominate (The number of beneficiaries can influence the cost of making a will)
- Whether you anticipate potential disputes against your Will
- Any debts and liabilities
- The financial health of your estate and beneficiaries
Cost of Making a Will in NSW With the Help of Solicitors
As mentioned above, it is rather easy to slip-up when preparing a DIY Will. When considering approaching solicitors for the same, there are various factors that may affect the cost of making a Will in NSW when seeking help from solicitors.
These factors include:
- The nature and size of your assets;
- The number of beneficiaries you want to include. You must also include their current addresses and other relevant contact details.
- If you are separated, divorced or if you have remarried;
- Whether you have a blended or joint family;
- If you wish to exclude someone from the Will (someone who would normally be included in family or company trusts or inheritance);
- Whether you wish to distribute gifts in any particular way;
- If you have any loans or gifts that you have given during your lifetime;
- If there is some share that you own with someone else that you wish to leave for another individual, and
- If you anticipate any disputes regarding the document that may arise in the future.
Depending on these factors, the overall cost that solicitors charge may differ. However, this is not the case with our fixed fees. With this payment plan, we can show you our exact prices for our Wills and Estate planning services. You won't have to calculate and worry about the costs of our legal services.
However, to gather a clearer understanding of the cost of making a Will in NSW, the best thing to do is to contact your local lawyers and make an enquiry. Upon having an initial consultation with the lawyers, you will be able to get the clearest picture regarding to cost of making a Will in NSW.
How To Save Some Money When Approaching A Solicitor?
Because there is a lot of paperwork involved in legal processes of estate planning, the amount of work in preparing the document becomes doubled for a solicitor. An efficient way to reduce the cost charged by solicitors is to prepare the necessary documents beforehand, since this can help reduce the cost of making a Will.
There are some important things that you can prepare before approaching a solicitor. This includes:
- A complete list of all assets, which includes property, shares, investments, vehicles, etc.
- Complete and accurate details of all bank accounts, which include account numbers and past bank statements, are relevant.
- A list of beneficiaries including all important details like full names, residential address, date of birth and contact information.
- Name and all relevant details of the person/persons who will potentially be the executor of the Will.
- Further information about any inheritance from a family member.
- If the probate process is needed
- If you're matter should be handled by the local court or the supreme court
An Upfront Cost of Making a Will in NSW Is the Way
We'll provide you with our legal costs, and you can provide us with the details of your estate and assets. Sounds like a good deal, right? No more of those hourly rates that may pile up when you have a complex estate.
This article has explored the cost of making a Will in NSW, both by DIY methods and how estate lawyers can help you with your Will. Since Wills and Estate planning are a crucial legal step for an average person, we recommend that you seek guidance from our trustworthy professionals.
At JB Solicitors, our expert and friendly estate planning team are here to address all your needs. We have the compassion to understand that thinking about Wills is stressful, and drafting it is an altogether separate challenge.
This can especially be the case if you anticipate potential contests or challenges to your Will. To make it legally binding and valid, you need to seek expert legal guidance from lawyers who have experience in dealing with complex Wills. We won't draft just a Will but a valid Will that will meet legal standards and your standards as well.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
