Author: Jacqueline Brauman – Special Counsel
Asking “How much does a Will cost” is like asking “How much does a house cost?” There is no simple answer, and you get what you pay for.
The cost will depend on the foundations that you’re starting with, the complexity of the situation itself, how much you want to protect for the future, and the experience and qualifications of the person you’re working with.
When making a Will, you’re dealing with your legacy, your loved ones’ futures, and often hundreds of thousands of dollars (at least). So your Will deserves the appropriate attention, and not just skimping to get something down on paper – because a poorly done Will is often worse than no Will at all.
Also, bear in mind that you probably spend at least $1,500 on your annual home and contents insurance each year, and your Will is a form of future proofing.
Will Kit – Free to $60
We’re often asked whether these Will are valid. Yes, a Will Kit is sometimes a good solution, for a very simple situation. But the problem is often that the person signing the Will does not follow the instructions, or writes in some complexity which is invalid.
Will Kits may be suitable in a limited number of situations, but if you have young children, they are unlikely to meet your needs. Will Kits don’t explain everything a person should know before making their Will. It won’t explain the relationship between your Will and your superannuation, nor will it explain who can make a claim on your Will and how to protect against that.
Mistakes are often made in meaning, and this can cost thousands or even tens of thousands of dollars to correct after you die, if the Will Kit needs to be relied upon. Spend a bit more now to save later.
Online Will – $130 to $250
There are more and more online Will creation platforms popping up all the time, where you fill in a basic information sheet and a boilerplate Will is generated with your name in it.
These are about as simple as a Will Kit. The software is often not built or overseen by anyone with legal training, and just like a Will Kit, there’s no legal advice to make sure it’s valid. All the same problems can arise with these standardised Wills.
Solicitor Prepared – $200 to $800
A solicitor can prepare a cheap Will on a special promotion, or often will do this work at a financial loss to gain a client.
This cost range will depend on complexity, solicitor experience, and the attention that the work is given. Often the appointment of the proper executors are not explored in detail, there is often no specific gifts, superannuation is not dealt with, and this would not include any special rights or protections to beneficiaries.
If your circumstances are simple, then a solicitor-prepared simple Will is probably your best option. However, you may think your situation is simple, but it might be legally complex. You should be prepared that a simple Will is not suitable for you at all.
Specialist Estate Planning – from $1,150
Just like medical practitioners, there are solicitors who have gained extra experience to be specialists in their field. A specialist will have strategies to achieve special bequests, make sure all your assets are covered, and make sure you leave the legacy you want.
As soon as you have a blended family, your situation is not simple. If you have companies, family trusts, or self-managed superannuation, your situation is not simple. Or if you want to set up a complex testamentary trust for your children, to protect their inheritance from themselves and give them the benefits of tax effective planning, then be prepared to spend more. These situations need some special attention with a solicitor who has the appropriate knowledge and experience.
A specialist will also not leave gaps in your estate planning, and not just prepare a Will. There will likely be an Enduring Power of Attorney, and Superannuation Nominations at the very least, included with the Will.
Fixed Fee or Hourly Rates
The cost of the Will will also depend on how a solicitor or their firm charges. If they charge an hourly rate, and you need a number of appointments to review everything and get it correct, then you will pay more.
If you see a solicitor who offers a fixed fee, understand that the fixed fee may change if the scope changes.
Conclusion
So there’s no simple answer to the question of how much a Will costs. Hopefully by reading this blog you will do solid research, because the other important factor is to find a solicitor that you trust and feel confident with.
For preparing something so important for your children and loved ones, you want a solicitor who listens to you and with whom you feel comfortable talking about your family, and the relationships you have with them.
Contact Jacquie Brauman – Special Counsel at SPG Lawyers for further information.
