Many Australians put off creating a Will because of how complex it can be and the costs involved. When we are young, we think there is plenty of time for making a Will and organising how we want our estate to be distributed after we die. However, it’s critical that you get your affairs in order sooner rather than later.
To assist you, we’ve outlined the average cost of making a Will with a lawyer (NSW), how a DIY Will kit compares and the basics of getting your Will organised. If you have any questions about the cost of making a Will with a lawyer, please don’t hesitate to get in contact with our Wills and estate lawyers.
How much does a Will cost in NSW with a lawyer?
The cost of a Will can vary depending on a variety of circumstances, and for that reason we are unable to give a figure of how much making a Will could cost in NSW with a lawyer. However, if you are interested in saving some money while gaining a well-crafted Will, keep an eye out on our Facebook for our charity partnership, ‘Wills Days’ where we partner with a NSW based charity and all proceeds of creating a Will go to supporting that charity.
Factors that can impact the cost of a Will
A Last Will and Testament can be complex, and it involves much more than just identifying your beneficiaries and distributing your assets. As such, the cost of making a Will with a lawyer can vary. The following can impact the cost of a Will:
- Whether you have been separated or divorced, and you have dependents from these relationships (blended family)
- If you have minor children or disabled children who require care
- If you own/are involved in a business
- If you have family trusts such as a Testamentary Trust or Superannuation Proceeds Trust
- If there are specific gifts you want to leave to charities
- The number/size of your assets
- The number of beneficiaries
What else is involved in estate planning?
If you engage a solicitor to draft your Will, they will als discuss with you the following important considerations:
- Enduring Power of Attorney
- Advanced Care Directives
- Appointing an Executor of a Will
- Enduring Guardianship
It is extremely important to address these issues properly, with proper legal advice. Bear in mind that a Will that is not properly crafted and witnessed may not be valid, and may be dismissed, or contested. As it is a legal document, it is important to get it right.
How much is a Will kit (NSW)?
Will kits can be found online, from post offices and even newsagents, and they can start at just $30. Basic do-it-yourself kits are templates that you fill in with important information i.e. your personal details, your beneficiaries and the assets you want distributed.
However, if you are considering a Will kit, you need to keep in mind that you run the risk of creating an invalid Will or a Will that does not properly distribute your assets. Creating a Will can be complicated and it needs to comply with the relevant state/territory legislation. If a Will is found to be invalid, it can be contested after you die.
What happens if you don’t have a Will?
If you don’t have a Will and then you die, it is known as dying “intestate”. There are laid down procedures as to how your estate will be distributed in the absence of a Will, however you won’t have any say in the matter. It may be that your estate will not be dealt with how you would have wished.
Where to start when creating your Will
Before you engage a Wills and estate lawyer to create your Will, you can get some details together. To start:
- Write a clear and simple list of your assets, such as: personal items, car, superannuation, life insurance policy and so on.
- Write down how you want your assets distributed upon your death.
- Think about some ‘what ifs’: if I can’t look after myself, who would I want to have full control of my finances and decisions on my health care?
- In the event of my death, who do I want to have full legal authority to implement my Will? List full names and contact details for executors and beneficiaries.
- Assemble such things as your birth certificate, possibly a marriage certificate, passport and other official identification, along with details of bank accounts and superannuation.
Once you have all of this information, speak to an estate planning lawyer at Owen Hodge.
The cost of making a Will with a lawyer is worth the peace of mind
Make your Will with sound legal advice from the experts. Call the estate planning lawyers at Owen Hodge now on 1800 770 780.
Wills & Estate Team
Frequently asked questions
Technically, you can write your own Will without an attorney or lawyer. However, it’s highly recommended that you do seek legal advice from an estate planning lawyer if you plan on doing your own Will as the process can be complex and you run the risk of having an invalid Will.
In our experience, the least expensive way is to engage an estate planning lawyer. Even if it’s just for a simple Will, the upfront cost of making a Will with a lawyer will save you both time and money in the long run.