What affects the cost of making a Will?
A Will is not a one-size-fits-all document. The work involved will depend on your wishes, your assets and your personal and family circumstances.
Some of the factors that can affect the cost include:
- Your wishes and beneficiaries. A straightforward Will may require less work than one involving multiple beneficiaries, specific gifts or more detailed instructions.
- Testamentary trusts. A testamentary trust may be appropriate in some circumstances to provide greater flexibility or protection for beneficiaries. Including testamentary trusts requires additional advice and drafting.
- Your family circumstances. Blended families, second marriages and beneficiaries who may require additional protection can make estate planning more complex.
- Business interests. If you own or operate a business, your estate planning may need to take business structures and succession arrangements into account.
- Superannuation and SMSFs. Superannuation does not necessarily form part of your estate or pass according to your Will. Your broader estate plan may therefore need to consider your superannuation arrangements and any relevant death benefit nomination.
- Your broader estate plan. Depending on your circumstances, you may also need an Enduring Power of Attorney and Appointment of Enduring Guardian as part of your estate planning.
Why cost should not be the only consideration
DIY Will kits and online Will services can appear to be a simple and inexpensive option. However, a Will needs to be properly prepared and executed to help ensure it reflects your wishes and operates as intended.
Problems can arise where a Will is unclear, has not been correctly signed or witnessed, or does not adequately address a person’s individual circumstances. Obtaining legal advice can help identify issues that may otherwise be overlooked and ensure your Will is prepared with your particular assets, family circumstances and wishes in mind.
Is a Will the same as an estate plan?
A Will is an important part of estate planning, but it is not necessarily the whole picture. Your Will sets out how your estate is to be dealt with after your death and can address matters such as the appointment of executors, beneficiaries and guardians for minor children.
A broader estate plan may also consider what happens if you lose capacity during your lifetime. Depending on your circumstances, this can include an Enduring Power of Attorney and Appointment of Enduring Guardian. Superannuation, business interests, trusts and other assets may also require separate consideration because not everything you own will necessarily be dealt with through your Will.
Looking at these matters together can help ensure the different parts of your estate plan work as intended.
How our fixed-fee Wills work
At Southern Waters Legal, we believe you should understand the cost of your legal work before it begins.
We offer fixed-fee Will preparation. At your initial consultation, we take the time to understand your circumstances and wishes, discuss the type of Will or estate planning you may require and explain the fee for the work.
A straightforward Will will be priced differently from a more comprehensive estate plan involving matters such as testamentary trusts or more complex family, business or superannuation considerations. In each case, we will explain the proposed work and associated fee before proceeding.
Our Wills & Estates team includes Accredited Specialists in Wills & Estates Law who can provide advice tailored to your individual circumstances.
What are you paying for when a lawyer prepares your Will?
Having a Will professionally prepared involves more than recording who should receive your assets. A lawyer can help you consider how your assets are owned, who you wish to benefit, who should administer your estate and whether there are circumstances that require additional planning.
Depending on your circumstances, this may include considering testamentary trusts, guardians for minor children, superannuation, business interests and potential risks to your estate plan. The aim is to prepare a Will that clearly records your wishes and forms part of an estate plan appropriate for you and your family.
Speak with our Wills & Estates team
Our Wills & Estates lawyers, including Accredited Specialists in Wills & Estates Law, assist clients across the Sutherland Shire and Sydney with Wills and estate planning. Call (02) 9523 5535 or enquire online to arrange an appointment.
This article contains general information only and is not legal advice. Every situation is different, and you should obtain advice about your individual circumstances.
