22 Feb Cost of a Will
Cost of a Last Will and Testament
The cost of a Last Will and Testament can vary depending on how you wish to make your will:
Last Will and Testament kit
Simple Last Will and Testament with a solicitor or lawyer
From $500 – $800
Wider estate plan (complex wills, trusts, enduring power of attorney, advanced health directives)
From $1000 depending on your needs
What is the total cost of Making Last Will and Testament?
The exact cost of a will may be influenced by:
- Whether or not you have a blended family;
- If you’ve remarried, separated or divorced;
- If you want to make specific gifts in a certain way;
- If you want to leave someone out of your will who would normally be included in your inheritance;
- Company or family trusts;
- Gifts or loans you’ve given before you die; or
- Leaving something to someone that would usually go to the other owner upon your death, for, eg if you own property as ‘joint tenants’.
How much does a Last Will and Testament cost in Australia?
The laws that govern wills and estates are complex and different in each state of Australia. This means that it may be more expensive or less expensive depending on where you live. The total cost of a will can be influenced by many other factors discussed above and depends on whether you do it yourself with a will kit or use a solicitor. The issue with using a will kit in Australia is that most basic will kits, give poor instructions and it’s effortless to make a mistake which can end up costing several thousand or several hundreds of thousands to fix after you die.
What is the cost of making a Last Will and Testament with a solicitor or lawyer in Australia?
Lawyers or solicitors charge between $300 to $500 per hour for wills, and it depends on the complexity of your estate as to how much the total cost is with a solicitor. When you make a will with a solicitor, you aren’t necessarily paying for the time to draft the will but for their experience and understanding of the law and how it affects your circumstances. Depending on the cost of your will, a solicitor may ask you to pay into their trust account to cover their fees.
What is the cost of preparing a Last Will and Testament?
The cost of a will can be reduced if you invest your time into understanding your situation. You could do the following:
- Put together a list of assets and liabilities;
- Decide on who you want to give your assets too;
- Learn about the different ways you can gift your assets;
- Choose who you want to be in charge of your estate after you die (executor)
Additionally if using a lawyer, you may want to provide all this information to them before meeting them to save time at the meeting.
What is the cost for a lawyer to prepare a Last Will and Testament?
Some people may need assistance when it comes to preparing to make a will. A lawyer can help prepare for your will making by getting together your assets and liabilities or giving you advice on how to structure your estate.
Lawyers charge differently from each other, and some lawyers provide fixed fees and others charge hourly. Almost all wills are prepared on a fixed fee basis. However, if you have many complicated structures or investments, a lawyer may prefer to charge an hourly rate.
When using a lawyer, you should ask for your cost to prepare your Last Will and Testament upfront either a fixed fee or hourly and ask them to explain to you what the cost covers.
What is the going rate for lawyers or solicitors fees for a Last Will and Testament?
Lawyers or solicitor’s fees for wills can be anywhere from several hundred to thousands of dollars. Two lawyers can give very different estimates of their fees depending on their experience and skill. In this case most of the time you will get what you pay for. Understanding how your lawyer charges and what you are paying for is fundamental. Sometimes there are additional costs, such as title searches which may not be made clear to you.
What is the cost of making a Last Will and Testament with Cudmore Legal?
If you are interested in learning more about the cost of a will, you can download our free succession planning prices and guide here, alternatively call us on 1300 283 667.