How much does it cost to make a Will in NSW?
When you consider the future, you may assume that you will be able to make your own decisions. But have you thought about what would happen to your financial and personal affairs if you were in a bad car accident or had a stroke, or any other fatal illness? The truth is that things happen in life that makes it impossible for you to make decisions for yourself.
Rather than dismissing this as a disheartening subject to be overlooked, you could seize the opportunity now to plan while you are still healthy and able to do so. This is important not only for yourself, but it may also save the people you care about a lot of trouble, anxiety, and money.
What is a Will?
Inheritance disputes can drag on for decades, turning a period of mourning into a family feud. Unless you have a very strong will. A will is a legal document that specifies who gets what when you die. It’s a way to protect your final wishes while also leaving your belongings to those you love.
A will is a legal document that specifies how you want your possessions distributed after you die. Wills aren’t just for people with a lot of money or property. Making a will is not a tragic activity. It is a positive step you can take to provide for the people you care about, leave specific items to specific people, appoint someone you trust to carry out the instructions in your will, leave any other instructions you may have, and make a charitable gift if you wish.
The writing of a will is part of estate planning. A will can be written at any age, but it is recommended that you do so once you have dependents or begin to accumulate wealth. Some states have their requirements for what should be included in a will. You will almost certainly be given instructions if you use software or online service.
To be recognized as valid, a will must be clear and concise, signed and dated by the will-maker, and signed by at least two witnesses. You must also name an executor, who will be responsible for carrying out the instructions in your will.
If you do not appoint an executor, the courts will select one from among those who are interested, which is usually a family member or beneficiary. Without naming an executor, your will and estate may be in the hands of someone less than ideal.
Writing a will is a way to protect your final wishes.
While laws differ slightly by state and city, there are generally three ways to write a will:
Make your own will.
Use an online service to write your will.
Consult with a lawyer to create your will.
Even if you don’t have a lot of money or own a home, you may want to leave other valuable or sentimental items to specific people, such as artworks, coins, jewelry, antiques, letters, or photographs. Your property and belongings are referred to as your estate after your death.
Anyone over the age of 18 who has mental capacity can make a will. If a person has a mild intellectual disability or is in the early stages of dementia, they may still be able to make a will if they have capacity at the time the will is made. If their capacity is in doubt, an appropriate person, such as a medical practitioner, psychologist, or psychiatrist, must assess their understanding.
Making a will can be a simple and inexpensive process. It is also critical that your intentions be expressed clearly to avoid any disagreements over who should get what. It is, therefore, best to have your will prepared by a solicitor, the NSW Trustee, and Guardian, or a trustee company. A professional can also advise you on any tax issues you should consider when drafting your will.
A will created online or from a store-bought template is legal and valid as long as it follows the laws of your state. And, whether you use an online service or write a will from scratch, use a will checklist to ensure you include all of the necessary information and stipulations.
How much does it cost to make a Will?
The cost of writing a will in New South Wales varies depending on the complexity of the document, whether the will-maker uses a DIY kit or a solicitor, and what the individual solicitor charges. Fees range from as little as $30 for an online DIY will kit to between $300 and $1000 for a professionally drafted will.
The amount you choose to spend on writing your will should take into account the size of your estate, the nature of your assets, the number of beneficiaries you wish to name, and how strongly you want to try to protect yourself from potential will contests.
Depending on the complexity of your estate and your needs, having your Will prepared by a lawyer can be an expensive and time-consuming process. Most people’s estates won’t require the level of customization and planning that would necessitate going through a Lawyer every time – and they’d be far better off taking a different approach.
Using a Will kit is the least expensive option. These can be purchased from a variety of sources and consist of a collection of forms and other documents that you can fill out to create the most basic Will. It will get the job done in some situations, but it will require a lot of manual labor. It is the least customizable option, which explains why it is the least expensive.
You can cut the time and thus the cost of writing a will by ensuring that you have prepared all of the necessary paperwork and documentation before approaching a solicitor. You should also compile a list of all your beneficiaries, including their full names, current addresses, and other pertinent contact information. Preparing a document outlining your funeral wishes will also accelerate the will-making process.
If you have a large estate and want to prevent certain people from inheriting a portion of your assets after your death, you can customize your will and assets to reduce the likelihood of such a challenge occurs. You will then need to seek legal counsel from lawyers who are skilled concerning wills and estates and can consider all of your unique circumstances. Your lawyer will then carefully craft your will to reduce the risk of a contest. This method necessitates the use of an experienced legal mind to oversee the drafting of your will. While it may cost several hundred dollars more than other options, it has the potential to save your estate hundreds of thousands of dollars in the long run.
Don’t put it off any longer. If you do not plan ahead of time and lose your decision-making capacity, you will have lost the opportunity to have any control over, or say in, what happens to you or your property.
If this occurs, people in your life you may not have preferred may end up making decisions about where you live, what happens to your home, whether you are placed in a nursing home, or what medical treatment you receive. There would be no one with the authority to decide for you and resolve any disputes when there is a disagreement between family members about what decisions should be made and who should make them. Someone may have to take legal action to sort this out which can be time-consuming, stressful, and expensive.