How much does a will cost in Australia?

What is a will?

A will is a legal document that sets out how you want your assets to be distributed when you die. It can also include information such as instructions for your funeral arrangements, whether you want to donate money to charity and nominate who you want to look after your kids, if you have any. Your will should nominate who you want to administer your estate (the executor) after you die.

If you die without a will (intestate), then the intestacy laws of your state or territory will apply to determine where your assets will go. This means you won’t get a say on how your estate is distributed.

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How do you make a will?

There are a few different ways to make a will. You can have a will written by a solicitor (or lawyer), a Public Trustee or you can create one yourself by using a DIY will kit that you can buy in some stores or online.

If you decide to use a will kit, be careful as this can come with risks, including that the will may be invalid if it is not done correctly. For example, in order to be a valid will, it must be signed and witnessed by two people.

The Australian government’s Moneysmart website recommends you get a will kit checked by a solicitor or Public Trustee to help make sure it has been done properly.

How much does a will cost?

How much a will costs will depend on whether you go through a solicitor, a Public Trustee or do it yourself using a will kit.

A will written by a solicitor can cost anywhere between a few hundred to a few thousand dollars or more depending on its complexity. A will written by a Public Trustee may be free in certain circumstances, and a DIY will kit can be bought for about $30.

How much does it cost to make a will with a solicitor?

There is no set cost to make a will with a solicitor – the answer will depend on factors such as the complexity of the will, and the individual solicitor you choose to prepare it. To give you an idea, Legal Practitioner Director and Special Counsel at de Groot Wills & Estates Lawyers Dr John de Groot told Canstar the average cost of a will is between about $600 for a simple will and $3,000 for a very sophisticated, complex will, although it’s difficult to pinpoint an average cost.

“Isolating just a will from the estate planning work is tricky, because any discussion you have with a client professionally would not be strictly on just the will,” Dr de Groot said.

For example, he said you’d usually discuss things such as your superannuation and appointing an enduring power of attorney (someone who can make personal and/or financial decisions for you) and health attorney (someone who can make healthcare decisions for you).

A will may be more complex (and more expensive) depending on factors such as whether you want to incorporate a testamentary trust (a trust that comes into effect upon your death), whether you want to leave money to charity and want the charity to use it in a particular way.

“All these extra provisions in a will can add to the work a lawyer must do to make sure it happens the way the client wants it to happen,” Dr de Groot said.

You should also consider any digital assets, such as any online accounts or social media, some of which may earn you money.

“Digital assets are now a feature of the estates of most people and need to be considered in the context of will-making. Sometimes their value is far more than personal,” he added.

How much does it cost to make a will with the Public Trustee?

You can get your will written by a Public Trustee, a government agency or business that provides professional and independent services. According to Moneysmart, a Public Trustee may not charge you if you are a pensioner or aged over 60 or if you nominate them to be your executor.

Rules and costs can vary, so consider checking the Public Trustee website for your state or territory. For example, in New South Wales, the Public Trustee charges start from $462 for a basic will, at the time of writing.

If the Public Trustee is the executor of your will, there are usually fees involved to administer your estate after you die. This may be based on factors such as your assets, liabilities and number of beneficiaries you have.

How much does a will kit cost?

Another option you may have heard about for making a will is to use a will kit. These typically available from post offices, newsagents or online and can be bought for as little as $30. Some law firms also offer online will tools, although this can often be more expensive.

If you’re considering a will kit, be aware that you may run a higher risk of ending up with a will that is invalid or doesn’t distribute your assets how you intended. Remember that a will is a legal document and it must comply with the relevant state or territory legislation in order to be valid.

Will kits can have limitations and may not cover everything, especially if your situation is not that simple. Will kits are typically based on a questionnaire so can’t advise you on your specific circumstances and needs.

For example, in many cases they may not cover you if you have a blended family or give you personal advice on how to save your family tax after you die.

“DIY wills or will kits generally don’t open your eyes to the fact that a will is only part of your estate plan,” Dr de Groot said. “There are other components of an estate plan that even the most average person needs to address such as superannuation, enduring power of attorney and advanced health directives or health attorneys.”

If you do decide to use a will kit, it may still be a good idea to have it checked by a solicitor or Public Trustee to ensure it is valid.

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Original authors: Tamika Seeto and Michael Lund.

Main image source: fizkes/Shutterstock.com