How Much Does a Will Cost?

Creating a Will gives you peace of mind that your family will be taken care of after your death.  A Will is a legal document used by a testator to determine what happens to your assets after you die. The cost of drafting a Will in New South Wales, varies depending upon the complexity of your estate, the method you choose to draft a Will and the professional services you engage.

What factors affect the cost of the Will?

1. Complexity of the Estate:  The more complex the estate, the more expertise and time is needed to draft a Will. Complex estates can involve multiple properties, business interests, family trusts, superannuation, shares and other significant investments.
2. Family Dynamics: Blended families or potential disputes within the family can necessitate the need for more intricate provisions in the Will.
3. Number of Beneficiaries: Wills with numerous beneficiaries or specific bequests can be more complicated to draft.
4. Gifts over to extended family: Simple Wills usually follow the blood line for residuary gifts. More complex Wills have clauses for extended family or friends if the direct family have all died.
5. Use of Trusts: Trusts can be used to ensure that vulnerable loved ones such as minors are well looked after. It can also be used as a tax effective way of managing the estate.
6. Additional Legal Documents:  Power of Attorney, Enduring Guardianship and Advanced Care Directives are additional documents that cost extra to advise on and prepare.

Where shall I go to get a Will?

The cheapest way to draft a Will is through DIY Will Kits that can be bought from Newsagents or online. They can cost anywhere from $20 to $90. Whilst cost-effective, they are extremely risky for beneficiaries and are much more open to challenges in Court. Specific legal requirements may be left out of a Will kit which increases the risk of the Will being found to be invalid. DIY Will Kits are often contested on the testator’s lack of knowledge and approval of the Will as it is difficult to prove the testator understood and appreciated the effect of each clause of the Will.

Alternatively, you can get a solicitor to draft your Will. This means that your Will is tailored to your needs and based on a comprehensive review of your estate. A solicitor can provide valuable legal advice, which can drastically reduce the risk of disputes over your estate. They can also give you peace of mind that your Will is valid and reflects your wishes accurately. A firm that specialises in Wills and Estates can offer estate planning and come up with strategies to reduce tax and provide asset protection for your beneficiaries.

How much we charge at PW Lawyers

At PW Lawyers we believe everyone should have a properly prepared Will. We offer our clients a range of Will options.

We charge $440 for a Simple Will for an individual. A simple Will ensures that your assets are distributed in the way that you intended. It also gives you the option of appointing guardians for any minors in your care. For couples we only charge $660 for Simple Wills. This works out to only $330 each.

A Standard Will is more complex than a Simple Will. You can include specific gifts in your Will such as artwork or jewellery and make contingencies for disasters.  We charge $880 for a Standard Will and $1,320 for couples.

A Custom Will is a Will for people with more complex affairs. Custom Wills require specific drafting tailored for your particular needs. A Custom Will includes clauses that are unique to your estate. We charge $1320 for a Custom Will and $1,980 for couples.

Some clients require further additions to their Wills such as Testamentary Trusts, Special Disability Trusts or Life Estates. Anyone considering adding a Testamentary Trust, a Special Disability Trust or providing a Life Estate in their Will should make sure they get legal advice from someone who specialises in these complex areas. We charge $1,320 for a single person or $1,980 for a couple to add a Testamentary Trust, a Special Disability Trust or Life Estate to a Will.

Contact us for a free thirty-minute consultation with someone who specialises in Wills and Estates.

Any information on this website is general in nature and should not be taken as personal legal advice. We recommend that you speak to a lawyer about your personal circumstances.