How Much Does it Cost to Make a Will in NSW?
Posing the question ‘How much does it cost to make a will in NSW?’ is much like asking ‘How long is a piece of string?’ in that the answer relies on several contributing factors and will be different in almost every circumstance.
Cost to make a will
The cost of making a will in NSW varies depending on how complex the document is, whether the will-maker chooses to use a DIY kit or a solicitor and what the individual solicitor charges.
Fees range from as low as $30 for an online DIY will kit to between $300 to $1000 to have your will professionally drafted.
How much you choose to spend on making 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 and safeguard against potential contests to your will.
Preparing to make a Will
You can reduce the time it will take and therefore, the cost of making a will by ensuring you have prepared all the necessary paperwork and documentation before approaching a solicitor.
You will want to bring a list of all your current assets, including:
- Details related to any property you own, including your home and any investment properties
- The make, model, year, and registration details of any vehicles you own; including motorbikes, cars, caravans, and/or boats
- Details of all your current bank accounts including account numbers and current statements
- Details of any shares and investments
- A list of any personal heirlooms you wish to pass to beneficiaries
You will also want to prepare a list of all your beneficiaries, including their full names, current addresses and other relevant contact details
Preparing a document detailing your wishes for your funeral will also assist in speeding up the will-making process.
Protecting Against a Contest to Your Will
If you have a particularly large estate, and/or wish to prevent certain people from receiving a share of your assets after your death, you can tailor your will and assets to reduce the risk of such a challenge occurs.
If you wish to employ this strategy, you will need to obtain proper legal advice from lawyers who are experienced in wills and estates and can take into account all of your individual circumstances.
Your lawyer will then carefully craft your will to reduce the likelihood of a contest being made.
Using this approach obviously requires an experienced legal mind to oversee the drafting of your will.
While it may cost several hundred more dollars than other alternatives, it could potentially save your estate hundreds of thousands in the long run.