How much does a will cost in NSW?
Do you want to the peace of mind associated with having your affairs in order after you are gone? As you research your options for recording your will, you might have questions like:
How much does it cost to do a will in NSW?
What should I put in my will?
Can I write a will without a lawyer?
What happens if I die without a will in NSW?
As your individual circumstances are unique, we help hundreds of clients choose the best way to record their will for their families and loved ones every year based on factors like cost, assets, family dynamics and long-term planning.
In this article, we'll outline the factors that impact on the price of making a will in NSW and to help you make the best choice for your family.
How much does it cost to make a will in NSW?
In NSW, a will drafted by a solicitor might cost you between $200 on the low end and as much as $1,000 or more on the upper end. The final cost of your will depends on the complexity of your assets, your family relationships and the types of things you want to do with your assets following your death.
What should I put in my will?
When done properly, your will is a legally binding document which declares your wishes for what happens with your estate (all the money and other things you own) after you die.
The first thing you will want to include in your will is who you want to act as the executor (executrix if they are female) of your estate. The executor is responsible for administering the estate and distributing its assets.
If you have children under the age of 18 you can declare your wishes for you want to be the guardian of your children.
You will also list your beneficiaries, the people to who you want to receive some or all of the assets of your estate.
Can I write a will without a lawyer?
Yes you can. There is no legal requirement that a lawyer needs to prepare your will for you. There are will kits that you can purchase online or from the newsagent that will provide you with some basic guidance on filling in the forms.
That being said, if you want to have a will that is legally binding you are best to get some legal advice as to what needs to go into your will.
One of the common things we find clients are shocked at is when we explain to them that your estate will not always be administered in accordance with your will. If you exclude an immediate family member or dependant they may be able to contest your will, costing your estate and your intended beneficiaries time and money going through a costly and lengthy Court process.
There are a lot of factors that go into a will, and in particular events like change in marital status, new partner, children and step children, and other dependants can drasctically alter the way your will should operate.
The type of assets you hold should also be a consideration. Jointly held assets, business interests, trusts and superannuation each have the ability to further complicate matters.
What happens if I die without a will in NSW?
If you happen to have the misfortune of passing away without a will, or your have a will but its not valid, then you will be what is referred to as "intestate".
For the people you have entrusted to look after your affairs upon your passing, intestacy not a good place for them to be in.
Someone will need to be appointed to administer you estate. This is done by making an application to the Court for "Letters of Administration" - in which the Court authorises a person to deal with your estate.
If it sounds confusing and like a lot of work, that's because it is! In some cases, extensive research will have to be undertaken at significant time and cost just to find out who the eligible beneficiaries might be.
In order to put your assets into the right hands following your death, you should avoid the whittling away of estate assets by lawyer fees and court processes that are associated with an intestate estate.
Have questions about your Will or Wills in general? Feel free to ask away in the comments below.
At Hannigans we provide high-quality legal services for individuals and organisations across Australia. If you'd like to speak to someone about your legal options, you can fill out our contact request form using the button below for pricing and more information.