How Much Does it Cost to Make a Will in Australia?

Why Writing a Valid Will Used to Be Hard

In the not-so-distant past, writing a Will wasn't such a straightforward process. It almost always involved a lengthy to-do list, which included a costly and time-consuming trip to a solicitor's office to prepare documents, have them signed, witnessed and stored for safekeeping by an estate solicitor. Traditionally, the legal terms of a Will were framed in complex language that could be difficult for the average person to understand and deal with.

How Online Wills are Changing the Estate Planning Process

Fast forward to the 21st century and Will writing is now a very different process. It's been simplified, streamlined and transformed by new technologies- meaning it's now possible to write your Will quickly and affordably from your home.

The Will and estate planning landscape is changing to become more accessible, with clear and simple instructions now making it easier to manage your own estate. With this evolution comes a reduction in the number of people dying intestate- aka without a Will, but with all the family stress and costs of probate and other court proceedings.

Why Writing a Will Protects a Deceased Person's Estate

With more accessible Will writing options now available, more people are protecting their assets, their business and their inheritance with effective estate planning. In this way, writing a valid Will protects your family and your legacy ahead of time, providing peace of mind for your wishes, financial security for the family member who needs it most, and protection of the assets that represent your life's work.

Options for Writing a Will

Options for how to create a Will vary widely– there are Will kits, online Will platforms and a range of professional services that allow you to prepare a Will with or without the help of a wills attorney.

So, how to determine the best Will writing option for you?

Is it more convenient to hire an estate attorney to deal with the details?

And, how much money will you have to part with to write a valid Will in Australia?

We provide advice on the average costs and important information of the most common methods below.

Obtaining a Legal Document via a Wills Solicitor or Lawyer

Advantages of Writing a Will with an Estate Solicitor

If your financial affairs are complicated or unusual, a legal professional can be your best bet to make sure you cover all your bases when making a Will. It can help ensure you have all the important documents in place, and grant you peace of mind that your estate plan is in expert hands.

Some circumstances that might lead to consulting an attorney include having assets overseas, when you need help to minimise tax, or when you want to set up a more sophisticated estate planning structure like a testamentary trust through your Will. These are not necessarily straightforward processes, and it can be worth seeking legal advice on how to safeguard your final wishes and financial planning.

Disadvantages of Writing a Will with an Estate Lawyer

Consulting a lawyer obviously comes with a higher price tag- the cost of having an estate solicitor create a Will in Australia varies widely. This can be in the region of $500 to $3000 depending on what an individual's estate complexity and requirements are.

A Wills and estate attorney also has a busy, fixed schedule, which you may have to work around to write your Will. This can create a lack of flexibility when planning your estate and getting a last Will and testament. In addition, any future changes to the Will require more appointments, which can increase cost and time burdens.

With this cost and lack of flexibility in mind, simpler methods of writing a Will can be just as effective for those without complex financial issues to deal with. These create straightforward alternatives, which allow you to obtain all the same important documents for a legal guardian, specific gifts to charities, power of attorney and funeral wishes.

Writing a Will with a Public Trustee

You can also get your Will written by the Public Trustee in your state or territory for around $500 or less.

You may decide this is a good option for you, if complex circumstances create anxiety about you being responsible for errors which can complicate probate, or create legal difficulties for loved ones in the future. In this situation, you're also encouraged to nominate the Public Trustee as the executor to administer your estate and ensure your loved ones are provided for.

Advantages of Writing a Will with a Public Trustee

Using a state trustee to write your Will is cheaper, minimises stress and reduces the sense of responsibility of estate planning. It can also help navigate complexities in the law, and ultimately shorten your to do list without the need to pay high fees for a lawyer.

In granting this person the powers of executor of your Will, they also take on the responsibilities of administering the estate; handling supreme court issues, legal complexities, tax queries and family disputes amongst beneficiaries. This ensures your funeral, life wishes and probate process are taken care of when you die.

But it's not all perfect with a Public Trustee.

Downsides of a Writing a Will with a Public Trustee

If you choose to write your will via a public trustee, it's worth noting the initial public trustee purchase can come with additional costs. Extra services to take on more responsibilities are not provided for free. And, if circumstances change, relationships with family members falter, or financial situations get complicated, the amount of money you are required to pay a Public Trustee can also fluctuate (upwardly).

That's because when a public trustee administers a deceased person's estate as Executor, fees are based on factors such as your assets, liabilities and the number of Beneficiaries outlined in the Will. You'll need to assess the benefit of using a public trustee to write a Will carefully; you want to avoid a situation where complex additional debts eat into your remaining assets and the financial health of your estate and beneficiaries.

DIY Will kits

Blank templates to make your own Will (known as Will kits) are available from Australia Post, pensioner's organisations and other estate planning providers for around $100 or less.

Advantages of DIY Will Kits

A Will kit may be a suitable option for extremely simple Wills and estate planning, or an urgent need if a person needs to create a Will. It can be an affordable, simple and quick way to write a Will, outline a guardian for your child, and assign power of attorney to a trusted person.

Downsides of a DIY will kit

The simplicity of using Will kit can, however, be offset by the lack of support to manage your Will and associated enduring power of attorney documents.

There's the possibility that a key part of the Will is left out, or the terms are expressed in a way that's confusing. Such errors and legal ambiguities can make the Will invalid in court, and jeopardise your lasting legacy further down the line. This can draw out the probate process for family members, children, and beneficiaries; making the life of your executor harder and putting your financial assets and property at risk.

Once you've prepared a Will using a DIY kit or template, you are usually on your own in reviewing and updating the Will with any further information, or if your life circumstances or funeral wishes change.

You need to communicate with Executors and Beneficiaries about the existence of the Will yourself and keep them up to speed on its location, as well as ensure that the Will remains valid, and up to date with any legal changes. It's a lot of responsibility, and a lot of stress- so each person has to weigh up whether it's worth the lower cost.

Online Wills

Online Wills have rapidly become a reliable and affordable way for anyone to create an estate plan. This can be suitable for an array of complex legal needs, as well as offering a secure storage site for your estate plan documents.

Using an easy-to-navigate online platform such as the one offered by Safewill, you are guided through all the necessary steps to make a valid online Will. You can appoint an executor, powers of attorney, and a guardian for your children, while also fully explaining your end-of-life wishes regarding funeral arrangements, donations to charities, and property or business concerns.

It's a comprehensive service, and it's offered for less than $200.

Advantages of Estate Planning with an Online Will

In avoiding the need to hire Wills and estate lawyers, the cost of writing your Will is significantly reduced with an online Will. It provides the same legal document and validation of your wishes or power of attorney in the supreme court, but at a lower cost and time burden.

You also have the flexibility of writing your Will from home, and making changes in line with life circumstances at any time.

How Online Will Writing Works

Safewill reviews every online Will with an experienced lawyer. You'll receive access to this expert legal advice before you print, sign and have your Safewill Will witnessed.

With the help of a solicitor, your executor and beneficiaries can be easily kept in the loop and you can access or update your Will using our online service at any time, from anywhere- making it a more flexible and adaptive document, which is more securely stored than a traditional physical Will.

Why Choose Safewill for Your Online Will

We make it easier than anyone in the market to include charities in your Will, outline funeral plans, and reduce the stress of death with estate planning.

With the Safewill annual subscription, you can also use our service for free and make unlimited updates to your Will at any stage. Or, simply make no extra purchase and make adjustments when or if you need.

Changing your Will in line with your changing life circumstances is important to ensure this legal document reflects your wishes, and that beneficiaries are up to date with your existing relationships.

Get Started on Writing Your Will Today

If the idea of creating a bespoke online Will, on an affordable and easy platform appeals to you, get started now in a few easy clicks with Safewill. To discuss your options further, give us a call on 1800 103 310 , or via live chat now.