When it comes to making a will in Brisbane Qld, there is no one-size-fits-all answer. The cost for wills varies based on many factors, such as the complexity of your estate, number of heirs involved, and any disabilities of family members.
In this article, we will discuss what a will is, what wills are used for, the costs of a will and how to make a will in Brisbane.
What is a will?
A will is an important document that outlines your final wishes regarding your estate. If you die without a will, then you will die ‘intestate’ and your estate will be distributed according to the laws of intestacy, which may not be in line with your wishes. A will is a legal document that allows you to specify how you would like your assets to be distributed after you die.
A will is also a very personal document though, so don’t be afraid to ask your solicitor to personalise it a bit. Some clients like to provide inserts to be read to dear family members or wording explaining the sentimental reasons why, for example, you have left your favorite guitar to your close friend or child.
Creating a will is one of the most important things you can do to protect your loved ones, ensure that your wishes are carried out and generally ease the anxiety and administrative burden on your family at an already difficult time.
What are some things that a will is useful for?
As a will relates to your personal circumstances and wishes, it is a very flexible document and should be customised for you. You can use a will to do all sorts of things, including:
Designate who will receive your assets;
Appoint a guardian for your minor children;
Name an executor to carry out your wishes;
Ensure your pets are taken care of;
Make provision for any special needs that your loved ones may have (often including a Special Disability Trust);
Make gifts to charities;
Set up trusts that come into existence upon your passing for specific family members or specialised purposes (commonly called a Testamentary Trust);
Provide direction to your executor and family in relation to burial or cremation, or such other means of handling that you want.
Many clients find the estate planning process daunting to even start. An estate planning lawyer can help lead you through the various considerations step by step and ask you the right questions to get you thinking about the things you may wish to include. They can also help you explore whether you need to have in place other important documents forming part of the estate planning process such as Enduring Power of Attorney, General Power of Attorney, Advanced Health Directive, Testamentary Trusts and Variation of Trust deeds.
How Much Does a Will Cost?
As described above, there are many reasons why you might need a will. Whatever your reasons, it's important to understand the costs involved in creating a will. This includes the fees for the solicitor who will prepare the document, as well as any associated costs such as witnesses.
There is no one-size-fits-all answer when it comes to costing because everyone’s estates and wishes are different. The cost of a will depends on various factors, such as the complexity of your estate, the number of beneficiaries involved, whether you have children that needs to be catered for, or have family members with disabilities that require additional consideration and structuring to ensure their ongoing wellbeing.
In Brisbane, you may find a very basic will to only cost a few hundred dollars or so. However, it is not uncommon for some wills to cost significantly more where they are particularly complex due to having to cater for a myriad of assets or personal requirements. If you have a large estate or complex family situation, you can reasonably expect that a solicitor will need to put more time (and therefore legal costs) into taking instructions, exploring your requirements and drafting your documents. However, even a simple will can provide peace of mind knowing that your affairs are in order. After your initial discussions with your solicitor, they should be able to provide a reasonably accurate estimate of the costs involved.
How to make a Will in Brisbane
There are a few different ways to go about making a will in Brisbane. Most people use the services of an estate planning lawyer who can help you to navigate the process of making a will, and can also provide advice on complex issues such as tax and estate planning. The cost of using a solicitor will vary depending on the time required and the complexity of your estate.
Some people use a do-it-yourself will kit, which you can purchase from a stationery store or online. These are certainly better than nothing. However there have been many cases involving poorly self-drafted wills that do not accurately or adequately capture the will maker’s intentions. If this arises then the result is unnecessary difficulty and anxiety for the deceased’s family, sometimes requiring costly and time consuming court proceedings to resolve the true intention of the will maker.
Ultimately you have to choose what is right for you. Making a will is an important decision, and it is important to make sure that it is done correctly. If you are unsure about any aspect of the will process, it is best to seek professional advice from our will specialists. They can also help you explore whether you need to have in place other important documents forming part of the estate planning process such as Enduring Power of Attorney, General Power of Attorney, Advanced Health Directive, Testamentary Trusts and Variation of Trust deeds.
If you're looking for a wills and estate planning lawyer in Brisbane, there are a few things you should keep in mind to ensure that you choose the right one for your needs. Contact our office at your convenience to discuss your requirements with one of our friendly estate planning lawyers.
Drakos & Company Estate Planning Solicitors
First Floor, Boundary Chambers
170 Boundary Street, West End, Brisbane, Queensland 4101
PO Box 5453, West End, Brisbane, Queensland 4101