Cost of Having a Will

Compared to other legal procedures, the cost of having a Will prepared is relatively inexpensive.

Slater and Gordon, a large public law firm with a reputation for quality service, charges as little as $199 for its intelligent online standard Will*, and $400 for a standard Will prepared in the traditional way. In the event that you have something more sophisticated than a standard Will, the next level of Will – one with basic changes and amendments – is $400 . A local lawyer would charge a similar price.

Wouldn’t you invest that sort of money for the peace of mind it can provide knowing it’s been done properly?

There are of course more expensive estate planning packages available for those who have very complex personal or financial affairs but they form a small part of our community.

But why pay I hear you ask?

You might ask “Why pay when I can do an unassisted DIY Will, get it done for free or maybe pay just a nominal sum?” 

Let me share a word of caution. The value and true worth of a properly prepared Will has been undermined and people have been misled into believing that they’re ‘such simple documents’ that anyone can prepare a Will. The formal legal requirements, the high chance of making an error and the dire consequences of getting it wrong have evaporated in the minds of many. Like a sharp knife in the hands of a child, all may be OK but there is plenty of scope for disaster.

Who is responsible for creating this misconception? We lawyers and Trustee Companies have to shoulder most of the blame.

Because lawyers have a long-term relationship with their clients (ie.i.e. the family lawyer), preparing Wills has been historically treated as bit of a freebie or as a loss-lead to maintain the relationship knowing that in the long turn the investment of their time will pay dividends.Dividends? Think about it, someday you’ll die, and if the lawyer is storing your original Will, they’ll make the money from applying to the court for probate and administering your estate. Some might see this as good business sense and a good service offering to clients, but it does have the side effect of leading people to believe that Wills are easy and simple because lawyers barely charge anything for them. 

There are two consequences of these practices:

? lawyers lose money preparing Wills.

? by undercharging, lawyers have contributed to the devaluing of the importance and complexity of Wills in minds of the public.

This is an extract from the book I wrote and was published last year, “Understanding Wills and Estate Planning", the only Australian publication written in plain English for the public and professional advisors who are not specialists. It avoids court decisions, legislation and jargon - a practical manual.

Copies of this book are available at most good book stores but can be purchased from me direct at the following link: https://www.rodcunichlawyer.com/publications/.