Loved one recently passed away? have you updated your will?

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Loved One Recently Passed away? Have You Updated YOUR Will?

We ‘re commonly asked ‘What does it cost to prepare a simple will?’ The answer is: “It all depends on the circumstances.”  

Solicitors charge at an hourly rate -usually $500 per hour plus. At that rate, even simple wills would cost at over a thousand dollars. However, we recognise that this is far more expensive than most people can afford or are prepared to pay so we endeavour to prepare wills at a lesser cost. This document is a guide to the likely cost of preparing your wills.

So let’s start with the most expensive and work our way down to the simplest low cost will to help you out for your loved ones who just passed away.

 

What you might think to be a ‘simple will’ may turn out not to be so. Generally speaking, even ‘simple wills’ take two hours preparation including meeting with you to take instructions, preparing the will, making any amendments and attending to have the wills signed. 

A complex will costing around $880 for a single person or $1,430 for a couple. These types of wills are needed if you meet any of the following criteria.

  1. You have substantial assets and/or assets held through a company structure or a discretionary family trust; 
  2. You require testamentary trusts to be established; (so as to protect, for example, against the failure of a beneficiary’s marriage, drug dependent beneficiary etc)
  3. You may require a Business Succession Agreement (“Buy/Sell” Agreement) – e.g. where you operate a business in partnership with a third party; 
  4. You’re in a blended family situation, where a decision is made to change a property from being held as joint tenants to tenants in common with the intention that ‘your half” of the property goes to your children and your ‘partner’s half’ goes to their children. 
  5. You require ‘mutual wills’ i.e. whereby you and your spouse/partner enter into an agreement to make your will in a certain way and not to change it if one of you dies (the intention being that both yours and your partner’s children will ultimately inherit from your estates).

Semi complex will, involving trusts: $770 for a single will or $1,320 for a couple. These types of wills are needed if you meet any of the following criteria.

Typically this will involve either a “protective trust” (where one or more of the beneficiaries is under some disability e.g. drug/alcohol dependent) or a “blended family” situation whereby a life estate is created (a life estate permits your partner to live in a property owned by you both as tenants in common until their death (passed away) or remarriage. The property then falls back into your estate and passes, for example, to your children)

A Simple will $385  single will and or $660 for a couple.

If you want to just leave everything to your spouse and they in turn will leave everything to you on death or passing away. That is a simple will.

How It Works

Call our office now on 08 9717 6206 and ask for the type of will that suits you or your passed away relative above. Please note the staff are not allowed under law to give out advice. Just ask for your will of choice. The staff will then ask you for a 30% deposit paid by credit card. They will then send out a simple information collection form for you to complete.

Once that is complete, about 15 minutes work, you can send that back by email or post. We’ll then check and review that information, complete the first stage of the will and send you a draft. Our staff will call you to send the draft will and collect the next 30% of the fee.

If required, once you have your will draft, you can have a 15 minute consultation with one of our lawyers, to discuss or amend the will as necessary (usually amendments are not required). In most cases, the will is signed and finalised at that meeting.

We provide you with the final will, a copy of the will, and also keep an electronic copy for our records. We will then finalise the payment of the last 40%.

N.B. During these times there is a risk of transmission of the coronavirus during the witnessing of a will.
We therefore recommend that draft wills include a signing clause that permits it to be signed only by the will maker. This will allow the document to be admitted to probate as an “informal will’ in the unfortunate event that a person passes away before getting the opportunity of signing the will proper.

* Special Offer

We normally recommend that most people have an Enduring Power of Attorney. This covers if there is a situation where you are not well enough to handle your legal needs and need your spouse /partner to have the authority to carry out your wishes. Until31st July 2020 if you pay for your Fixed Price Will up Front we will issue you with a standard Enduring Power of Attorney Free. Normal Price $110.

All Prices Quoted include GST
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