There is no one answer about how to do your Will. It all depends on your assets, your circumstances and who your beneficiaries will be.
You need to make a Will that makes your wishes clear, that avoids confusion and conflict amongst your loved ones, and that is legally valid and binding. Doing this will protect your family and friends from costly and stressful legal disputes.
At RM Law, if you have a relatively small estate (not subject to estate taxes) we prepare a standard Will that provides for standard estate distribution. If you have a larger amount of assets or you want to do more complicated things with your estate after your death, then a standard Will might not be the right choice.
Price:
Standard Single Will for Individual : $300 + GST
Standard Corresponding Wills for a Couple: $450 + GST
Things you need to consider prior to making an appointment to Draft a Will:
- Who will be your Executors? Your Executors have the legal and administrative task of sorting out your assets and debts after you die and making sure that your wishes as outlined in the Will are upheld. Please decide on who your Executors would be and bring along their contact details at your initial consultation upon obtaining their consent to act as your Executors.
- Who will be your beneficiaries and what effect will their inheritance have on their circumstances? You can designate anyone as a beneficiary and distribute your assets in any way you like, however if you don’t provide for your family and dependants, your Will can be contested and your hard won assets may be used on litigation fees. You also should consider the effects that an inheritance may have on your beneficiaries. In some cases a testamentary trust can sidestep potential taxation problems, so it’s important that you get specific advice about your situation.
- How do you know a Will is valid? For a Will to be valid, the person making the Will must be mentally competent, the Will must be correctly signed and witnessed, and show no evidence of tampering. The witnesses to the Will cannot be beneficiaries, or related to beneficiaries and must be over 18.If there is any doubt, or potential for dispute as to your mental competence, you should get a doctor’s confirmation of your capacity to make the Will, prior to your initial consultation at RM Law and include it in your Will.
- How often should I review my Will? You should certainly review your Will after any major events, such as marriage, divorce, property purchase or sale, death of a beneficiary or if your assets change significantly. We also recommend that you take a look at your Will every couple of years just to make sure that it is still the best instrument for you and for your family.
We can help
We know the potential pitfalls, and will ask you all the right questions to make sure that you have considered every possibility, prior to drafting your Will.
Contact us to discuss your particular situation and your family’s needs with an experienced Wills Lawyer.