Monday, August 5, 2013

How much does a home-made will really cost?

Too many people think making a will is a simple exercise, and something they can do themselves.
Yet people’s affairs can be more complex than they realise. Any problem will not occur until the will is used to gain the grant of Probate. The problems can delay, create uncertainty and/or add substantial legal costs to managing the will-maker’s estate.

Most legal practitioners are aware of the perils and are able to advise and get the job done properly.
Should I make a will? lawsociety.com.au/community/publications.../ShouldImakeawill
Includes:
How will a solicitor help me?
    Having a solicitor draw up your will is in your interest because they will:
  • Make sure your will is valid – that is, properly drawn, signed and witnessed;
  • Make sure your wishes are clearly expressed;
  • Advise you on adequate provision for your spouse, de facto partner, children, former spouse, dependents, and any person with whom you are living in a close personal relationship;
  • Advise you on the best way to arrange your affairs at the moment to make things easier later on;
  • Advise you about tax planning, including any possible liability for capital gains tax which might result from provisions you intend to make;
  • Advise you on choosing an executor and trustee and on the executor’s right to be paid for his or her time and trouble in administering your estate;
  • Keep the will in a safe place, usually without charge.

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