The time has come where you are seriously considering making a Will.
You are in a position in life where you are worried about what will happen to your estate and loved ones once you pass away.
It’s a good thing that you are thinking about these things to safeguard your family. However, there’s just one problem… You do not know how to make a Will.
If this sounds like you, luckily, this article can help provide you with everything you need to answer the question of how to make a Will in Australia.
Eligibility Requirements For a Will In Australia
Before discussing the answer to ‘how to make a Will in Australia?’, it is essential to be aware of the eligibility requirements for making a Will in Australia.
These are not very hard to satisfy; however, are necessary for your Will to be legally valid:
Firstly, you must be of at least eighteen years of age or otherwise married.
Secondly, you must possess ‘testamentary capacity. This refers to
- Being inhibited by any mental impairment or illness that can affect your understanding and ability to make logical decisions regarding the making of your Will and who will benefit from it
- You are aware of people that are generally expected to benefit from your Will, such as family and friends
- Understanding the legal consequences of a Will
- Having an awareness of all the assets that you own and control
How To Make a Will In Australia With a Solicitor
The process to make a Will in Australia with a solicitor is a relatively straightforward process.
Upon your initial consult, a solicitor will typically collect preliminary details from you and then draft a Will in line with your wishes.
After this, another meeting will take place where:
- The solicitor will run through your Will with you and ensure everything is correct. Amendments may be made on the spot to accommodate your requirements
- A third party witnesses the Will, and all the documents are signed off by the three of you.
After this is done, you do not need to worry about what will happen to your estate.
The Pros And Cons Of Both Options?
If you are considering how to make a Will in Australia, the chances are that you are considering trying to do it yourself.
Whether making a Will yourself or with a solicitor – both options present various advantages and disadvantages.
The primary two considerations when considering making a Will yourself or with a solicitor are:
1. The cost of making a Will yourself or with a solicitor
2. Whether you can make an adequate and legally binding Will yourself.
Pros And Cons – The Cost Of Both Options
Assuming you made the Will yourself, you can save potentially up to a few thousand dollars. Practically speaking, if you discount the time involved to put together a legally valid Will, the cost of making a Will yourself can be merely $100 or less.
In contrast, engaging the services of a Wills & Estates Attorney to draft your Will can range anywhere from a few hundred dollars up to even thousands if your matter is very complex and time-consuming. This large range is because the cost of a Will in Australia is not set in stone and will be different for everyone’s circumstances.
Pros And Cons – a Legally Valid Will
Although making a Will yourself is cheaper, it comes at one high cost.
That is, the Will you make yourself may not be legally valid. This is because making a Will yourself in Australia is not as simple as writing down your wishes for your estate and signing the document.
Some stringent legal requirements must be observed for it to hold any legal weight. Accordingly, if these requirements are not observed, and you pass away, your estate will not be distributed in the manner specified by you in your Will because the document is unenforceable.
When discussing something as serious as how to make a Will in Australia, it is better to be safe than sorry and engage the services of a qualified lawyer.
If you want to ensure that your loved ones are protected and taken care of, you should strongly consider having a lawyer prepare the document for you to be sure it is legally valid.
Suppose you did decide to make a Will yourself. In that instance, the unfortunate reality is that the document is unenforceable in many cases or is not protected from being contended. Accordingly, this will result in unnecessary drama and conflict.
The cost of a few hundred dollars, up to a few thousand dollars, is worth the peace of mind in knowing that your loved ones will be taken care of in accordance with your wishes.
Importance of Seeking Legal Advice
When discussing matters such as how to make a Will in Australia, it is essential to remember that it is firmly not recommended while you can make a Will yourself.
Please feel free to contact our team of friendly and experienced Wills & Estates lawyers to understand better the processes and costs of making your Will.
Here at JB Solicitors, we’ll make the process as pain-free as possible. We have fixed-fee pricing for family law, giving you a clear sense of the costs from the start, and we will be sure to help you out every step of the way. With years of experience under our belt, we pride ourselves on making each client’s family law experience as positive as possible.
Contact JB Solicitors today to speak with one of our friendly and experienced family lawyers.
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