How Much Does A Will Cost In Australia?

Most people understand that cost does not equal price, so let’s unpack what it “costs” to make a Will in Australia. We can classify these costs in three ways:

Dollars and cents

The costs of dying without a Will

Cost comparison of the various Will solutions available.

The first item is easy to understand. You can go to a lawyer who will charge for time taken to prepare the Will, and for a simple one-person document this can set you back $500-1,000 depending on the lawyer’s fees and the time involved.

However, if a couple want complementary or reciprocal Wills that figure will increase to roughly $800-1,500. Adding on any additional products (for example, a Power of Guardianship to provide for children under the age of 18) adds more dollars onto the total. In summary, for a conventional family that wants to make Wills for both parents it probably costs the guts of a thousand dollars, and given that there are 30 listed factors that trigger the making or the revision of a Will on our website https://willhq.com the likelihood is that an update or new Will may be required every five years or so on average. Ignoring inflation, that means the average couple who make a Will in their mid-30s and revise it 10 times before it is actually needed, could spend between $10,000 and $20,000 jointly over their lifetimes.

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Cost Comparison: Traditional vs. Will HQ

Traditional
Lawyer/Solicitor
WillHQ.com Others
Free Templates
For Australia & NZ
Completed Online
Update Easily (Online) $300 – $1000 $12pa
Secure Online Storage
Cost of Writing $600 – $3000 $124 $0 – $1000
No Hidden Fees

The Costs of Dying Without A Will

The costs of dying without a Will go way beyond the dollars and cents involved. When someone dies, his or her family and loved ones will  be thrown out of their routines as they mourn, grieve, and simply organise the logistics of funeral and burial. If the family bank accounts are in the deceased’s sole name, they may be frozen by the bank by law and funds might not be immediately available to pay for essentials, including funeral expenses. It is also possible that the mortgage is no longer being automatically paid, which would lead to stress at the very least. There is no question that banks are helpful in these situations, and that they have the resources and knowledge to guide families through the process, but nobody needs to deal with banks and lawyers at a time of mourning.

Using A Template Will

There are cheap solutions which should not be ignored but which have both costs and vulnerabilities. It is possible to buy a blank hardcopy Will template from Australia Post or to download the equivalent from the internet at a low cost. However, both types have the limitations that were central to the creation of willHQ.com. They are more vulnerable to the possibility of fraud, confusion or loss. There are no reminders to review and update the Will, nor any communication functions to inform executors and beneficiaries of the existence and location of the Will. They might be a quick solution if a Will needs to made urgently, but they have no Will-management functions.

Traditional Costs of Making A Will

In summary, the traditional cost of a Will is in the range $500 to $2,500 depending on whether it’s one or two people involved, what services are required, and whether the law firm involved is small and less expensive, or larger and costly. The ideal practical long term solution is willHQ.com, which simplifies the making AND management of the Will at a fraction of this cost. For $124 we simplify the creation and management of your will in one simple web app. 

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