Writing a will – what you need to know
Published on August 28, 2024 by Josephine Heesh and Adelaide Ryan
Writing a will is one of the most important legal steps you can take to ensure that your wishes are carried out after your death. As an Honorary Solicitor for the St Vincent de Paul Society NSW, I am often asked about the intricacies of drafting a will and the importance of engaging a solicitor in the process. In this article, I will address some common questions to help you understand the value of proper legal guidance in estate planning.
Why I chose to serve as an Honorary Solicitor for St Vincent de Paul Society NSW
My decision to act as an Honorary Solicitor for the St Vincent de Paul Society NSW stems from a deep commitment to social justice and community service. The Society’s mission to assist vulnerable individuals resonates with my personal and professional values. By offering my legal expertise pro bono, I can contribute to the community by ensuring that individuals who may not have the means to afford legal services receive the necessary assistance to protect their rights and wishes through proper estate planning.
How much does it usually cost to write a will?
The cost of writing a will can vary depending on the complexity of the estate. On average, a simple will might cost anywhere from AUD $300 to $1,000. However, if your estate is more complicated, involving multiple properties, business interests, or complex family arrangements, the cost could be higher. It is important to remember that this investment provides peace of mind and ensures your estate is managed according to your wishes.
The importance of engaging a solicitor in writing a will
Engaging a solicitor when writing a will is crucial for several reasons. First, a solicitor can help you understand the legal implications of your decisions and ensure that your will complies with relevant laws. They can identify potential issues, such as conflicts between beneficiaries or tax implications, and provide solutions to minimise future disputes. A solicitor can ensure that your will is properly executed and witnessed, which is essential for its validity.
How often should someone update their will?
Life circumstances change, and so should your will. I recommend you review your will every three to five years or whenever there is a significant change in your life, such as marriage, divorce, the birth of a child, or the acquisition of substantial assets. Regular updates ensure that your will reflects your current wishes and prevents potential disputes among beneficiaries.
Key documents and information needed for a valid will
When meeting with a solicitor for the first time, it is essential to bring certain documents and information to assist with the preparation for a will. This includes a list of your assets, such as real estate, bank accounts, investments, and personal belongings. You should also provide details of your beneficiaries and any specific bequests you wish to make. We also need information about your debts, existing trusts, and previous wills (if any). Having this information ready helps your solicitor create a will that accurately reflects your wishes and complies with legal requirements.
The timeframe for writing a will
The time it takes to write a will with a solicitor can vary based on the complexity of your estate and the clarity of your wishes. A straightforward will can usually be drafted within a few hours, while more complex wills may take several weeks. This includes time for consultation, drafting, and final review to ensure accuracy and compliance with legal requirements.
Understanding the role of an executor, attorney pursuant to an enduring power of attorney and an enduring guardian
An executor of a will is the person responsible for administering your estate after your death including arranging a funeral or cremation of your body. This includes paying off your debts out of your assets, distributing your assets according to your will, and ensuring that all legal and financial matters are handled appropriately. It is essential to choose someone trustworthy and capable of managing these responsibilities.
An enduring power of attorney, on the other hand, is a legal document that grants someone the authority to make financial decisions on your behalf if you become incapacitated.
An appointment of enduring guardian is a legal document that grants someone the authority to make medical and personal decisions (such as where you live) on your behalf if you become incapacitated.
It is important to choose someone you trust completely, as they will have significant control over your affairs.
What happens if I don’t have a will when I die?
If you die without a will, known as dying intestate, your estate will be distributed according to the laws of intestacy. These laws prioritise close relatives, such as spouses and children, but may not align with your wishes. Dying without a will can lead to disputes among family members, delays in estate distribution, and potentially higher legal costs. To avoid these complications, it is essential to have a legally valid will in place.
Please note that this article does not constitute legal advice. If you are seeking professional advice on any legal matters, you can contact Carroll & O’Dea Lawyers on 1800 059 278 or via our Contact Page and one of our lawyers will be able to assist you.
By Josephine Heesh, Partner
