Marcia wants to update her will and has asked estate planning expert Rod Cunich how much it will cost to make a few minor amendments.
Q. Marcia
I want to know if updating my will from over 25 years ago is a costly exercise. I just want to make a few amendments.
A. The cost of making a will varies greatly, as can the cost of updating a will. Generally, the cost increases with the complexity of your financial and family affairs. Some Public Trustees will not charge to prepare or update your will, but only if they act as the executor of your will. Other Public Trustees may only exempt you from charges if you are a pensioner or aged over 60. Check with the Public Trustee in your state or territory.
As a general rule, if your affairs are simple, an inexpensive will (under $200) can often be sufficient. If you have a mix of companies, trusts, self-managed superannuation fund and/or a business structure and/or you have a blended family, disabled child or other family complications, your needs are likely to require a much more expensive solution, not just a simple will.
The costs can run into thousands of dollars. The only way to be certain about what it is likely to cost you, is to take advantage of offers by lawyers who invite people to a free no-obligation first consultation. By the end of that consultation, you should know the cost you are facing without having incurred any fees.
Disclaimer: This information has been provided by Rod Cunich and should be considered general in nature. Seek legal advice before acting on this information.
Rod Cunich is a lawyer with over 30 years of experience who specialises in estate planning. If you have a question for Rod, simply email it to newsletters@yourlifechoices.com.au
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