Changing your will in Australia typically costs between $100 and $600, depending on various factors such as the complexity of your estate, the changes needed, and the professional services you choose.
Factors Influencing the Cost of Changing Your Will
The cost of changing your will can vary significantly based on several factors. Understanding these can help you anticipate the expenses involved.
Complexity of the Changes
Simple Updates: Minor changes, such as altering beneficiaries or updating addresses, usually incur lower costs. These changes can often be handled quickly and require less legal expertise.
Major Revisions: Significant modifications, like changing executors, adding new assets, or complex distribution plans, will typically be more expensive due to the increased time and expertise required.
Also read: How Many Executors Can You Have on a Will
Professional Services
Solicitors: Engaging a solicitor for will updates ensures that changes are legally sound and properly documented. Solicitor fees often range from $200 to $600 per hour, depending on the solicitor’s experience and the complexity of the changes.
Online Will Services: Online platforms offer a more affordable alternative, ranging from $50 to $200. These services are suitable for straightforward updates but may lack the personalisation and legal scrutiny a solicitor provides.
Location
Costs can vary depending on your location in Australia. Metropolitan areas tend to have higher legal fees than regional areas.
Key Takeaway: The cost of changing your will is influenced by the complexity of the changes, the type of professional service you choose, and your location.
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Steps Involved in Changing Your Will
Updating your will involves several key steps to ensure the changes are legally binding and reflect your current wishes.
Reviewing Your Existing Will
Before making any changes, review your current will to understand its content and identify the required updates.
Consulting a Professional
Whether you choose a solicitor or an online service, consulting a professional ensures that your will complies with legal requirements and accurately reflects your intentions.
Drafting the Changes
The changes can be made through a codicil (a supplementary document that amends your will) or by drafting a new one. A codicil is suitable for minor changes, while a new will may be necessary for extensive revisions.
Executing the Changes
The updated will or codicil must be signed and witnessed according to legal requirements. This step is crucial to ensure the document’s validity.
Storing the Updated Will
Ensure that the updated will is stored safely and inform your executor of its location. You can store it with your solicitor, in a safe deposit box, or in a secure online storage service.
Key Takeaway: Changing your will involves reviewing your current document, consulting a professional, drafting the necessary changes, executing them correctly, and ensuring the updated will is safely stored.
Also read: How to Find a Will
Additional Costs to Consider
When updating your will, be aware of potential additional costs that may arise.
Notarisation
Notarisation is not always required but can add an extra layer of legal validation. Fees for notarisation vary, typically around $50 to $100.
Witness Fees
While witnessing is often done for free by friends or family, some circumstances may require paid witnesses, especially if using professional services.
Updating Other Documents
Changes to your will may necessitate updates to other legal documents, such as powers of attorney or advance healthcare directives, which can incur additional costs.
Key Takeaway: When changing your will, be mindful of potential additional costs such as notarisation, witness fees, and updates to other related legal documents.
Changing your will in Australia involves various costs, primarily influenced by the complexity of the changes and the type of professional service you engage in.
By understanding these factors and following the necessary steps, you can ensure that your will remains up-to-date and reflects your current wishes, providing peace of mind for you and your loved ones.
