18 Answers

We really need to get our will sorted. Our financial advisor has quoted us a ridiculous amount of money (thousands) to do all the estate planning. Is this normal? Is their some other avenue we can go down?

Posted by klee3, 20th January 2015

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  • If you are a union member, some lawyers will do it for free. Or call a few lawyers and ask for a quote – the price differences can be massive.

  • I got a free will kit when I joined up to a life insurance policy. It was easy and straight forward to fill in, but I have simple assets and savings

  • Don’t go through a financial planner. See a solicitor who will help you put together and witness a will as well as store it for your in their safe. It may cost a couple of hundred dollars but will be worth it because it will be done correctly.

  • I like the suggestion of putting it on a DVD. I may do this! Thanks!

  • Wills are very tricky. I reckon a dvd is the way to go then it is all on record and then you don’t have people saying that something that is legitimate in a will is not on.! then they go to mediation and contest the will . If you have the video of the person stating their wishes it is a no brainer!

  • Great question I will be following with interest. Hubby needs to update his will and I need to make one!

  • A cheap way to do a simple, straight forward will is to take advantage of the salvation army will days. For a $50 (pp) donation their volunteer solicitors will draw up a will for you. If your needs are more complex than covered by their volunteer hours, the solicitor will advise you upfront. I was told that the usual fee I could expect for the service I was provided by this particular solicitor was $350.
    I also know from handling life claims through my workplace that store bought will kits are not worth the paper they are printed on. They are so easily challenged and broken if there is anyone so minded in your life. If you want peace of mind about who will gain custody of your children then a solicitor drawn will is the way to go.
    Your financial advisor is most helpful and worth their money if you have complex estate needs – such as ensuring that your share of the estate passes to your children regardless of whether your spouse remarries etc. He may help you in investigating a Testamentary Trust which is expensive, but has far more reaching implications than just your will.

  • Yes, I am thinking to do one as well. Post office $35, is it enough?

  • Public Trust Office is the place to start. It is easy if you have already worked out what you want. If it’s a straight forwards split of funds. Or just leaving everything to the other party. Solicitors are another option and we have been involved in both and had great experiences that all worked out well with out a hitch. Everyone needs a will. You need to change you will when things change like you separate, divorce or move house or have more children. Always think about who is the best person to be your power of attorney in case you end up in hospital and things are bad and you can not make decisions.

  • It really depends how involved the Will is going to be.
    The fact that you mention a financial advisor leads me to think that you have a lot of investments and such which would make things more complicated.
    If its just a simple Will and pretty much your husband is saying if he dies everything goes to you and you are saying the same and then you have a joint Will saying that if you are both killed in an accident then everything is split equally between your children. A Will like that shouldnt cost too much.
    But if of course you have loads of assets to list, different people to mention, young children that you need to think about such as who needs to be listed to care for your children if you both pass and how you will fund them after you are gone as far as trust accounts, etc…. It all gets very involved and of course will cost more.
    The more assets and things you want listed the more it will cost.

    you can always phone around a few lawyers for quotes.

  • We just went to our lawyer and he did it for us was not 1000’s but was not cheap

  • We went to our solicitors and got them to do it all for us..the average price is around $600 for a straight forward type of thing..
    We have a family trust to protect our children as I also have step children. So for us we had them do our wills, power of attorney and guardianship of our children if god forbid something happens to us! Total cost for all of that work I think was about $1400
    Hope this info helps …. Good luck!

  • buy one at the post office and fill it in

  • sorry no advice. I have no ideas about wills. I don’t know anyone who even has one. do I need one?

  • depending on how complicated your situation is, it can cost thousands to get a will done as it may involve trusts etc, however this is cheap compared to something happening and not having an up to date will, if the will is done properly then it should not cost much to have it updated every few years, I would see a solicitor who specialises in estate planning and many will do 1st visit free to discuss and get a quote, I would take the time to do this. we have a complicated situation and we had ours done for about $1k, I did have quotes of over $3k, just make sure the will is what you want and protects everyone.

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