Many people think a "simple will" will suit them - one in which they leave everything to their spouse and kids.  But like a lot of things in life - it depends.  It depends on who you are, who is in your family, what your family relationships are like, what your assets and liabilities are, whether you have business partners, whether you own property with co-owners, whether you have any particular wishes regarding how your estate is handled once you are gone.

So, the only way to answer this question is to deep-dive into all of the above (and more), give you advice as to what options are available to you, and then we can determine whether a "simple" Will (sometimes known as a straightforward or standard Will) is suitable for you.

If you do not take the steps to put a formal Will (and other documents) in place, then yes - you have an estate plan.  And that plan is for your estate to be dealt with in accordance with the intestacy laws set out in the Succession Act 2006 (NSW) - in particular, Chapter 4.  Basically, the law sets out different groupings of relatives who will receive your estate, depending on what immediate family members you do or do not decide.  It can be quite complicated if you have children from a former relationship.  All of this can be discussed in your discovery meeting.

There is nothing stopping you from buying an online document or buying a paper DIY will from your local post office. However, you need to consider whether the Will is suitable for your circumstances. Even if your affairs are relatively simple and straightforward, there is always a risk that the Will will not be completed properly, and even if it is completed properly, that it is signed (executed) in accordance with the laws that set out the strict requirements for how the Will is signed and who can sign it.

In the past, we have assisted families with estates where DIY Wills were used - issues arose such as the Will not being filled in correctly, amendments being made with liquid paper (which led to a requisition being issued by the Supreme Court during the probate process), and the testator and beneficiaries signing in the wrong spots.

The principle of testamentary freedom states that a testator (that is, you as the person writing your Will) should be free to decide to whom you would like to leave your estate once you have passed away.

However, depending on your particular circumstances - whether that includes a step-family (also known as a blended family), an estranged child, business partners, property co-owners, even former spouses - you need to consider how the operation of the relevant laws may your leave your Estate at risk of challenge by anyone who feels that they should receive a benefit from your Estate.  After reviewing your circumstances, we will be able to advise you if any of these issues will impact you and if so, what steps you can take to minimise the risk that an Estate challenge will be made.

Your estate plan incorporates more than just your Will.  It also ensures that you are protected in case you are no longer able to look after your affairs - this includes your legal and financial affairs (such as operating your bank accounts and dealing with your other assets) as well as your health medical and lifestyle decisions (such as providing instructions to your treating doctors).  These are covered by putting a Power of Attorney and Enduring Guardianship in place.

In addition to your Will, Power of Attorney and Appointment of Enduring Guardian, we will also discuss with you the beneficiary nominations for your superannuation fund and life insurance policies.  Did you know that these funds are not necessarily part of your Estate, to be distributed in accordance with your Will upon your death? 

Together, your Will, Power of Attorney, Appointment of Enduring Guardian, superannuation and life insurance funds - as well as any other documents dealing with your other financial interests - are tools to build up and preserve your estate and your legacy for the benefit of your loved ones.

During your discovery meeting, we will discuss with you the various options available to you and the applicable fees.  You can then decide which option(s) to take, which means you will know by the end of your discovery meeting what the overall cost will be.

As a guide, if you and your spouse are employed with children of your own (that is - no business/corporate/trust interests nor any other complexities to your situation which would require additional advice and drafting) the fee for your Wills would be $1,650 (including GST) - $660 for the discovery meeting and $990 for the drafting and finalisation. Additional fees will apply if you also instruct us to prepare your Powers of Attorney and Appointments of Enduring Guardian.

If you are an individual requiring estate planning advice and documentation, then our fees are reduced accordingly - your Will would be $1,100 (incl GST).

As noted above, whether or not you require further advice and drafting will be confirmed in the discovery meeting, as well as the fees.