We can draft your will, whether it’s a simple will or a complex will involving testamentary trusts, or a “couples wills” involving a contract to make mutual wills.
We’re often asked, “why do even simple wills costs so much to be drawn up?“, and here’s the answer in short:
- We must safely store your will for the duration of your life, which may involve considerable costs to the firm over time, and retrieve it from storage after your death;
- Just by simply discussing your will with you, we expose ourselves to being called as witnesses in any estate dispute at considerable cost to us;
- By drafting your will, our annual professional indemnity insurance increases and we further expose ourselves to potential suits;
- The time spent drafting your will could have been spent performing other fee-generating work (we are, at the end of the day, a for-profit business).
What should I bring to my appointment to make my will?
You must bring current identification.
Anyone who is to be named a beneficiary under your will should not accompany you or be present when we draft your will (though there are some exceptions, for example spouses in most cases who are seeking to do their wills together), as this may be an indication that your will is being drawn under undue influence or even duress. You’re welcome to bring anyone with you who will not be a beneficiary under the will, and as a will must be witnessed by at least two persons who are not beneficiaries under the will, having the extra person to witness the will may be convenient.
If we suspect you may have any potential capacity issues in conversing with you, we will likely ask a series of questions to satisfy ourselves that you have capacity. If we are not satisfied you have capacity, we will not be able to finalise your will for you without recent proof from a qualified medical professional stating you have capacity.
You should list, in as much detail as possible, all your assets (such as real property and their address, bank account details, shares, personal items, vehicles including make, model and registration number, etc) as well as your current liabilities (such as credit card debts, mortgages, etc).
Have the full names and addresses of those you intend to name as beneficiaries under your will with you. Date of births of your beneficiaries are also convenient, though not necessary.
Lastly, make sure you’ve thought about how you would like your assets distributed to your beneficiaries, and what you would like done with your body (buried and at which cemetery, or cremated and where you would like to have your ashes spread, etc).
After you’ve had your will drafted, duly executed and stored by us, make sure those close to you know where your will is.
When you pass away, your executors may need to Apply for a Grant of Probate of your will.