The will
What it covers, what it doesn't, DIY versus lawyer. The Australian options and what each costs.
In progress6 min↓ 508 words
§ Journey
What it covers, what it doesn't, DIY versus lawyer. The Australian options and what each costs.
I paid $480 for my first proper will. The solicitor was a sole practitioner two suburbs over. I walked out with three documents and a very specific feeling, which was relief.
A will only governs assets you own personally in your sole name, or your share of jointly-owned assets.
In your will:
Not in your will:
This is the single most-misunderstood thing about estate planning. The will is one of three or four pieces, each governing a different lane.
1. The DIY kit ($30-$80). Newsagents and Australia Post sell will kits. They work for the simplest cases. They fail more often than they succeed for everyone else. Common failure modes: witnessing errors, ambiguous wording, missed assets, no executor backup.
2. The online service ($150-$400). Services like Willed, Safewill and Gathered Here. Good middle option for straightforward situations. Not fine if you've got a blended family, a business, or assets in multiple states.
3. The generalist solicitor ($400-$1,500). A local family-law or estate solicitor will draft a will, an EPOA, and an ACD in one engagement. For most fathers under 50, this is the right tier.
4. The estate specialist ($1,500-$3,000+). For blended families, family businesses, significant trust structures, vulnerable beneficiaries, assets across multiple countries. Don't try to save money here.
1. Who's the executor. The job runs for 6-18 months. Choose someone organised, in good health, who'll outlive you, and who lives in Australia. Most men name their partner, with a backup of an adult sibling.
2. Who the beneficiaries are. The default for a married father with kids is "everything to my partner; if she predeceases me, divided equally between the kids when they turn 21."
3. Who the guardians are if the kids are minors. Most couples name a sibling-and-spouse pair, or close friends with kids of similar ages. Talk to the people first.
4. Whether you want a testamentary trust. A trust created by your will. For estates over $1m or families with kids under 18, often saves more in tax over a decade than the $1,000-$2,000 it adds.
Pick the right tier. Pick the right people. Don't write it twice.
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