What is the cost of estate planning documentation?

Tim Purcell, Founder
6 days ago
7 min read

Updated: 6 days ago

We are not talking about a basic 2-6 page Will

We are talking about proper estate planning documents

What is the cost of estate planning documentation?

Why are estate planning solicitor costs much higher than Will Wizard?

What if you have a question outside of Will Wizard's normal documentation offering?

What if you change your mind or your circumstances change?

Which option is better for consumers?

We are not talking about a basic 2-6 page Will

First, it is important to clarify that we are not referring to the cost of a basic standard Will available from any general solicitor.

These are basic stand-alone documents, roughly 2 - 6 pages in length and are available from any solicitor or online.

They can be free (online) to $750 for a basic solicitor Will.

We are talking about proper estate planning documents

Estate planning refers to the suite of specialised estate planning documentation that has been tailored to your wishes and needs by specialist estate planning solicitors.

The core documentation includes an Estate Planning Will that provides testamentary trusts, Enduring Powers of Attorney (financial matters), Appointments of Enduring Guardian (medical and welfare matters), and Advance Care Directive (end of life care wishes).

Learn more about what documents are included in a Will Wizard estate plan here.

What is the cost of estate planning documentation?

This cost can vary dramatically depending on the estate planning solicitor you use.

However, expect the cost to be at least $1,500 per person for an estate planning Will, Enduring Powers of Attorney, and Appointments of Enduring Guardians. However, the cost per person can be much higher. Always seek an upfront quote.

The all-inclusive cost from Will Wizard is $999 incl. GST per couple and $599 incl. GST per single. This includes all documentation, delivery, and three years of free changes and 50% off any changes after three years.

Why are estate planning solicitor costs much higher than Will Wizard?

While the documentation is of the same standard, the cost is much higher using estate planning solicitors because of the solicitor's in-person time.

Unlike Will Wizard, which is an online documentation service that provides the documentation based on your instructions given to us via our online form, estate planning solicitors usually require two in-person meetings (the first to discuss your wishes and the second to explain your documentation).

By contrast, Will Wizard answers questions via email or by phone (depending on your preference) only, and our portfolio of documents is sent to you via Express Post with detailed signing instructions included and a plain language summary of each clause in your Will(s).

What if you have a question or issue outside of Will Wizard's normal documentation offering?

Will Wizard licenses the documentation from our consultant estate planning solicitors.

If you ask us a question or wish that we do not already have an answer or solution for, we are able to contact our estate planning solicitor consultants on your behalf for an answer or solution (at no cost to you).

What if you change your mind or your circumstances change?

With traditional estate planning solicitors, new wishes or circumstances requiring new documents will usually mean new fees. Always check with your solicitor about the cost of any future changes to your documents.

Will Wizard provides three years of free documentation changes, 50% off new documents after three years, and our money-back guarantee if you are not completely satisfied.

Which option is better for consumers?

We work with and rely on the documentation of highly experienced estate planning solicitors, so we are very much 'pro' using estate planning solicitor services.

However, sometimes a person's budget or limited time makes relying on these in-person 'hand-holding' services difficult.

Sometimes people are simply attracted to the fact that Will Wizard includes free changes for three years and 50% of replacement Wills after three years. It gives peace of mind to get their documents sorted knowing that they can make changes later on.

In short:

If you have the money, the time, and prefer the in-person approach, go with a traditional estate planning firm. Solicitors who take the time to specialise in estate planning are worth every dollar.
If the personal in-person approach is not important to you, and you just want the same kind of high-quality estate planning documentation at an affordable price, Will Wizard is the best (and only) quality alternative.

Just don’t rely on a basic Will and hope for the best.

If you have any questions about your estate planning documentation needs, please submit a ticket or request a call-back.

Below is a quick rundown of each document we provide.

#1 Comprehensive estate planning Will providing testamentary trusts.

Our Wills are drafted with a specific purpose in mind - to give both young and adult beneficiaries the best opportunities to protect their inheritances and minimise their tax obligations long-term, regardless of their circumstances or tax status, which are impossible to accurately predict. Each beneficiary is provided with the option to utilise testamentary trusts established by the Will.

Our Wills are made up of four segments for easy navigation:

Segment 1 explains the estate distribution wishes, nominates beneficiaries, appoints executors & guardians (if any), and deals with some initial administrative issues.

Segment 2 details the important powers, legal options, and instructions needed by executors to administer the estate in a timely and efficient manner.

Segment 3 includes the testamentary trust terms and general trust administrative provisions that allow executors to establish testamentary trusts for beneficiaries and details the sensible rules by which trustees and appointors can be appointed and removed.

Segment 4 provides interpretation, definitions, and execution of the Will.

#2 Plain language Will summary

The legal wording used in our estate planning Wills can be confusing for non-lawyers to understand. Our Wills are drafted with wording that purposefully gives executors and beneficiaries the legal options they need to deal with any number of possible future scenarios that may occur. As such, our Wills are extremely comprehensive, usually around 30 – 35 pages long. To help make things clear, we provide a plain-language summary of every single clause in the Will.

#3 Guide for Will Owners

The Guide for Will Owners provides step-by-step signing instructions and an optional action plan for what to do after the Will is signed.

#4 Guide for Executors

The Guide for Executors includes a list of the executor's initial priorities and an action plan for executors to follow.

Also included is important explanatory information and a list of frequently asked questions. The purpose of this document is to give executors the initial help they need to facilitate an efficient distribution of your estate.

#5 Guide for Beneficiaries

The Guide for Beneficiaries helps beneficiaries understand their options and the many personal and financial benefits of using testamentary trusts to manage and protect their inheritance long-term. The purpose of this document is to give beneficiaries the knowledge and guidance they need to make the most of the inheritance.

#6 Powers of Attorney, Enduring Guardianship & Advance Care Directive

Along with the forms, informative guides are included that provide further information regarding how to complete the Enduring Powers of Attorney, Appointments of Enduring Guardians, and Advanced Care Directives in your State or Territory.

These documents are optional to complete.

#7 Major Assets Record

The Major Assets Record provides a convenient place to keep up-to-date details about assets such as any real estate, super, life insurance, shares, etc. The purpose of recording this information in this document is to help executors efficiently manage the distribution of estate assets. This record can be updated over time without the need to update the Will, and it is optional to complete.

#8 Beneficiary Loans Record

The Beneficiary Loans Record provides a convenient place to keep an up-to-date record of any loans made to beneficiaries that you would like executors to account for when distributing your estate. For example, if you loan 100K to Anne but not to Jane, and you want Anne and Jane to receive equal shares of your estate, by recording this loan in your Beneficiary Loans Record, your executors can even out inheritances by providing Jane with 100K more from your estate than Anne. This record can be updated over time without the need to update the Will, and it is optional to complete.

#9 Memorandum of Wishes

The Memorandum of Wishes provides an easy way to leave any additional wishes or instructions for executors. The Will instructs your executors to follow these instructions where practicable, and the Memorandum of Wishes can be updated over time without the need to update the Will. This document is optional to complete.

#10 Family Heirlooms & Chattels Record

The Family Heirlooms & Chattels Record provides a convenient place to record instructions for executors regarding any specific possessions or family heirlooms. This record can be updated over time without the need to update the Will, and it is optional to complete.

#11 Pet Guardian Nomination Record

The Pet Guardian Nomination Record provides a convenient place to record any specific people or shelters that you would prefer to take care of any pets you may own.

You can also nominate an amount of money that you would like your executors to set aside to assist with the care and/or rehoming of your pets.

This record can be updated over time without the need to update the Will, and it is optional to complete.

#12 Social Media Data Record

The Social Media Data Record provides a convenient place to record social media usernames and passwords to assist loved ones in assuming control of your social media.

This record can be updated over time without the need to update your Will, and it is optional to complete.

Does Will Wizard provide estate planning documents for each State and Territory?

Yes. That is all we do. What does a Will Wizard estate plan cost?

For couples, the all-inclusive cost is $999, including GST.

For singles, the all-inclusive cost is $599, including GST.

This includes three years of free changes per person and free document portfolio delivery.

How are the documents delivered?

The documents are delivered in a sturdy zipper portfolio by Australia Post Express Post.

Why choose Will Wizard?

We have a five-star review rating with Product Review and Google.
We provide a money-back guarantee for complete peace of mind.
We provide three years of free changes.
We are trusted by financial and legal professionals who use our documents for their clients.

I hope you found this information useful! If you have questions, please submit a ticket or request a call-back. We would love to hear from you.