12 Oct What is the cost to create a Will and should I make one?
Prices for wills these days vary these days-from a couple hundred dollars for the usual basic husband and wife type of will where the asset structure is simple- to thousands where a testamentary trust is required due to complex nature of the will and greater need for protection of the inheritance.
Cheaper than paying for an insurance policy
Once you make a comprehensive will, unless there are major life changes/death of most beneficiaries named, it is usually not necessary that you update your will every couple of years. There are many perfectly good wills that have not needed to be updated for 15 years or longer. Having said that, there are many cases where not updating a will led to serious problems with the estate distribution after death. I also hear people that don’t even get around to making a will say “well it doesn’t really matter as I will be gone and wont be here anymore” but they are missing the point if they are leaving family and loved ones behind that are relying on their affairs being put in order.
If there is no will left after death, the legislation concerning intestacy applies and will control who gets what you leave behind. If the will is out of date and has failed to provide for a new partner then the new partner will have to take the executor to court to get their fair share unless they can negotiate a settlement out of court.
Costs of dealing with these disputes vary from $5,000 to $100,000 for each party. Most people do not pay this much in home insurance policy premiums during their life time. The cost of a will is usually a one off.
Legal costs for will disputes usually come out of the estate before distribution after a court order is made. That is good money that could have been allocated to another beneficiary, a charity or another loved one, in a properly made and executed will. That is at least one good reason why you should make a will.
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