Cost of preparing wills

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Wazza69

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#210464 28-Mar-2017 15:15

Hi,

I have been quoted $1,300 for a set of standard, matched wills for my wife and I (including accounting for care of 2 small children) from a solicitor. Is this inline with what others have paid? Any recommendations for cheaper options. I’d prefer a solicitor rather than DIY

Thanks

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#1749490 28-Mar-2017 15:37

I believe there is a new online website of setting up wills in NZ that has been setup by quite a well known lawyer. Sort of inbetween DIY and using a lawyer. Although can't recall what it is called.

Geektastic

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#1749493 28-Mar-2017 15:39

Sounds more or less similar to what we paid last year.

rogercruse

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#1749495 28-Mar-2017 15:40

I hope not!

We got matching wills in the early 1990's from our bank before we moved to New Zealand and lived in the UK.

While I can't remember how much it was, it was much closer to one hundred pounds and dead simple to set up... just explain in simple words and sentences what you wanted and they converted this into a legally binding document which that filed and acted as executor.

We haven't taken out wills in New Zealand yet, but the solicitor who who involved when we brought out kiwi home offered to setup matching wills using the same basic idea. Still haven't followed up this yet, so will be interested in knowing the going rate.

itxtme

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#1749500 28-Mar-2017 15:42

I believe the one Matt is talking about is mybucketlist.co.nz.

The lawyer behind it is Mai Chen. Not used it, dont know how good it is. My understanding is its an automated tool.

timmmay

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#1749503 28-Mar-2017 15:47

Yeah not too far off. If you have standard requirements you can use a template, but you won't have anyone to explain it to you.

dafman

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#1749518 28-Mar-2017 15:52

That pricing is not too far off what we paid. Given the importance of getting it right, money well spent IMHO. Last thing you want is those you have entrusted with caring for you children to be saddled with legal frustration just because you wanted to save a few hundred dollars at the time.

farcus

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#1749519 28-Mar-2017 15:52

Public Trust used to have a pretty comprehensive online tool for setting up a will for free - the catch is that they take a cut when you die.

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dafman

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#1749530 28-Mar-2017 15:57

dafman:

That pricing is not too far off what we paid. Given the importance of getting it right, money well spent IMHO. Last thing you want is those you have entrusted with caring for you children to be saddled with legal frustration just because you wanted to save a few hundred dollars at the time.

That said, nothing stopping you from asking another solicitor for a price if you want peace of mind that pricing is ballpark. Ask another solicitor for a fixed price consultation (may even be free) to discuss and don't mention you already have another price (we are talking professional advice, not trying to beat Noel Leeming down on the price of a TV).

DIY is great if you are wallpapering your kitchen, but I would counsel against it when the care of children is at stake.

dafman

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#1749533 28-Mar-2017 15:58

farcus:

Public Trust used to have a pretty comprehensive online tool for setting up a will for free - the catch is that they take a cut when you die.

A BIG cut, not to mention possible years of frustration having to deal with them for those that survive you. I've heard some real horror stories.

robcreid

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#1749544 28-Mar-2017 16:16

I got a Will drafted when I purchased my house about two years ago by the same solicitor that did my house paperwork.

For a single person with no dependents the cost was $120 + GST.

They had a questionnaire that I completed, they sent me a draft which which I questioned and changed a few things on and then signed. All done electronically except for the signing.

BlinkyBill

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#1749559 28-Mar-2017 16:21

I did a will in 2016; a wee bit of complexity but just the family. $1,000 incl gst, middle of Wellington. They did subsidise it a bit because I had done two Powers of Attorney in the 3-4 months before that.

sxz

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#1749560 28-Mar-2017 16:22

Lawyer here, and I've drafted tons of wills. Seems on the higher end, but on the scale.

Wills are not necessarily straightforward, and can be a massive problem if done wrong.

For a 'standard' will I would consider that husband/wife leave everything to each other, then the survivor of the two of them leaves everything to their kids. Appoint 2 executors and one guardian. That is straight forward and I would have though around $700 + GST for both of you (as each will is basically identical). But even this brings up questions, difficulties and options - such as - if you are both young, what should happen if you die young and your surviving partner remarries? at law their new spouse has a right to recover from their estate - so your kids might miss out when your surviving spouse then dies.

Anything non-standard, it is definitely a moving target. Especially when there is a second (or third or more) relationship and kids from previous relationships, trusts, kids being cut out, or other obligations under the family protection act to consider. Part of the problem is that to properly give advice, we need to ask a lot of these sorts of questions and make sure there aren't unusual situations that need to be considered. For this reason I've always been wary of 'will kits', even though for most young families they will be fine.

I find usually the most time is taken by people who are not sure of their instructions, or change their mind, or can't decide. (EDIT: - so if there is a checklist provided at the outset, and you answer it properly, promptly and accurately - you should keep costs right down (so long as you don't give the wrong sorts of answers, discussed above)!)

Probably a good reminder to consider doing my own will... :)