How to prepare a will at a fraction of the cost

22 Jul 2020

Writing a will is one of the most important things we can do, but statistics show that almost half of Australian adults – and almost one in five people aged 56 and over – have not gotten around to doing so.

It means that almost 10 million Australian adults are running the risk of their estate being distributed by their state’s laws instead of their own preferences.

There are a range of factors that prevent people from writing wills, from concern about costs to belief that it's not necessary in given circumstances, and in some cases, simply not getting around to it.

“Most people don’t like to think about their death and fewer still enjoy paperwork, but if you die without making a valid will, your assets could be distributed in a way you would not have chosen,” says Kate Browne, personal finance expert at finder.com.au.

“The data shows one in seven people falsely believe that a will is only necessary if you have a large estate. Even if you don’t have a house or share portfolio, you may have money in super, jointly owned assets or a life insurance benefit that needs to be divided.” 

“Nothing is certain but death and taxes so consider it your duty to prepare a will long before you need one – your loved ones will always be better off if you do. 

“Especially if you have kids under the age of 18, nominating someone as the guardian of your children is reason alone for getting a will in place.”

Adam Lubofsky, CEO of startup will-writing platform Safewill, says will-writing doesn’t have to be a costly process, and adds that technology has a huge part to play in making the whole process easier for Australians.

“Traditionally, writing a will has been complicated and expensive, and we believe that’s a core reason why there are currently more than 10 million Australians without a will,” Mr Lubofsky said.

“In addition to being a difficult and opaque process, the cost associated with preparing a will has precluded many Australians from writing their will. Engaging a solicitor can include multiple visits and thousands of dollars of legal fees.

Safewill offers wills written by the user priced at $190 for individuals and $285 for couples, including a review from a practising Australian solicitor and a full year of unlimited updates.

DIY will kits are cheaper still and can also be purchased online, but without the eye of a practising solicitor you do run the risk of preparing the will incorrectly if you're not 100% certain about the legal requirements.

“Safewill, as an online platform, is a great alternative for Australians who want a will that has been prepared by leading lawyers, without the hefty price tag. Safewill was created to provide an affordable and simple alternative, allowing people to complete the will-writing process from the comfort of their home, at a significantly lower cost than visiting a lawyer.

“We’ve worked with a team of legal advisors who review each will, so our customers can rest easy that they have filled out the questionnaire correctly. We also provide customer support to help people through the process, because it isn’t necessarily something that many Australians know too much about.”