Is it worth spending money on a lawyer to write my Will?

It’s a question that comes up often: “Is it really worth spending money on a lawyer to write my Will?”

I recently saw this exact question pop up in an online mum’s group. The poster, who was partnered with young kids and owned an investment property, was wondering whether hiring a lawyer for her Will was necessary or just an added expense.

If you’re in a similar situation, here’s where to start:
First, take a close look at your net estate—this is the value of your assets minus your debts. Don’t forget to include your superannuation and any life insurance you have in place. That final figure isn’t just a number; it represents the legacy you’ll leave behind for your kids if something happens to you.

Your Will is more than just a document; it’s your last opportunity to guide your children’s financial future.
Given the stakes, it’s crucial to get it right. A Will that’s carefully thought out can make a world of difference in how your assets are distributed and how your loved ones are cared for after you’re gone.

Estate planning isn’t one-size-fits-all.
There are various strategies available for passing on wealth through your Will, and the best approach depends on your unique situation—your assets, your children’s needs, and your long-term goals.

For instance, a testamentary discretionary trust can offer flexibility, asset protection, and tax advantages. But it’s not the right choice for everyone. Discussing your options with an estate planning lawyer and finding the best approach for your family is key.

Consider this: The cost of hiring a lawyer for your estate plan is often a small fraction of your estate’s total value, but it can have an enormous impact on your family’s future. A properly executed Will ensures that your wishes are followed, minimises potential conflicts, and provides clarity and peace of mind for your loved ones. On the flip side, mistakes in your Will can be costly—or even impossible—to fix after death.

Want to learn more about what goes into an estate plan?
We’ve got a free resource for you: The Complete Estate Plan Guidebook. There’s no strings attached and no obligations to work with us—just valuable, educational content that can help you make informed decisions about your family’s future.

After you’ve read The Complete Estate Plan Guidebook, take the next step by getting a few quotes from lawyers you feel comfortable with, and make an informed decision about what’s the best fit for your family.