The Hidden Costs of Cheap Wills

Cheap or free Wills are readily available on the internet, which raises the question: what’s the business model for these services? They’re not charities, after all.

Our research indicates that in most cases, it comes down to executor and probate fees, which can be significant. In some cases, probate fees can be as high as 3% of the asset value. Now, consider the average wealth of your clients. That 3% can quickly add up to a substantial amount. If we consider a family home in a capital city with some investments and superannuation, this cost could easily exceed $55,000 (well, there’s no such thing as a free lunch).

There are other business models at play as well, such as those tied to funeral homes and insurance, but they often introduce a conflict of interest. This situation is reminiscent of the financial planning landscape in the 1980s, where flashy wealth often took precedence over client outcomes.

We, along with our panel of lawyers, believe that this approach diminishes the value of genuine estate planning advice and documentation that prioritises the best interests of the client.

For the advisers reading this, it may feel like a blast from the past. After working for decades to help clients accumulate wealth, the idea of handing over 3% to manage an asset they’ve helped to build over a lifetime is likely unappealing.