Hey guys,
I didn't know this but someone on Reddit told me how you can get your will done with the public trustee for free. I am all booked in to get it done but they said from July 1st they will be charging $300 for the same service.
http://www.tag.nsw.gov.au/verve/_resources/Fee_changes_leafl…
So not exactly a bargain but get in now to avoid paying $300 bucks if you were going down the same route.
Thanks :)
Looks like WA is already charging for the service, but it's still cheaper than a normal lawyer and a good reminder to get it done. Thanks.
As I understood it, the service was free if you appointed them as paid executor. I guess people were getting it done then changing the executor.
I believe that's the catch - they will prepare your will for "free" - and then (in NSW):
Executor Fees from (1 July) Based on asset values:
- 4% on the first $100,000
- 3.5% on the second $100,000
- 2.5% on the third $100,000
- 1.5% any amounts over $300,000
Minimum fee of $200
If you don't have any family to fill this role, perhaps it's your only option, but usually cheaper to get a solicitor to draft will (or even a DIY kit if you're keen), and family member as Executor.
maybe stupid question. what is exactly a WILL do for you?
It gives you peace of mind that your assets will distributed as you feel best should you die. This might be particularly important to you if you have children.
So can you still get the Public Trustee of NSW to prepare the will and then appoint your own executor?
Would private executors charge less than the asset value fees danyool mentioned?
Thanks for sharing, that's good to know.