https://www.washingtonpost.com/business/2020/12/07/tony-hsie…
How much do I need to spend on a will?
Who should I get to do it?
How Much Does a Will Cost?
bargain huntress on 02/03/2021 - 17:55
Comments
I'll be the mistress.
$5 mistress. damn that's a bargain.
Depends on how long you get for each fiver
.
$500 doesn't stop it being contested.
A quick Google shows there are several sites to download FREE legal will kits from.
Try https://www.seniors.com.au/funeral-insurance/discover/downlo…
Who should I get to do it?
Speak to a solicitor - they should have their pricing for a Will.
How much are you Willing to pay?
Few cents. Google in OZ a will template and print it out (few cents), fill it in and get it certified (aka signed as per the doc).
In NSW there are free will days at RSl clubs from time to time, so check out clubs you below to to see if they offer free wills.
We had ours done for free at the Public Trustee office in Queensland. Excellent service and quick and easy.
https://www.pt.qld.gov.au/wills/about-wills/
You can book an appointment there.
It would depend on your situation and the value of your assets I would think? I thought their fees were fairly high if you had them as an executor when I looked at them, unless I read or misunderstood them, but i could be wrong.
NSW Trustee
Fees (including GST)
One-off executor feeBased on asset values:
4.4% on the first $100,000
3.85% on the second $100,000
2.75% on the third $100,000
1.65% any amounts over $300,000(Minimum fee of $220)
If you own a house worth 1m in your name with a mortgage of 250k, realised value of 750k would equate to a fee of
around $18k.https://www.tag.nsw.gov.au/fees-forms/fees/executor-and-dece…
That is correct, however you can choose anyone to be executor for free.
Never never never leave anything to this branch of the government. They are a revenue raising arm of the government. It is only worse if you find yourself in the care of a public guardian.
And then they charge your estate $10k or more to execute it when you die.
Yep I would stay a long long way away from Public Trustee.
tree fiddy
I just want to disinherit people early.
Whatever you do, do not die intestate.
The Public Trustee's schedule of fees would make Pearson, Spectre Litt blush.
Whatever you do, do not die intestate.
Agree, the travel costs back home can be quite high… Especially if you die in Perth.
Oversees is even worse.
Harvey get billed $1000 an hour. Based on 750k worth, I don't think they will spend 18 billable hours executing the same.
DIY. Use a free Will template available online, $0! They are legal just ensure it’s certified properly. Do NOT use the public trustees as executor, they are way too costly for the minimum value they add. If you can, assign a reliable family member or friend as executor, if it’s your kids for example if they are of age then assign them as joint executors. As long as you set out who gets what in the Will they are really just implementing it. Whilst you can do it yourself there is the Probate, I executed a Will once and just used a small local solicitor to do the Probate, it’s a bit messy and they can do it efficiently and it’s not overly expensive.
How does one go about it if they have no close family or relative here? Get one of those free ones, get it certified, and send a copy to your family overseas?
Do you have assets here that you'd leave to non-residents? If so, talk to a lawyer because the tax implications could be substantial. I'd guess that a DIY kit would not adequately address this.
Yeah, liquid assets & super. No property. Ta
Speak to the local lawyers, I got our will for about $ 800 each and it was little complicated, the advantage of having will made out by the lawyers is that they retain copy of your will with them and in case something happens, they will spare their copy without any dramas in case your beneficiary are unable to find the copy of your will once you decease. this may happened if your partner has forgotten where you have kept the copy of will or you have lost the original.
It's always better to speak with lawyers locally in your area and many lawyers encourage you to make will and they offer special price.
Say your situation is spouse/kids/some assets like mine.
Lawyer charged $450 for wills for wife and I that states:
- brother/brother-in-law are co-executors
- assets go to wife if I die first
- assets go to me if wife dies first
- if we both die at the same time:
- assets go to trust fund for kids equally
- brother in law becomes guardian
- signatures of both executors required to pay expenses/fees/etc for kidsThat's it. It's two pages long.
It needs updating if circumstances of the executors change (eg, BiL got divorced so now other BiL is guardian).
If you want a more complicated or need it because your situation is more complicated, it will it will cost you more.
Avoid the free wills like the plague and do not die without one (intestate). Be sure that executors/beneficiaries have a copy.
Why do you say "avoid free wills like the plague"?
To be honest, it's what my lawyer said but he would say that I suppose. My brother, who was a corporate & contracts lawyer, said same. Something about it's easy to make errors, leave stuff out etc etc which could result in issues or even invalid (ie useless) document. Once there's spouse, kids and/or assets involved (especially superannuation as that's not just an "asset"), its just too risky to DIY.
OK, thanks for replying. Food for thought.
Use a lawyer, don’t use a lawyer, use a free Will template from online. Lawyer says you must use a lawyer, they are educated to be conservative, surprised? Getting the usual spectrum of answers. I executed my fathers Will going through the whole process of identifying all assets, winding up his estate and distribution as per his wishes. His Will was done by a lawyer. I recently updated mine, used a free online template, essentially reads exactly the same. BTW you typically declare a beneficiary or beneficiaries with your Super fund so that’s where those $ go if you drop off the perch. Of course if you have complex requirements of your Will or anticipate some issues to be caused by family or others then seek professional advice to ensure what you have goes to who you want.
if you use the lawyer they ensure that they cover all the points so that your will is not contested by your benificiary. This happens many time when the benificiary contest the will later on in case of your demises and then your estate gets chip off by lawyers in thier huge bill to fight for your assets. If you had spend time n money now then lawyer will cover all those points that would avoid contest in future and save your money to go to your benficiary. Especially in case you want to share your assets more then need to be and then they will specifically mentioned why your particular assets or % goes to that benificiary and reason behind why others have been excluded.
Every will can be disputed. You can make it harder but ultimately it's never a sure thing.
It's the responsibility of the person dying to make sure their family and friends are on the same page and are happy with the arrangements. If you leave someone out, expect them to challenge it and turn an otherwise peaceful transition of your assets into an ugly legal battle.
I certainly agree with you that every will do get contested if the one of the beneficiary has been left out. But if the will has been property drafted then disputed party lawyer can advise the person accordingly and give him limited scope of hope considering that will has been property drafted.
I had made my will earlier on a simple google law draft documents and my workplace manager asked me to discuss it with decent lawyer and he found so many points that made me understood why property crafted documents is required. even though it was not a seriously big assets sharing portfolio.
Its a legal document, and controls your whole worth upon death, get it wrong and everyone loses eg right witnesses, sign every page, no staples or paperclips, consider tax, consider minor children, consider partners remarrying and your kids missing out, consider kids temporary partners leaving with half their money, consider 18 yr old kids with $1m inheritance, consider stamp duty if you split a house equally and they want to alter that ownership. Not to mention Power of Attorney and Guardianship if you are still alive but cant function. Cheap doesnt generally equal good. Any one of these mistakes would cost a lot more than $600 - $1000.
Hi, I presume you're a financial adviser? Is there anyway we can have a chat? Can't seem to find the private message button…
I asked a solicitor friend, she said to use firm specialised in wills otherwise they may not be worth the paper it's on..
This is not a straight forward answer.
It comes down to how complex your intended arrangements are and your estate.
My current will is from one of those $10 kits from the newsagents. It is simple, upon my passing and I an survived by X then ABC will happen otherwise DEF will happen.
My assets can easily be split evenly and thats how I have it.
The intructions are clear and simple.
Things can easily become more complex which would require the services of a legal practitioner.
For example leaving something to a mistress is important whilst making sure the wife and kids are still taken care of. A well written will witnessed in front of a legal practioner, would give more credit to such a will rather than a newsagent kit.
A family member has a more complex will where there is a chance it could be contested and wants it to be clear, costs about $500 to do.
PS…I don't have a mistress but wish to plan ahead.