An OzReminder for those who need it, link still works.
Download Your FREE Legal Will Kit
Without a Will you cannot control who inherits your assets. This self-help kit is a simple and effective way to bring peace of mind to yourself and your loved ones without the cost of seeing a solicitor. This free download includes all the easy to understand instructions and information you need to prepare your own Will.
Are there any age restrictions to do this?
Be really careful with PT Qld. Their cost to administer an estate is - well - eye watering.
Just did a calculation on a typical couple estate with 2 beneficiaries, estate value $300,000 to $500,000:
Estimated fee
$9,151.08 to $10,208.35
https://www.abc.net.au/news/2021-02-24/queensland-public-tru…
Yep. Best to get them to do the free will but do not use them as the estate manager as this is optional.
Same for NSW. We had to do something similar and the fees ended up to be nearly $18K on a relatively uncomplicated estate - not to mention all the frustration and angst. They are awfully slow, have a habit of losing documents, and you often wind up doing their jobs for them. After that fiasco I visited a lawyer here in TAS to have our wills drawn up and it cost less than $5K, and the fees for acting as administrator are simply calculated at their hourly rate for actual time spent doing something. If you can afford it, spend the money up-front and get it done properly by lawyers who know what they're doing.
I can't trust PT Qld after their management of my uncle on NDIS and then his death. We were being chased by ANZ as they didn't do their job (still wanted their pay for it) and they didn't liquidate any assets like a car when he was never going to drive again.
Public trustee should only be used where there are minimal assets and no will
Do not let the Public Trustee act as executor of your estate under any circumstances. They almost seem like a scam organisation how badly it is run. It took 3 years for my wife's estate to be finalised and they bled the value dry as per many other's who've had the terrible experience. Truly a shit thing to put people through when they're going through the worst time.
Went to our family lawyer and paid thousands to have will and poa drawn up, wife insisted. I don't think it's necessary unless you have a tonne of wealth and shitty families on either side; which we don't.
Use this if your life is simple.
Did you mean EPOA or POA?
The most important thing is actually a will. But for a couple it's also important to future plan and take into account survivorship and joint accounts. There isn't always a need for a will if a single person passes away in a couple.
Saying that if you don't have a will and your required to have one then you must apply for adminstration which ends up costing you more money and it follow the relevant state law.
As for the enduring power of attoney and enduring power of gurdianship you can just download the free kit from Public Advocate in WA. I am sure there are similar government agencies in the other states.
https://www.publicadvocate.wa.gov.au/E/enduring_power_of_att…
Good advice, the most two overlooked things are Enduring Power Attorney and Guardianship. The Will ONLY come into affect AFTER you die. Enduring Power Attorney deal with your finances and Guardianship deal with your health while you are still alive. Without it you will be at the mercy of the state if any issue arises. Best to go with a professional, might cost a bit but best get everything done right for now then find out later.
One thing about will. Wills are not actually enforcable until you go to the courts and apply for probate.
Ensure your executor (the person who will apply your will) will able to find your witnesses and there whereabouts. If required also provide evidence that the witness has passed away. Normally this would be a print out of a name search from the relevant cemetery board. However, if a person passes away overseas this can get rather complicated.
Also note that enduring power of guardianship covers more than health. It also covers your ability to complain. This does overlap with next of kin decision making for emergency and also carers recognition however don't expect to be able to complain about the matter if something goes wrong.
would caution: partner deals with people who've drawn up crappy wills from these DIY kits all the time and it's a massive headache for everyone involved. There are lots of nuanced pitfalls - something as simple as removing a staple could invalidate it and allow someone to challenge. A lawyer (bastards that they can be), even the cheapest one you can find, will help you avoid these
FYI even if you're married, if you don't have a will, you'll need to go through probate (in each state) for anything that isn't in a joint account. Source: mate of mine passed recently, his wife has had to spend tens of thousands on probate lawyers
Even if you have shitty families, a will won't stop them causing trouble up to and including hundreds of thousands of dollars in legal fees to defend against them. No joke.
Damn, paid $35 for one a few weeks ago at the newsagency
To my son, I leave :
To my daughter, I leave :
- My Tidal and Youtube Premium subscriptions, please make sure they continue to be charged under the Argentine Peso.
- My Bin Him Scomo sticker, and my StickerMule set.
- My Taiko no Tatsujin game, DO NOT buy the drum set, use the controllers OR I will return.
To my wife, I leave :
- My $2 Kayo Sports 3 months subscription, please cancel the subscription before the 3 months is up.
- All my Eneloops and Laadas, please keep them charged as you never know when you'll need them.
Brilliant.
LED torch and cast iron frypan collections go to charity?
Who gets your OzBargain merch?
You are drafting your will simply on ozbargain items….Your will is to continue ozbargain spirit more than assets themselves
Investing your wife wasn't first in the list. Lol.
Don't forget the Adidas Ultraboosts
Who is getting all the giftcards..lol
how old is seniora?
Weird flex, but ok
If you paid more attention in school you might know what age a senior typically is :)
Great 2 page actual Will kit. Free alright!
I dont know why someone downvoted you but you're right; this isnt a will or a template, its basically a document that tells you what you "should do". It doesnt give a will template or anything which i think is what everyone thinks it is.
The template for a will is on pages 10 and 11. This is a simple template, but it's a valid one.
Free will is an illusion
And a rush song!!
This is great, I am just beginning to get my dad's affairs in order so perfect timing!
Succeeding you, father.
Fly to NZ for a holiday and get a simple will done by a lawyer over there - it's FREE ( or at least it was last I knew).
Free besides the costs of going to NZ…
Is it legal to leave my assets to the first alien who visits our planet?
Here’s the direct link if anyone prefers to keep their email address private:
https://f.hubspotusercontent10.net/hubfs/2171961/au-seniors-…
thankyou
Thank you legend!
Who said the democracy is cheap? You pay for every step, even if it is your will and your way. You have to pay the price to somebody to execute for you. This is the sad state of systematic corruption.
Would not it be easy that you fill one form that goes to NSW govt. and remains there till you delete. Like your passport.
How will we then support so many bludging professions (that shouldn’t even exist)!
It is okay to pay if it is one off. But every time there is a transaction to change the will, it is not an easy game to follow.
Also a reminder— if you live in Queensland, you can make an appointment with the Public Trustee and you will meet with one of their lawyers who will do your will for free. You also have the option to appoint the Public Trustee as the executor of your estate and their fee is less than what most lawyers will charge. I did this a couple of years ago and the process was very easy. You may have to wait a few months for an appointment, but if you're not in a hurry, it's worth considering.