Hi all,
My wife and I just signed up for an online will with https://www.statetrustees.com.au/ since they have $100 off discount
The process was pretty straight forward and done within 10 mins but then now I’m thinking what are the pros and cons of an online will?
Thanks
Can the Will makers demonstrate that you were of sound mind at the time of your Will?
Where there's a Will there's a way
Wills are popular in recent days. Some for the wrong reasons.
Clearly you’re not a solicitor so your understanding is extremely limited.
The cons are that this is a boilerplate will that does not take into account the specific fact pattern of the OP’s situation and gives them and their family a false sense of security when it comes to the disbursements of assets.
Yes I ANAL
As well as you're not a lawyer?
@Icecold5000: Oh trust me, your reply shows you didn't even understand what my comment was joking about
@Icecold5000: Oh they are for those who understand them…
Need me to explain it to you? I can simplify it since it seems too complex for you
@spackbace: No, they actually need to be funny. If you need to explain a joke to someone then clearly you need to go back to the drawing board or more likely consult a dictionary
@spackbace: I’m feeling magnanimous today and you clearly need to practice so I will give you the opportunity to try to come up with a funny joke.
@Icecold5000: Well, when clearly you missed that one, maybe I need to find a joke for you that my 7yo would understand
@spackbace: On a scale of 1 to 10 with 10 being hilarious i would give it a 2. Bear in mind that your 7yo in just trying to humour you. Try again.
@Icecold5000: IANAL is an acronym for "I Am Not A Lawyer" but the way MS Paint wrote it it also seems like he enjoys intercourse in his butthole.
I believe spackbace pointing that out was the joke. He wasn't talking about you, icecold, thus the whoosh.
Are you saying it would be a grave mistake
To trust your opinion, absolutely.
Wills are legal documents and the legal wording is super-specific.
If a will is not written properly, and it is not executed properly, it may be invalid. So oftentimes people with complicated family situations with divorces, re-marriages (who are expecting for the will to be challenged in court by "interested parties" who also want a piece of that inheritance pie) will spend the extra money hiring a lawyer to sit down with them and write the will according to their circumstances.
If your situation is straightforward then it's fine… but more often than not a "generic" will does not have enough in it to fully cover your circumstances.
https://newsroom.unsw.edu.au/news/business-law/pros-and-cons…
https://www.ealawyers.com.au/blog/2020/march/diy-wills/
Personally, after the Ombudsman's enquiry findings released a couple of years or so ago I wouldn't touch state trustees even if their online wills were free.
Never let State Trustees or a commercial provider execute your Will. They will take about 4% of the value of the assets for the privilege.
I couldn’t find anywhere on their online Will where there’s a 4% fee? Please point it out where I can find it
Fees are here ouch
https://www.statetrustees.com.au/what-we-do/state-trustees-c…
1.65% of PPOR and 3.85 of other assets for standard deceased estate admin.
Where can I find the findings?
I used an online will (different provider). You still need to sign it and get it witnessed in front of someone to be valid.
Check the conditions from the State Trustees when the will comes into play…
would an online will slap as good as in person?
There was a program in abc toast week about public trustees - state trustee is another public trustee not to be trusted.
Suggest you watch it now and thank me later,
This seems similar to wills that used to be available from AusPosts. They are templated wills, used to fulfill requirements by things like mortgage brokers so you can tick "yes" when they ask if you have a will without committing fraud.
If anyone contests your will and your circumstances don't fit their extremely specific requirements, something against your wishes may happen.
I wish I could have done this when I was getting mine done originally, but don't do this if you have kids, significant assets, or give a shit about what happens to your stuff after you croak.
the only online Will i have seen lately was the one slappin the shit out of Chris Rock
After watching this 4 corners episode I would never allow state trustees anywhere near my assets.
Have watch might make you change your mind and buy Will kit from local newsagent. And get a justice of the peace to witness it at the post office. (If you book ahead).
https://www.abc.net.au/4corners/state-control:-australians-t…
Seems like a good deal, especially compared to NSW Trustee. Don't make them the executor though. Last I looked NSW Trustee charged 4% of the value of the estate. I will check.
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
That is a whopping fee. Holy cow - I will do it for half that. I don't know what the Vic fees are.
My union offered it for free. I've since had it rectified once.
Wills can always be contested but trust me no will is alot worse.
Pro - you've got a will
Con - none that spring to mind