Why Make A Will?
By making a Will you ensure that after your death your assets are distributed to whom and the way you want. Only by having a Will can you be certain this will happen.
If you do not have a Will, the Administration and Probate Act sets out the way in which your assets will be distributed. This distribution could cause hardship to your family and be contrary to your wishes.
If you die without a Will and leave a husband or wife and young children, your husband or wife is not automatically entitled to the whole of your estate. He or she will receive only the first $10,000.00 and half the balance of your property. Your children receive the other half which is tied up with the PUBLIC TRUSTEE until the children turn 18. In such a case it could make it very difficult for your family to exist.
Who May Make A Will?
Any person over the age of 18 can make a Will and it can be altered at any time. In certain very limited circumstances a person under the age of 18 can make a Will.
Marriage automatically revokes a Will: separation from your husband or wife does not. Divorce does affect your Will but does not revoke it.
You should consider making a Will as soon as you marry and changing your Will as soon as you separate from your partner.
Beware The “Home-Made” Will
The “do-it-yourself Will’ often can be worse than no Will at all and may in the end result in heartache and expense for those you leave behind.
There are certain legal “musts” which have to be followed when making a Will. Many “home-made” Wills fail wholly or partly because these are not observed. This can result in the Will having to be interpreted by the Court, which could decide that someone not of your choice may receive or share in the distribution of your assets.
Who Should Be My Executor?
We can advise you on this selection. You do not have to appoint us as your executor. You may appoint members of your family, friends, professional advisers or a Trustee Company. There is nothing to prevent a beneficiary being an executor.
We are able to assist your executor and this assistance can be invaluable, guiding the executor as to what needs to be done and the necessary steps to be taken. Therefore it is not essential that your executor have any legal or business training.
What Does A Trustee Company Will Cost?
A Trustee Company, including the Public Trustee may prepare a Will for you for only a small fee or without charging at all. But in doing so the Trustee Company usually names itself as an executor of the Will which entitles the Trustee Company to charge your estate after you die for being an executor. The charge is normally a percentage of your estate.
Preparation of Your Will
When you consult us about making your Will we will discuss with you such matters as:
- Who to appoint as your executor.
- Who to appoint as guardian of your infant children.
- What assets you can dispose of by your Will.
- What liabilities you need to provide for by your Will.
- Who you wish to benefit from your Will and how they will benefit.
- Whether your wishes can be challenged in court after your death.
- The powers and directions you should give to your executor.
- Where to keep your Will.
We are trained to handle the intricacies of Will making and can give you unbiased and objective opinions as to the way you should go about disposing of your assets.
What Costs Must Your Estate Bear?
Upon your death your executor can instruct us or any other lawyer to act on his or her behalf in the administration of your estate. The costs of administrating and winding up your estate will depend on the way your affairs have been arranged and the time taken which would often total much less than 1% of the gross value of the estate.
If you have selected a Trustee Company or Public Trustee as executor there is a sliding scale of charges based upon the gross value of the estate, which can be as high as 6%. An estate of a gross value of $100,000 could attract commission of up to 6%, plus out of pocket expenses. A commission is also payable at a rate of up to 7.5% each year on monies collected on behalf of your estate.
Get the best value in service and price with Boylan Lawyers
* you get the right advice that will save your family in the future;
* we charge fixed fees for tailored Wills;
* we give a discount to students, pensioners and current clients; and
* we don’t charge extra for securely storing your documents.
* Tailored Mirror Will $550.00 (couple) , $440.00 (single);
* Estate Planning Package (Will, POA & POG) $660.00 (couple), $550.00 (single).
We also offer a family package which combines a couple “Parents” with singles “children” as a complete service at a special family rate because much of the information needed is the same.
This package (Will, POA & POG) is $550.00 for the parents and $440.00 each per child.
What Should You Do?
If you do not have a Will or if you have a Will that is out of date, speak to us.