Do you have a Will?

Have you reviewed your existing Will recently?

If the answer to either of these questions is no, you need to contact us.

Should I have a Will?

Everyone over the age of eighteen should have a Will. If you die without a Will the law decides how your assets will be distributed. In many cases this will not be how you would want it.

Why should I update my Will?

You should be reviewing your Will at least every two or three years but more often if your circumstances change. There are many changes in circumstance which will directly affect how your estate is dealt with and the terms of any Will you have including:

• marriage
  
• divorce/separation
  
• a de facto relationship/the end of a de facto relationship
  
• children
  
• stepchildren
  
• a change in assets
  

You should also remember to check on your executors and trustees under your Will. Many younger people choose their parents as executors and trustees and as time goes on, this arrangement can become less desirable.

How much will it cost?

We charge a flat fee of $40.00 plus GST for single straightforward Wills. For a couple who do "mirror Wills" (i.e. Wills that are essentially the same) the charge is $60.00 plus GST. Wills that are particularly complicated may incur additional costs which will be discussed at the time.

Why should I get my lawyer to prepare my Will when the Public Trust will do it for free?

There are a number of organisations that advertise free Wills including the Public Trust. You should see us to prepare or update your Will for the following reasons:

• Existing knowledge - If you are an existing client we have knowledge about your family and business affairs.
  
  
• Flexibility - The Public Trust only makes provision for itself as being the executor and trustee. The executor/trustee of a Will administers the estate but there is often no reason why this cannot be done by a family member or close friend. In many cases there is no need to have a professional to administer the Will, as a lay person can do much of the job with assistance from professionals, as required.
  
  
• Beware hidden costs - upon your death a professional trustee organisation (like the Public Trust) will charge to administer your Will. In many cases this is on a commission basis (the Public Trust is 3% on the first $100,000.00, 2% on the next $200,000.00 and 1% on the balance after that).
  
  This commission is charged regardless of the actual work done. If your estate requires us to assist in the administration we will charge only for the actual time and complexity. It would be only in exceptionally large or complicated estates that our fees would be anything in the vicinity of $3,000.00.
  
  Some professional trustees will also charge commission on any income collected on behalf of the estate.
  
  You should therefore consider not only the initial start up costs of the Will but also the ongoing and/or eventual costs to your estate for its administration.
  
  

• Additional advice - it may be that your circumstances mean a trust or some other form of asset protection is required. We can advise you on this and other estate planning techniques as part of our consultation.

What about if I use a "do-it-yourself" Will kit?

Do-it-yourself Will kits are marginally cheaper than having us complete your Will. However, in our experience, such Wills can be more trouble than they are worth, especially if the full extent of your affairs is not adequately considered. There is no substitute for personalised legal advice and, in particular, legal advice based upon knowledge of your situation.

Enduring Power of Attorney

We also recommend that every person who makes a Will should also complete an Enduring Power of Attorney. This document grants the person of your choice the right to make decisions on your behalf in respect of both your property and your personal care and welfare if you are incapacitated by accident or illness or are unavailable (e.g. overseas) when it is necessary to complete a legal transaction.

We will prepare both a straightforward Will and Enduring Power of Attorney for a fee of $70.00 plus GST. For straightforward mirror Wills and Enduring Powers of Attorney for a couple the fee is $100.00 plus GST.

If you do not have a Will or Enduring Power of Attorney or your current Will needs reviewing, please contact Simon, Jodi or Alan.