General Estate Planning issues (Wills, PoA, AHDs)

[MARTINE]

Why do people use the Public Trustee? Do they create wills for free so people think they are saving legal fees? And then of course, how predictable, likely encouraged? to nominate the public trustee as executor. Maybe they think it would be a burden for the kids?

They would be the last I would use for this purpose — glacial pace — takes months to get basic decision — handing over your assets to the state gov to administer. No thanks!

 

[love_the_life]

They would be the last I would use for this purpose — glacial pace — takes months to get basic decision — handing over your assets to the state gov to administer. No thanks!

My late FIL used State Trustee in Vic - he had a hate on solicitors for some reason and decided to use the PT. In the will he left the house to his wife as a life Interest but then it was to go to the children. She outlived him by over 20 years and spent the last 3 yrs in a nursing home, with the house empty as she had dementia and wouldn't sign her interest away. Eventually her children did convince her. The first thing MrLtL and sister did was to transfer home into their names and get rid of PT.

 

[Brissy1]

An employee in the Public Trustee SA gave my Aunt good, honest, advice... strongly suggested she use a solicitor as it would be much much cheaper.

 

[cove]

Yes I know our WA Public Trustee charges commissions that can be pretty large.

 

[Flyfrequently]

Mr Flyfrequently's maiden aunt used her trusted solicitor for her will, 7 nieces and nephews as beneficiaries.
Nominated 2 nephews as executors. They decided they were "too busy" and without consultation handed it over to the State Trustees.
Apart from charging more than the 5% quoted, ST did not follow (our) instructions and sold  all her blue chip shares - we wanted to keep 3 of them.
Complaint fell on deaf ears - their response was everyone else wanted to sell and they missed our instruction.
Needless to say, one of said nephews ( BIL) has been removed as Mr Flyfrequently's executor.

Post automatically merged: Saturday at 6:21 AM

Yes I know our WA Public Trustee charges commissions that can be pretty large.

Ditto in Victoria @cove

 

[cove]

My mother was a straight A mathematician when she attended WA Uni.
She split her estate into quarters so three sons received a quarter and seven grandchildren received one 28th. I was impressed……
I handled the estate wind up.
I could never beat my mother at scrabble.

I do remember the corporate raider/lawyer died without a will so that would have been messy. He was a diabetic so he should have known better.

 

[Buzzard]

A problem with wills is, who's there to ensure that the will is actually administered correctly? No one.

 

[Pushka]

A problem with wills is, who's there to ensure that the will is actually administered correctly? No one.

The Executor you've nominated does this. If you don't think they could do the work then choose someone else. Or an independent person like a lawyer. In the past when we were executors to the MIL estate we engaged the lawyer who drew up the will to do all the legal requirements.

 

[tgh]

Our kids share all the leftover dosh and are expected to manage the process, being grown up 'n all….
The lawyer ends up with some input and I opine that this can be useful, if expensive.

 

[Brissy1]

Maybe I'll just leave it all to the cat.