So about a 50% increase. And the alternative, MPIR payment, has more than doubled from about 4% to over 8%Today I picked up 3 days of mail. A letter from the financial planner was there and it included details of the pending increases of the RAD which is the Refundable Accommodation Deposit.In WA it is likely to jump from $550,000 to $750,000 around July 1st,2025 for the most common ones.
That is quite a jump.
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So the rules are slightly different in Victoria now…not sure about other states… but basically there’s legislation now which determines who gets what in the event someone dies intestate. Basically it’s surviving spouse first, then kids, etc. The list is defined, no questions. And after a death, all handled simply by a solicitor lodging some forms with the relevant court.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.
This is good to hear @MEL_TravellerSo the rules are slightly different in Victoria now…not sure about other states… but basically there’s legislation now which determines who gets what in the event someone dies intestate. Basically it’s surviving spouse first, then kids, etc. The list is defined, no questions. And after a death, all handled simply by a solicitor lodging some forms with the relevant court.
Some 30 years ago State Trustees had a promotion and drafted willsfor me and SWMBO at no cost. It did involve a meeting.This means the State Trustees have somewhat less of a job to do. No more months of waiting while the state trustees get their act into gear, and no more heft pay fees to them.
Reflecting the downturn in business… the state trustees seemed to have pivoted and now advise on wills!