Solicitor or Public Trustee?
SOLICITOR OR PUBLIC TRUSTEE? A will is a legal document that details your final wishes and instructions for the distribution of your assets after your death. While a public trustee is a government-run organization that provides legal services to individuals, including the administration of estates, there are several reasons why you should consider instructing a Solicitor to draft your will and thereafter assist with the administration of the estate. Tailored to your specific needs: A will created by a Solicitor can be tailored to meet your specific needs and goals. This will ensure that your assets are distributed according to your wishes and that your family is taken care of after you're gone; Peace of mind: A will created by a Solicitor will be legally binding and can provide peace of mind that your assets and loved ones will be taken care of according to your wishes. The public trustee, on the other hand, may not have the same level of expertise or knowledge of your specific needs and wishes; Avoid potential complications: A well-drafted will can help avoid potential complications and disputes over the distribution of your assets. A public trustee may not have the same level of expertise or knowledge of the law, which can lead to mistakes or disputes; and Cost savings in the long run: While paying for a will may seem like an additional expense, it can actually save you money in the long run. A poorly drafted will or mistakes made by the public trustee can lead to legal battles and additional expenses, which can add up quickly. Australia has its own set of rules and regulations regarding the fees charged by public trustees for managing estates. In most cases, these fees are based on a percentage of the value of the estate, with a sliding scale based on the size of the estate. The exact fee schedule can vary depending on the state, so it's best to consult the specific guidelines for the state in question to ensure you do not incur any unnecessary fees & charges. Example of Fees In New South Wales the Public Trustee outline their schedule online for various services including drafting of a will, executorship, and deceased estate management. Often, beneficiaries of Public Trustee appointed estate matters have complained about excessive fees, long delays in settlement and poor communication. If you had a choice, which scenario would you choose? a) Engage the Public Trustee to draft a free will, knowing your beneficiaries may be subject to high fees and delays; or b) Draft a will through a Solicitor for a minimal fee, nominate the executor of your choice with minimal or nil fee and faster settlement. A Public Trustee drafted will may save you money initially but will ultimately be funded by your beneficiaries – Example below. Joe Citizen engaged the Public Trustee of NSW to draft a free will. The Public Trustee were noted as the Executors of the Estate. Joe sadly passes away the following year. [...]