WA Public Trustees - Wills Change of Fee Structure
Vic41 said
11:43 AM Mar 11, 2014
I redid my Will yesterday, found out they have changed their fee structure.
Was once based on a percentage of the value of your monies and assets, but now flat fees.
Seems to favour the rich, as everyone pays the same fees depending on the complexity of the Wills, but not the value of monies or assets.
In other words, as an example, I could have $10,000 in money assets while a rich person could have $10 million, but we still pay the same for the same services. Same with homes, mine could be worth say $400,000 and the rich persons is worth millions....still pay the same.
Where there are complicated share and super schemes/overseas investments etc their are extra charges depending on the work involved.
I was told that the new fees are still much cheaper than going to a lawyer, and pensioner concessions apply.
I paid a fee of $48 for a single pensioner (but if done as a couple it is $35) to draw the will up, with GST and a property search this came to $98 in total at the time of making the will. The other charges come at the time of executing your will (you won't be around then) and are taken out of your estate. The Mrs couldn't so hers yet as she has a complicated joint superannuation fund jointly with a then work colleague and that is still in place, they have to get some advice on splitting it before the Public Trustees can act on it.
See this link of the new fees, would like too hear what you make of it in regards to does it favour the rich? I asked what would happen if I was penniless and they said in that case they would do it for free. I then said I was going to go and gamble it all and become an alcoholic (tongue in cheek) to get it for free, the lawyers reply was I don't think your wife would appreciate that, LOL !
I redid my Will yesterday, found out they have changed their fee structure.
Was once based on a percentage of the value of your monies and assets, but now flat fees.
Seems to favour the rich, as everyone pays the same fees depending on the complexity of the Wills, but not the value of monies or assets.
In other words, as an example, I could have $10,000 in money assets while a rich person could have $10 million, but we still pay the same for the same services. Same with homes, mine could be worth say $400,000 and the rich persons is worth millions....still pay the same.
Where there are complicated share and super schemes/overseas investments etc their are extra charges depending on the work involved.
I was told that the new fees are still much cheaper than going to a lawyer, and pensioner concessions apply.
I paid a fee of $48 for a single pensioner (but if done as a couple it is $35) to draw the will up, with GST and a property search this came to $98 in total at the time of making the will. The other charges come at the time of executing your will (you won't be around then) and are taken out of your estate. The Mrs couldn't so hers yet as she has a complicated joint superannuation fund jointly with a then work colleague and that is still in place, they have to get some advice on splitting it before the Public Trustees can act on it.
See this link of the new fees, would like too hear what you make of it in regards to does it favour the rich? I asked what would happen if I was penniless and they said in that case they would do it for free. I then said I was going to go and gamble it all and become an alcoholic (tongue in cheek) to get it for free, the lawyers reply was I don't think your wife would appreciate that, LOL !
http://www.publictrustee.wa.gov.au/F/fees.aspx?uid=9137-9696-3218-5913