Online Wills - Sl@ter - G0rd0n

Discussion in 'Legal Issues' started by INVSTOR, 20th Apr, 2015.

  1. INVSTOR

    INVSTOR O+

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    Conveyancing in WA must be a bit slow and I've been bombarded with competitive quotes for the sale of a property.

    One offer includes two free standard online wills [valued at $400]. We don't have a complex estate. Is it worth using this online will service?
     
  2. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

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    Does it appoint S&G as executors ?
    Do you need a (new) will ?
     
  3. Terry_w

    Terry_w Member

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    Online wills are more dangerous than DIY conveyancing.
     
  4. Scott No Mates

    Scott No Mates ...and people wonder why?

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    If they can afford to give it away free, online etc - it must be worth the paper that it's written on ;) - at least in legal fees to S&G
     
  5. INVSTOR

    INVSTOR O+

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    Last edited: 20th Apr, 2015
  6. Peter_Tersteeg

    Peter_Tersteeg Finance broker/strategist

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    The catch isn't necessarily that you've got a lousy trustee, the real risk is that you don't get real advice or properly think through how your assets will be distributed. This can lead to wills being challenged.

    This in turn means that a significantly amount of your estate could be used to fight legal challenges (and pay S&L to do this for you), leaving nothing to those who you really want it to go to.

    A good will don't cost much in most cases. It's worth doing right.
     
  7. Terry_w

    Terry_w Member

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    Not a good idea either. They will want to be executor and trustee for the will to be free. Take at look at their fee - it might start at around 4% of the estate value plus. It would cost $300 every in executor fees everytime a light buld needed replacing in an IP for example (plus tradesman).
     
  8. RPI

    RPI Member

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    From what I hear, S&G are using it as a lead generation tool for their personal injury practice.

    I believe you can use anyone as an executor with theirs but it is pretty much an auto generated document checked over by someone. Could still turn out to be one of the most expensive things your kids never bought you.
     
  9. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

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    I saw them sell the former Dad's home despite two siblings asking they don't. Worst part was they seemed to give it away and didn't even arrange for a clean so it sold as a deceased estate bargain. They can do as they please (and will) and there is nought you can do. They often sell everything then carve up the cash...This can trigger a stack of tax that isn't necessary. I don't trust the state govt to run buses - why would I trust them ?
     
  10. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

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    If you need to understand why online wills are really bad answer this.

    Who has power to turn off your life support ?
    - The Doctor / Registrar ?
    - Your Family ?
    - Your wife ? (Or separated spouse)

    Answer is - It depends upon your estate planning which is normally additional to the will. If you do a DIY will you probably wont know the correct answer and may be unprepared.

    Correct Answer : Your spouse does NOT have a right to decide unless your estate planning choice gives him/her or others that power. And in same sex relationships this power may never be offered by the hospital even if they do seek family guidance....Imagine your partners wishes being refused because of this prejudice !
     
  11. INVSTOR

    INVSTOR O+

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    Good example and confirms suspicions I had also.

    Before rumours start I'm female and married to a man so no complications there. :p
    Yes I definitely want to set up a proper will that is worded correctly and allows remaining family to be in control of assets and other important decisions.
     
  12. INVSTOR

    INVSTOR O+

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    That makes sense.
     
  13. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

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    What happens if you find out he has a double life with a male partner (Yes - You will then switch it off even if not asked!)
     
  14. Terry_w

    Terry_w Member

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    Its interesting how people don't see the value in doing a proper will. You spend a lifetime building up assets and then don't consider what could happen.

    couple of examples.

    Mum and dad are in a crash together. Both die. oldest is presumed to die first unless there is evidence otherwise. So all of dad's assets pass to wife, for 1 second, and then out via her will - to her parents 100%.

    or

    Mum and dad and kids. Mum dies, leaving everything to dad. Dad mourns for a few weeks and then marries a younger and hotter wife. They soon need to upgrade the house and dad decides to buy in her name for 'asset protection'. Dad directs in his will that half the house goes to his child (with the deceased wife) but this is invalid as he doesn't own the house. Upon his death the children are stuffed. They wait till the new wife dies a few years later and make a claim against her estate - but quickly found out that they cannot make a claim under family provision as they are not her children.
     
  15. marg4000

    marg4000 Member

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    A will does not come into effect until you die.

    Health and/or financial decision responsibilities can be allocated via other legal documents.
    Marg
     
  16. Terry_w

    Terry_w Member

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    Can only be.

    I think Paul was implying that a person should consider appointing an enduring guardian (and an enduring attorney) as part of their estate planning which would include planning pre and post death.
     
  17. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

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    Yes - I find this analogy gets people thinking that estate planning is much more than a "will"....Estate planning is a package. DIY solutions are a poor substitute.
     
  18. cu@thetop

    cu@thetop Member

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    You say dangerous- I say lucrative. I love DIY Will disasters- no pesky negligence claims against errant solicitors- the blame lies totally at the feet of the deceased. Happy days at $400/hr litigation rate.

    PS I charge around 400 (not much more actually) for a drop in and see me and subsequently sign personalized will for a straight forward estate. More for blended families and trusts or larger estates.
     
  19. Terry_w

    Terry_w Member

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    You're right CU. Lawyers make more out of the DIY wills than the properly drafted ones.

    There was a recently QLD case of a DIY will where the 2 witnesses had signed as witnesses but the testator had not signed the will. This had to end up in court and although relatively simple it would have cost about $20k in court costs, and fees etc even though nothing was in dispute.
     
  20. letiha

    letiha Member

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    Don't get me started on the Public Trustee...at least in QLD, there fees are the same or more !!!