Will & Testament - simple and easy (?)

[jaycee]

Does anyone know where I can read up on and understand what’s required to setup a will ?

I just want to write a pretty simple will but everything I look up online ends up talking about paying people money

Does anyone know the rules as that I can understand what I need / don’t need to do ?

or am I asking too much and should just pay $00's or $0000's to a solicitor ?

Thanks…

 

[Terryw]

Just go out and buy the latest edition of a legal text book on wills - make sure it is relevant to your State. cost about $100 to $150.

The book may have some sample wills and will have the rules you need to take into account - such as capacity, witnessing etc..

There is not much to it - but it can be extremely complicated..

 

[jaycee]

Who what when why where ?

What's so complicated about saying I have

a bunch of shares a ppor and 3 invesmtent proeporties
I leave them all to my borther


holy crap !

 

[rugrat]

Or even cheaper and easier, Pick up a legal will kit. they are written up in very simplistic terms and cover off how to write one up (complete with templates) and where and how to lodge it to make it legal. Generally cost about $10 from any bookstore or post office - can probably even borrow one from a library and photocopy it.

 

[Terryw]

Who what when why where ?

What's so complicated about saying I have

a bunch of shares a ppor and 3 invesmtent proeporties
I leave them all to my borther


holy crap !

Nothing maybe - but what if you don't get it witnessed? or witnessed properly? eg you may get your brother to witness - not knowing a witness cannot be a beneficiary of a will.

Or what if you don't understand the benefits of a testamentary discretionary trust - your brother could go bankrupt just before you die and you leave everything to him but he gets nothing? If you get some advice and set it up properly he could have tax free income with asset protection.

 

[Mr. Fabulous]

jaycee,

This is not something you want to do yourself just to save a couple bucks. Especially if you have appreciating assets that potential future ex-wives might get their hands on (your brother's, not yours). This is the reason I got my testamentary trust set up. I love my SIL, but damned if I'm gonna watch her take half (or more) of what I've built away from my brother should it come to that.

A good solicitor will be worth what you pay them to get the most appropriate structure set up. You may think it's crazy expensive, but overall, it's going to cost you a fraction of 1% of total assets. Dazz seems to have a good solicitor (although he may think differently ) ask him who he uses.

I know there's a place in Perth who specialise in this sort of stuff, but I can't remember the name. They do a weekly email that I get sent to me, but I just have a quick read and delete it.

 

[jaycee]

Thanks guys.

I paid $22.50 for a kit form the post office to have a read and familiarise myself with it all.

I don't wnat to cut my nose off to spite my face, but I'm don't feel I know what's invovled enough tot jsut pick out some random solicitor yet either, and you've certainly explained why I should find out more

cheers

 

[Mr. Fabulous]

jaycee,

These are the dudes I was thinking about:

http://www.taxlawyers.com.au/

 

[cu@thetop]

Of course it is easy:

http://www.legislation.qld.gov.au/LEGISLTN/CURRENT/S/SuccessionA81.pdf

Read this and you are good to go.

 

[Sheryn]

A legal eagle is part of your team.....

Jaycee


Do yourself a favour and ring up a few lawyers and ask for quotes for a will.

I did this as I wanted to alter our wills as kids were older than 25 years...

Lawyer said we didn't need to rewrite will just add a codacil (remove need for administrator as kids grown up).

In the end...

Altered will x 2 (hubby & myself)

New...

• Power of Attorney x 2 (hubby & myself)
• Enduring will x 2 (hubby & myself)
• Advance care directive x 2 (hubby & myself)

And while we were going organised our grown up kids with....

• First will x 2 (son & daughter)
• Power of Attorney x 2 (son & daughter)

Hubby, daughter and myself went together at same time and our son went around to Lawyers house the day before Christmas and signed his paperwork as he lives in another state.

All up I think it cost me under 1K.

My understanding is if you do not have a solictor/lawyer then the public trustee finalises your will when you 'kick the bucket' and the percentage they charge can be higher than lawyer.

Hope this helps.

BTW
I have 2 different versions of do it yourself will kits at home.

Over the years I/we have had dealings with numerous local solicitors/lawyers and needed to contact them many times for legal advise and to fix my/our stuff ups. Finally I have found one that we both like.


cheers
Sheryn

 

[jaycee]

Thaks for all the info guys.

Now I think it's information overload