Wills and Probate

A will is one of the most important documents you need if you own property such as a house or unit or a share in a superannuation fund. A will will carry out your wishes once you are dead as to where the assets go. The document only becomes effective on your death and can be changed at any time. If you are in a relationship or have friends or relatives you wish to benefit or look after on your death, you really must make a will. Letters or telling people what you want have no legal effect.

The formalities in making a will were set down in the eighteenth century or earlier and must be followed exactly. To help you set out what you require, attached you will find questions which you can complete and either fax or email to me. This will save time and money.

It is difficult to give a quotation for a will without knowing its complexity but a usual will with one or two major beneficiaries is normally between $125 and $175 plus GST.

Commonly everybody forgets when they make a will that they need to appoint what is called an executor. This is a person who ensures that your instructions set out in the will are carried out. They can still be named in the will as a beneficiary. A typical appointment would be a good friend or relative. If necessary I can be appointed to act.

Probate is the name given to the procedure of enforcing a will after your death. An executor needs to collect all the assets, pay the liabilities, and the balance will then be distributed according to the instructions in your will. There is a statutory fee for probate which depends on the value of the balance. There are also additional fees for what is called administration of the estate, such as selling property, collecting monies say in bank accounts, and distributing the balance to the beneficiaries. I will be able to give you a realistic quote for this work when I know what is involved.

This is the information you should consider and give to me if you wish me to advise you formally: Your full name, and any other name you are known by; Your address; and Your executor’s full name and address. Another executors full name and address if there is any likelihood of the other executor dying before you. Do you have superannuation? Please give details. Any items such as a painting or shares or money you wish to give to specific people. Do you own any property jointly with another person? Who do you want to have your estate? One or more persons? And who else if that person dies before you? Is any person you have named under eighteen? Do you wish to be buried or cremated or make special arrangements for your death?