Setting up A Will - NSW

glasswaterbottles on 05/10/2017 - 00:24

Hi All

I need to set up a will for me. Who knows what happens tomorrow and I want whatever I have managed to save to reach my loved ones. However, in the true OzBargain spirit I want the best deal for them.

The setting up of the will seems to be simple enough with the NSW Guardian service (around $300 or so). Please correct me if I am wrong or you have a better idea. They specialise in it and they also can safekeep my will.

The issue remains assigning an executor of the will. The Guardian Service charge on average 3% of the assets every year so if I potentially live for 20 years more, thats 60% gone. On top of that, they charge a multitude of various fees that are one off and yearly so I am better off just doing an official will and hoping for the best rather than pay these guys all my savings.

Has anyone set a will up? Is there any viable alternative that is better value? If I am honest, I have very little idea about lawyers and such procedures so for me they are like mechanics and accountants i.e. have no option but to trust them without knowing whats best. I would like some good advice please. Some of you will suggest seeing a lawyer but again how would I know they are telling me the right thing or just trying to make a buck themselves.

Your advice is appreciated. Thank you.

Financial

Comments

  • Donaldhump on 05/10/2017 - 00:38
    +2

    Write your own will

    Get 2 witnesses to sign in your presence and vice versa

    Have 2 copies, one with u, one with the executor/relative, if no executor, do it at lawyers

    Public trustees etc r a rip imho

    • altomic on 05/10/2017 - 00:41

      ^^ this

      public trustee is expensive.

    • glasswaterbottles on 05/10/2017 - 01:07

      I have read at many places that writing your own will although possible could have issues when the time comes to execute it. This can be due to incorrect terminology and not following proper procedures and what not considering we are not lawyers. It is said it could be invalid so its best to invest in a proper will.

      None of my close relatives are actually in Australia and one or two close friends are not that smart to be executors so I am worried this will not get handled correctly. And now we are back to lawyers - what happens if the lawyer dies? Does his firm look after me? I have no idea how that works.

      • Donaldhump on 05/10/2017 - 04:39

        Get the lawyer to make a will and be the executor if you like

        If thy die, will is still valid, just make a codicil to replace the executor.

        Sure the executor can be a representative of the firm though, not a named person, and if need be could have a succession path if they weren't around to go to another lawyer,

        Or pick a lawyer younger than you

  • BlazinPast on 05/10/2017 - 01:05
    -1

    There must be some kind of limit on the amount of Xiaomi products one can have in their will

  • [Deactivated] on 05/10/2017 - 01:22
    +3

    from my understanding of a will is unless you have a multi million dollar business or you want to give all your money to a turtle etc or a couple of crazy family members that may contest your will a will kit for $5+ is good enough.

    • bargainbargain on 05/10/2017 - 09:31

      I used he $5 will as well - it seemed ok for plain vanilla sort of situation. With complication ofcourse lawyer is better to use

  • AlienC on 05/10/2017 - 06:08
    -1

    Haha that moment when writing a Will would do absolutely nothing for you except maybe transfer ownership of some clothes, your Google library and steam games etc haha lol.. oh man.

  • onetwothreefour on 05/10/2017 - 06:30
    -1

    Can I make deleting my internet history part of my will?

    • airzone on 05/10/2017 - 09:14

      You need a porn buddy for that.

      • onetwothreefour on 05/10/2017 - 09:16

        I nominate you, please don't let me down.

        • airzone on 05/10/2017 - 09:20

          Ok. You'll find mine in c:\tax and accounting\expense receipts archive\uncategorised low value\nothing interesting\

          Remember that, and burn anything this is recorded on!

  • airzone on 05/10/2017 - 09:13

    By brother and his wife used this. https://www.lawdepot.com/contracts/last-will-and-testament-a…

    They are each others executors, with me being the backup.

    • barbarella on 05/10/2017 - 09:42

      Is this free?…or What is the cost of this?

      • tomclancy on 06/10/2017 - 14:06
        +1

        After you answer the questions you can download the document under a 'free 1 month trial' but they ask you for credit card details first.

        Alternatively, once you get to that final page you can disable Javascript and then copy/paste the text from the sample document to your own text editor.

        • barbarella on 06/10/2017 - 17:02
          +1

          thank you

        • alidli on 10/10/2017 - 23:17

          Tried to do your second tip using Firefox browser extensions "NoScript" and also tried "JavaScipt Toggle On or Off", but can't copy any of the actual text of the Will. Can you give more detail how you did it.

        • tomclancy on 11/10/2017 - 09:58
          -1

          @alidli: Not sure with Firefox but an alternative in Chrome is to hit F12 to get into developer tools and remove all the hidden CSS which will strip the site back to just the text you need to copy.

        • alidli on 11/10/2017 - 22:26

          @tomclancy: Thanks for the reply. Did you also mean that you before you can copy the Will text you have to create a free account, log on and answer their questions because all I've done up to now is fill in my details on their website without an account (the onscreen Will has "Draft" watermarks across it).

        • tomclancy on 11/10/2017 - 22:43
          +1

          @alidli: no need to setup an account. After you've answered the questions and when you're on the screen with the "Draft" watermark, that's where you can copy the text from, after you remove the hidden HTML 'layer' protecting the text from being copied. It's a JavaScript 'layer' but if turning that of doesn't work you can also turn it off in the developer tools console.

          Best of luck!

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