Many people would have heard of the NSW Trustee & Guardian‘s free Will service.
Whilst this is an important service, what you don’t know is that whilst the preparation of your Will may be free, you may be surprised at the fees charged to administer your Estate after you’re gone.
Below is a list of estimated fees of private Solicitors verses that of the NSW Trustee & Guardian listed by value of Estate –
Value of Asset Solicitors Fees (Incl of GST) Trustee Fees (Incl of GST)
$200,000.00 $ 1,510.30 $ 4,400.00
$500,000.00 $ 2,083.00 $ 7,700.00
$750,000.00 $ 4,787.20 $14,850.00
$1 Million $ 6,017.00 $17,600.00
$2 Million $ 7,843.00 $28,600.00
$5 Million $12.100.00 $61,600.00
$10 Million $17,055.00 $116,600.00
The NSW Trustee & Guardian fees can be found at www.tag.nsw.gov.au/executor-fees-and-charges.html
The Trustee and Guardian is a very important institution to preserve people’s rights in NSW and by all means attend the free Wills days. But consider very carefully whether you allow them to prepare your Will. It may save you $300.00 now but your children may well be shaking their heads and muttering under their breath after you’re gone when they realise their inheritance has been significantly reduced by the Trustee’s Commission.
Geoff Brazel has been assisting the people of the Central Coast for more than 32 years. If you need to make a Will call Geoff Brazel on 4324 7699.