PDA

View Full Version : Setting up a will



bk T
23-02-2010, 03:40 PM
Do I need to go to a lawyer to setup one? Approximately how much it's going to cost me for doing a very basic one?

Nomad
23-02-2010, 03:42 PM
If you want a basic one the Public Trust does one for free.

Sweep
23-02-2010, 03:59 PM
Or you can get a form and do it yourself. Needs to be witnessed.

pctek
23-02-2010, 04:48 PM
DIY

2 witnesses that don't benefit from the will to sign as well.
thats it.

KenESmith
23-02-2010, 09:30 PM
No problem with DIY as long as there is nothing contentious, wills that are deemed unfair can and are frequently challenged, so unless what you want is quite simple, use the Public Trust or AMP Perpetual Trustees.

Another point - when drafting a will one should try and take a long term view - ie you don't want to be amending it every other year.

For the record these organisations do the Will FOC - payback comes when they administer the estate - There is no such thing as a free meal.

pctek
24-02-2010, 07:43 AM
wills that are deemed unfair can and are frequently challenged, so unless what you want is quite simple, use the Public Trust or AMP Perpetual Trustees.

.

That's no guarantee it won't be contested.

gradebdan
24-02-2010, 07:07 PM
My brother had his will arranged by the public trust. When he died I went to them to get it sorted. The person I saw asked if the estate value was under $10000. When I replied yes he said you sort it out. We're not interested.

Lizard
24-02-2010, 07:28 PM
I've also heard that the Public Trust charge a fee when they administer the estate, and the fee depends on the size of the estate. So while it might cost more upfront to use a lawyer, it's better off in the long run.

Nomad
24-02-2010, 07:31 PM
I've also heard that the Public Trust charge a fee when they administer the estate, and the fee depends on the size of the estate. So while it might cost more upfront to use a lawyer, it's better off in the long run.

I had my will via the Public Trust it was free. They will bill you when it comes into effect. If they pass away and they have to deal to it. In that regard, even a lawyer would charge you something to administer it - there no free lunch.

Jen
24-02-2010, 08:14 PM
DIY

2 witnesses that don't benefit from the will to sign as well.
thats it.I've thought that would be an easy route too, but when you think about it whomever you name as executor of your will has to be prepared to close your affairs. This means applying for access to banking accounts, settling unpaid debts, any tax owed to the IRD and making sure your assets are distributed (or sold) according to your wishes. How many lay people would know how to go about this?

The Public Trust charge fees that come out of your estate. They are not a charity. Shop around and compare their fees with other similar companies eg New Zealand Guardian Trust and some local lawyers.

Then tell your family what company/lawyer has a record of your will.

bk T
24-02-2010, 08:30 PM
After reading the above views, recommendations, etc., looks like getting a lawyer to set up on seems to be the way to go.

prefect
24-02-2010, 08:35 PM
Go to a young lawyer so he/she will outlast you to carry out your requests maybe.

Nomad
24-02-2010, 08:59 PM
Go to a young lawyer so he/she will outlast you to carry out your requests maybe.

I was thinking about that. I thought if you get one lawyer, he/she may not be there anymore in due time. You may have this will and be executed with a new lawyer down the road ...

The reason I didn't use a lawyer was the initial cost and I am still pretty young ..

Winston001
24-02-2010, 10:45 PM
The Public Trust and Guardian Trust do a good job but they are organisations which means personal service to you doesn't come naturally. They exist to handle estates which are complex - overseas assets, intellectually handicapped children, large farms/businesses which have to be managed for decades into the future.

Many lawyers charge little or nothing for wills. Don't look for flashy offices. :D Age doesn't matter because whoever eventually administers your will does what your executor tells them too. The executor is usually a spouse, family member, or trusted friend.

beeswax34
24-02-2010, 11:09 PM
If you want a basic one the Public Trust does one for free.

There are terms and conditions with that as someone else mentioned. Setting-up is free but when the will goes into effect, fees start being charged so weigh it all up against using a lawyer.

John H
25-02-2010, 06:32 AM
If you are buying a house, a lawyer will often prepare a simple will for you for free. We had our first wills done that way - the lawyer offered to do it for both of us. On a later occasion, another lawyer did the same thing when we moved to a new city and bought a new house. We said to him that we already had wills with another solicitor - should we simply get them sent to him? His response was "Nah, don't bother, it is no trouble to set up new ones".

It was only later that I realised that this was probably self serving, because he got his name on there as one of the executors... However, we benefited too, because we now had new wills with all details updated, and it would be easier for the family to find.