Romano Legal Pty Ltd

Solicitors & Conveyancers

 

Wills & Estates
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Wills

Most of us keep putting off making a will. This is natural - after all, none of us really believes that death could well surprise in our sleep or when driving to work or when playing golf. Yet these things happen and we should be prepared so that the assets we have accumulated over a lifetime of work and thrift can be disbursed the way we want.

A professionally prepared Will enables you to specify: 

Who will administer your estate. You can name the executors you trust you want to act on your          instructions and  in the best interests of your beneficiaries; 

Who is to get grandfather's war medals or grandmother's wedding ring; 

More importantly, who is to be guardian of your minor children;

Perhaps you want the family home to be retained by the estate until all your children have finished their   studies. 

Your Will has no expiry date. However, if your circumstances change you should consider amending the Will. Your present Will would be invalid and must be renewed after marriage unless it was made "in contemplation of marriage". You should renew your Will after divorce or if there are substantial changes to your circumstances. If the executor you appointed in your Will is no longer available you should at least add a Codicil. 

Whatever your special needs, your solicitor can draft a Will to suit you.

Court Challenges

All Wills can be challenged. However, the chances that a Will is challenged are much greater if the Will is not properly drafted. By saving a couple of hundred dollars when making the Will you could expose your estate to many thousands of dollars in court costs after you die.

Contact Peter Romano on (02) 9742 5529 if you have any questions at all.

Probate & Letters of Administration

The Executor named in a valid Will applies to the Supreme Court for Probate. Actually, the Executor will nearly always instruct a solicitor to prepare and lodge all the necessary paperwork. When required to do so, the Executor will sign the affidavit and approve the documents generally. Once Probate is granted, any costs and outstanding bills invoiced to the deceased or to the estate can be paid. The rest of the assets of the Deceased Estate can then be distributed to the beneficiaries in line with the instructions in the Will. 

Intestacy - a good reason to make a Will

If the deceased died intestate, that is without leaving a Will, it will be necessary to apply to the Supreme Court for a Grant of Letters of Administration. There is more work involved with an intestacy and invariably more costs even if the application for a Grant of Letters of Administration is uncontested. Where there is no Will and therefore no evidence of the deceased's clear intentions, it is more likely that the appointment of an administrator and the Grant of Letters of Administration are contested. 

The Public Trustee - another good reason to make a Will

By default, in the absence of a volunteer to apply for a Grant of Letters of Administration, the Public Trustee will be appointed administrator by the Supreme Court. That is not to say that you cannot appoint the Public Trustee as your executor. And there is no doubt that the Public Trustee will also do a good job for your estate. We do, however, suggest you make some enquiries with the Public Trustee so you can make some comparisons. The following is a guide to comparable costs charged for Probate:

 

Value of Estate Public Trustee Charges Our Charges:  What You Save with Us
$ 200,000 $ 7,700 $1,900 $5,800
$ 500,000 $12,100 $2,900 $9,200
$1,000,000 $17,600 $4,900 $12,700

The above fees do not include disbursements and out of pocket expenses which will be extra for both the Public Trustee and Solicitors.

Professional Advice, Competitive Price

 

Contact   Romano Legal Pty Ltd

Phone:  + 61 2    9569 3177

Postal Address:

 

PO Box A111 

ENFIELD SOUTH  NSW  2133

 

OR        

peter@romanolegal.com.au

Fax:      + 61 2    9550 0245

Office address:   Suite 8, 296 Marrickville Road,         

                                  MARRICKVILLE, NSW, 2204

 

More Information: 

If you need more information, we have brochures on many topics that might answer your questions. You can also register for our quarterly Newsletter, Updates to the Law and Special Offers. See our Feedback & Contact page.  

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Romano Legal Pty Ltd is a member of the Law Society of New South Wales