Seniors Network Australia
MAKING a Will is one of those jobs that can remain on the “I’ll get around to it” list for years.
For older Queenslanders, however, leaving it too long could create an expensive and stressful problem for the very people they want to look after.
Research commissioned by the Queensland Public Trustee found almost one in five Queenslanders aged over 60 had never made a Will, while 39 per cent believed making one was expensive.
Queensland Public Trustee Samay Zhouand said there was a common misconception that people with relatively few assets or straightforward family circumstances did not need a Will.
“There’s a common misconception that if you have few assets or an uncomplicated family, making a Will is an unnecessary expense,” Mr Zhouand said.
“That is understandable when household budgets are tight, but dying without a Will can leave your loved ones facing much bigger costs later on.”
Without an executor appointed through a Will, next of kin may also need to apply to the Supreme Court of Queensland for Letters of Administration before they can access bank accounts, deal with property or manage other assets.
Advertising in the Queensland Law Reporter costs $161.70, while filing an application with the Supreme Court costs $847.60, although a reduced fee of $154.70 may apply to eligible pensioners.
That means a family can be facing around $1000 in upfront costs before legal assistance is even considered.
There is no fixed price for having a Will prepared by a solicitor in Queensland, with the cost depending on a person’s circumstances and the complexity of their estate.
Publicly advertised prices can range from about $250 for a straightforward individual Will to more than $3000 for complex estate planning involving arrangements such as testamentary trusts.
