So FINALLY, DH and I have booked in with a solicitor to organise a will. After 4 years of marriage and two kids later, it's about time!!
Other than the obvious stuff (if I cark it, DH gets the lot and vice versa; if DH and I both cark it the estate goes to the kids; plus who guardianship of the boys in the event DH and I get run over by a very big bus), what else do we need to think about?
The admin person I spoke to at the solicitor's office said he "couldn't advise" me, and I'd need to wait until DH and I had our meeting with the solicitor. Fair enough, but no help in terms of us getting prepared for this.
For those who have done their will through a solicitor, can you offer advice. Do we need a specific list of "who gets what" BEFORE we go into that meeting, or is there an opportunity to add all that stuff in once the will is drafted, therefore giving me/us more time to think of everything and act on any advise by the solicitor.
Last question - solicitor is charging $550 for two meetings plus the draft and finalisation of the will. A fair price or rip off (solicitor is with a reasonably well known firm in Brisbane suburb)?
It is helpful to have a list of what you want to give specifically before hand, will make the process faster. I did mine through public trustee, but will be the same process - they ask what you want specifically, draw it up then you go back to sign it later.
Ring the public trustee and make an appointment with them because it is a free service they offer. Also make sure you get your enduring power of attorney done at the same time.
Also it may help you to prepare a list of your assets and have a good idea as to who gets what. If you know who you want to give everything to before you go to the meeting then they'll (the public trustee at least) will be able to draft the will then and there.
Make sure you are very clear about what you want to go where and be very precise.
It will save hassles for whomever has to deal with it in the event of your/DH's death(s).
If you are seeing a solicitor, then you don't need the Public Trustee. Our solicitor said not to worry about divvying up your estate too much unless there were specific items you wanted family members to have - heirlooms etc because often it can get too much for the executor to handle and there is most likely to be issues if someone feels that they have not been left enough and all that jazz. Another important reason for that too is that if you have left say, $10000 to each family member, once your estate expenses have been met (paying out debts and funeral costs) there may not be enough money left to cover your bequests, because all debts and expenses have to be settled before the estate can be finalised and divided. You may also need to provide copies of superannuation and life insurance policies - copies of ours are held with our wills at the solicitors office so that it is easy for our executors to get their hands on immediately instead of searching through personal papers.
I have recently helped my step father organise his and he and Mum have a 15yo son. the solicitor advised that it would be best to have my brothers share held in trust until he is 21, but if he has expenses for school, buying a car, university etc, then the executor will be able to draw down on that trust to pay for it. This is something you may want to consider for your own children, not so much in the event that if your DH is still alive and vice versa, but if both of you are gone and someone needs to look after your children, You want their expenses met, but you don't want the money squandered kwim?
Trill - fab advise, thanks. I was wondering about how our boys' expenses would be met by their guardians if DH and I were six foot under! You explained heaps.
Thanks everyone for your thoughts - you've given DH and I some great food for thought
No worries Andi. Basically what happens is whoever is the guardian of your children applies to the executor of your estate for the money, but if the executor is the guardian then no dramas. So you have to make sure that whoever the executor is knows that they could be in for the long haul on this kwim?
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Making a will next week - where do I start?
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