Will & executor services through NSW Trustee & Guardian - anyone has done it?

Hi guys,

I was wondering is anyone has setup a will through NSW Trustee & Guardian and what your thoughts were?
I am particularly interested in their executor services as I don't have close family in Australia that is likely to be around for performing this task.

I have read the executor services can be performed independently of them preparing the will, but the basic fee for the will seems reasonable enough.

Being a government affiliated, I would assume they would be preparing the documents properly and I like not having to rely on a particular solicitor being around for performing executor services.
The fees on the executor services do seem quite high ( Executor Fees and Charges | The NSW Trustee and Guardian ) at 1.65% for everything over $300K.

Are there any things to be particularly aware of if considering engaging them?
Any insight into possible upsides/downsides you see to engaging them rather than a third party service?

Thanks heaps
Cheers

 

Their reviews are pretty bad

NSW Trustee & Guardian

 

I chose to avoid the Public Trustee in the ACT because of (a) the fees and (b) views from a few others about their lack of satisfaction on how their relative's estate was administered. The latter is hearsay but it seemed to be backed up from comments of a couple of firms I contacted at one stage.

Obviously I don't know about NSW arrangements but from a quick glance in respect of fees, if my calcs are correct, on a $500k estate the administrative cost one-off cost is $14,300 which seems a lot to me.

Seems you may have a far bit of thinking and assesing to do before you take action. I wish you the best whichever way you go.

 

It doesn't follow that documents will be prepared properly just because they are govt affiliated. Whats the connection between the 2?

 

My only experience of T&G has been a colleague whose parents had used T&G for the execution of the will - was not cheap (substantial assets base), ongoing administration of trust distributions to minors etc.

They present as if they're run on the smell of an oily rag (I've been into a few).

 

Whatever you do avoid !!!!!

We had a family member use them. Worst experience ever.

 

Thanks for the feedback guys, much appreciated!
This resonates with the various reviews and opinions I have read online after my initial post.

Would anyone be able to recommend executor services in NSW?

 

Public Trustee in QLD is same. My mum's husband is going through them as executor now. The free will he had done has meant the estate admin fees have eaten up a large part of the little he had less. My guys would have been less than 1/5th of the price they charged.

 

I guess there is no such thing as a free will - or lunch.

 

From the old Somersoft forum.

Experience with The Public Trustee

Same old, same old it would appear. General consensus, based on a snap shot of a limited number, is to stay well away if at all possible.

 

Nobody says the executor/s must be a trustee agency. They are all in the business of fees from administration of estates.

Seek legal advice from a solicitor before seeking free wills from a public trustee.
Free wills are free for a reason. Its bait.

 

Thanks Paul.
I am certainly not looking for a free will.

What I am hoping to find is some way of establishing an executor that is likely to be around when I am gone and able to conduct the task at hand with minimum hassle for those left behind. Of course I am expecting to pay a fee for that on top of the fee for making the will itself.

While I know where to look to find a solicitor to help draft a will, I am having more trouble finding directions to an executor, so any input in that direction would be greatly appreciated.

I am curious: do most people here who have setup a will have nominated some kind of family member of friend to be the executor of their will?
Given what seems to be involved in the process, I would have thought it to be a reasonable investment to pay for “professional” executor services where the whole thing is handled for those left behind.

Thanks guys

 

In my case I was able to nominate partners from solicitors and accountancy firms as a fall back.

However, I believe this was due because I had a long-term relationship with both these groups and they were aware of my particular circumstances.

Both firms were aware of each other - Canberra is a smallish town so that's not really surprising - and when legals was drafting my Will, a representative from the money side was also there and able to offer their perspective. I use mid-size firms rather than stand alones with a view they will still be in existence after I shuffle off but provision for a take-over in respect of both was also inserted. Provision for payment for the services was also included.

Maybe you can explore with similar groups in your area. It could take some searching but if you care about how your estate is going to be dealt with, and it does appear that is the case, the effort could be worthwhile for you.

However, I am always aware nothing is perfect in these matters.

All the best and hope you are successful.

Random thought. If you care about your beneficiaries, you develop the best Will you can. If you don't care, then you'll go "Screw it, not my problem. Let them sort it out" and not be bothered to have a Will.

 

Wow, I have never seen such bad reviews for any entity before! They should be shut down.

 

Are there any better alternatives eg: Perpetual Trustees?

 

Probably not. I looked at Equity Trustees at one stage but I thought the fees were rather high and the feedback from some legal firms I contacted in the past wasn't flash, even though some bias was likely to be there. I couldn't find out a lot about PPT so didn't even bother to approach them.

Of course, this was some years ago and things may have changed since then.

Both are listed on the share market so there is definitely a profit motive which is fair enough but whether that aspect determines the cost structure for administering an estate over and above the actual effort involved, I've no idea.

Nothing is free in these matters as most know and I've no objection to charges for providing a service. Whether those charges are reasonable or not is up to the person who uses them I guess.

Also I suppose people need to be assured of the efficiency in administering the estate. Pretty subjective in many ways.

I call for the G'uvmnt to establish a Royal Commission!

 

Yes, my experience has been trusted and close family members as Executors - often more than one is nominated and they have to work things out between them.

Someone that you believe will always act in the best interest of the beneficiaries.

It is expected that they will engage solicitors and other professionals as required.

 

There are plenty of other professional trustee companies out there. Private organisations and government related organisations.

If you haven't got any family here then there may be little alternative other than to use a professional. I would refuse to act as executor myself because of the risk - other than for close family members.

One option is to appoint the person who you will be leaving the majority of your money to.

 

Accountants should also NOT act as executor for a client. What fee may they charge and its likely to involve legal services and impose a PI risk. That said I have seen some people nominate a solicitor and accountant to act jointly and then the fees are outrageous. Both billing for each minute of time.

A solicitor can give advice concerning who could be executors and succession issues if any die and numerous options. The will can have a cascading clause which can have option 1, 2 and so on. Some of the best wills allow others to make these choices at that time. eg A nominated executor or more than one (acting jointly) may themselves appoint a trustee or solicitor to assist.

Trust law bind the executors or the trustee company. However trustee companies have a reputation for disregarding family wishes (as they arent stated in the will) eg They often sell property and other assets. So grannys holiday home could be sold.

 

Thanks guys for all the information, great stuff.

That definitely makes a lot of sense and aligns interests. What would happen in the case where the only executor is still a minor at my death?
And are there ways of mitigating the consequences?