Dont go through a Public Trustees bad family experience on two occasions in SA and Cairns Qld. In Qld had to get a lawyer to sort them out. With the 2 year period to sell the property before having to pay Capital Gains it was stressful they were stalling with 3 months left to sell and having to constantly travel from interstate. My lawyer had them sorted out in a few weeks and the property was released to me. Why this property even had to have Probate?? From the documents it turned out Probate had gone through 3 months after the death and the expences incurred by the PTs were such that the $10,000 in account was used up in 3 months before they were asking me for more money for the account, no explanation. I asked for statement which was eventually reluctantly given. Since all Rates etc to do with the property were covered by me outside the PTs. (I agreed I would cover all expences on the property once the money was used up Rates etc). Simple Will one beneficiary. Would have been better if the Will was made out to a family member Trustee who could get assistance from a lawyer. The SA experience was not mine but simple Will where 3 siblings were left with a house. The house would have been worth around $500,000+ by the time this was sorted out by the PTs. They all received $100,000 each. (was this due to the PTs taking the sale into the Capital Gains)? So where did the $200,000 go was this the Capital Gains deduction? They were not in a position financially to do anything about it and tired from the constant delays! So what has a Public Trustee to gain from this? Making a Will with PTs bad decisions trusting a Government Institution! They help you make the Will at no cost if I remember correctly and look after it! How many other families are being put through this trap?
Thanks a lot for sharing, this was definitely needed. I never like talking about my estate and always say "I'll do it later on, in a few years" but I think this is a real eye opener!
Thanks for sharing. Not a topic that many want to examine. Definitely good to have it in a safe place where someone trusted has access to it as you said. It is stressful enough when someone like this has to be executed. All the best.
Like 12. Great topic bro. I remember when I turned 19 and my sister 18 my parents took us to our family solicitor to get our wills done. Must admit probably about time for an update due to increased assets.
Very good vid + info. In fact, wills are more than just passing on physical wealth. Even assigning care for dependents etc are important to those who have children etc. Subbed + hope to grow together.
Wills - Are they worth the paper they're written on? I think not, I'm a beneficiary to my Dads estate but my step mother's daughter for some reason was named as the executor? hmm. Under Australian laws there's pretty much nothing I can do for at least 12 months and hopefully they haven't spent all the money. My Dad died on the 12th of February of this year in Perth Western Australia.
Thanks for this information. Clear and concise. I am trying to encourage my young adult children to get wills done, but it is costly and am wondering what your take on some of these newish online will providers are like ie Willed is one I heard about recently. I believe cost is about $150. I would just be interested in your opinion on these as you didn't really cover them in your video. Thanks
Hi Barbara, the online system are typically pretty good for basic wills. If your children don't have complex family/relationship situations or a complex financial situation then yes they should be able to use them without any issues. Thanks for watching 😊
@@GuidedInvestor Thank you so much. Yes they have uncomplicated situations so I feel it could be a good way to begin their Estate planning. Thanks again :)
Can you do a blended family will video. I have a property I owe and was mine before I met my husband.then we have a house together we own together. He has a daughter from a previous relationship and we have a son together. I would like my house to go to my son. But if it goes to my husband it will then be divided to step daughter and son.
Hi Jane, in a blended family situation it is important you seek advice from an estate planning specialist to ensure your will has been setup inline with your wishes. In your situation, you could look to gift the house you own personally to your son but if the other house is owned jointly with your husband, your portion will automatically revert to your husband upon death and be subject to his final wishes.
Dont go through a Public Trustees bad family experience on two occasions in SA and Cairns Qld. In Qld had to get a lawyer to sort them out. With the 2 year period to sell the property before having to pay Capital Gains it was stressful they were stalling with 3 months left to sell and having to constantly travel from interstate. My lawyer had them sorted out in a few weeks and the property was released to me. Why this property even had to have Probate?? From the documents it turned out Probate had gone through 3 months after the death and the expences incurred by the PTs were such that the $10,000 in account was used up in 3 months before they were asking me for more money for the account, no explanation. I asked for statement which was eventually reluctantly given. Since all Rates etc to do with the property were covered by me outside the PTs. (I agreed I would cover all expences on the property once the money was used up Rates etc). Simple Will one beneficiary. Would have been better if the Will was made out to a family member Trustee who could get assistance from a lawyer. The SA experience was not mine but simple Will where 3 siblings were left with a house. The house would have been worth around $500,000+ by the time this was sorted out by the PTs. They all received $100,000 each. (was this due to the PTs taking the sale into the Capital Gains)? So where did the $200,000 go was this the Capital Gains deduction? They were not in a position financially to do anything about it and tired from the constant delays! So what has a Public Trustee to gain from this? Making a Will with PTs bad decisions trusting a Government Institution! They help you make the Will at no cost if I remember correctly and look after it! How many other families are being put through this trap?
Thanks for sharing your story Helen. I always recommend people don't list the public trustee as the executor for this reason
Doing a WILL is so important! We all don't live forever. Thanks for sharing!
Another great and helpful video. I like you provided us with simplified terms to better understand your talks. Much appreciated Guided Investor!
Thanks a lot for sharing, this was definitely needed. I never like talking about my estate and always say "I'll do it later on, in a few years" but I think this is a real eye opener!
You're not alone there haha
Thanks for sharing. Not a topic that many want to examine. Definitely good to have it in a safe place where someone trusted has access to it as you said. It is stressful enough when someone like this has to be executed. All the best.
Definitely agree, no need to add extra stress to an already stressful situation!
Like 12. Great topic bro. I remember when I turned 19 and my sister 18 my parents took us to our family solicitor to get our wills done. Must admit probably about time for an update due to increased assets.
Thats a great thing for your parents to do, kudos to them!
Estate investing is so important!
Economic investigator Frank G Melbourne Australia is still following this very informative content provider cheers Frank 😊
Knock out work! Thanks for sharing I need to get on this 💪
Thanks for watching 👍
Very interesting to see how things are done in Australia compared to the UK! Great breakdown mate! Subscribing for more 😁👍🏼
Yeah I imagine there would be a few differences between the countries!
Very good vid + info.
In fact, wills are more than just passing on physical wealth. Even assigning care for dependents etc are important to those who have children etc.
Subbed + hope to grow together.
Great vid man! It is important to have a will especially if you have a lot of assets.👍
Thanks mate.
Thankyou!
This is a really good video. Very informative. Thank you.
Glad you found it helpful 😊
Wills - Are they worth the paper they're written on?
I think not, I'm a beneficiary to my Dads estate but my step mother's daughter for some reason was named as the executor? hmm.
Under Australian laws there's pretty much nothing I can do for at least 12 months and hopefully they haven't spent all the money.
My Dad died on the 12th of February of this year in Perth Western Australia.
Thanks for this information. Clear and concise. I am trying to encourage my young adult children to get wills done, but it is costly and am wondering what your take on some of these newish online will providers are like ie Willed is one I heard about recently. I believe cost is about $150. I would just be interested in your opinion on these as you didn't really cover them in your video. Thanks
Hi Barbara, the online system are typically pretty good for basic wills. If your children don't have complex family/relationship situations or a complex financial situation then yes they should be able to use them without any issues. Thanks for watching 😊
@@GuidedInvestor Thank you so much. Yes they have uncomplicated situations so I feel it could be a good way to begin their Estate planning. Thanks again :)
Can you do a blended family will video.
I have a property I owe and was mine before I met my husband.then we have a house together we own together.
He has a daughter from a previous relationship and we have a son together.
I would like my house to go to my son. But if it goes to my husband it will then be divided to step daughter and son.
Hi Jane, in a blended family situation it is important you seek advice from an estate planning specialist to ensure your will has been setup inline with your wishes. In your situation, you could look to gift the house you own personally to your son but if the other house is owned jointly with your husband, your portion will automatically revert to your husband upon death and be subject to his final wishes.
Just out of curiosity what is the difference between a trust and a will?
A will directs assets and trust holds assets....so you can use a will to create a trust if you like. Thanks for watching 👍
I doubt they'll obey Mum's will.