Wills, Estates and Probate are not the most talked about topics, however creating a Will is quite possibly one of the most important steps you can undertake to ensure your assets are protected. The three terms: Wills, Estates and Probate can often be confused.
A Will is a legal document, formally declaring how your assets will be distributed after your death.
The term “estate” refers to all of the assets of a deceased person wherever they might be located.
Probate is a written authority from the Supreme Court given to an executor to enable the administration of a deceased estate. You can apply for a grant of probate through a solicitor, a trustee company or NSW Trustee and Guardian.
Obtaining grant of probate can be a costly exercise at times because the costs of application may differ substantially from one entity to another. For example, the fees of obtaining a probate with gross asset value of $50,000.00 through NSW Trustee and Guardian is capped at $2,200.00 whereas fees chargeable by private solicitor is capped at $1,078.00.
The fees chargeable by NSW Trustee and Guardian is twice as much as a private solicitor because NSW Trustee and Guardian operates under different legislation and fees structure.
For your peace of mind, we have summarised the fees chargeable by solicitors and the NSW Trustee and Guardian in the below comparison chart. The more assets you have in an estate the greater the discrepancy!
|Gross Asset Value||Fees Chargeable by Solicitors for probate/letters of administration||Fees Chargeable by NSW Trustee & Guardian for probate/letters of administration|
If you’re looking for an Estate Planning Lawyer, or a lawyer to look after your Probate matter, we can help.
If you are currently with the NSW Trustee and Guardian (formerly the Public Trustee NSW) and your assets are greater than $300,000.00, we are happy to redo your will free of charge! (Conditions apply!)
Please click here to submit an online enquiry form or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.