Many people are lured into the Public Trustee (NSW Trustee and Guardian) drafting a Will for them for free. The Public Trustee does not charge for drafting a Will, if you are on full Centrelink Age Pension benefits, and in doing so a lot of people appoints the Public Trustee as Executor and Trustee.
What many people do not realise is that the fees charged by the Public Trustee to administer the Estate are significantly higher than a lawyer’s charge for obtaining a Grant of Probate, which authorised the executor to manage the estate of the deceased person, in accordance with the Will.
Below is a table comparing the fees charged by the Public Trustee on administering a deceased’s estate as opposed to a Probate Lawyer (current as at November 2013).
|Value of Assets||Fees charged by a Solicitor
(Inclusive of GST)
|Fees charged by the Public Trustee (Inclusive of GST)|
|Up to $100,000.00||$1,373.00||$4,400.00|
|Up to $500,000.00||$3,235.00||$12,100.00|
|Up to $750,000.00||$4,352.00||$14,850.00|
|Up to $1,000,000.00||$5,470.00||$17,600.00|