WHAT DOES IT COST TO MAKE A WILL WITH THE PUBLIC TRUSTEE?
The Public Trustee does not charge for drafting a Will, and will prepare one for you when you appoint the Public Trustee as executor. We will hold your original Will and other important documents in safe custody - free of charge.
There is no charge either for updating your Will. Your Will should be updated as your life circumstances change eg. marriage, birth of a child, or other events that may impact on how you want your assets distributed.
Government approved charges are incurred when the estate is administered, the following capital commission is only charged on solely owned assets. Fees charged on capital are on a sliding scale as follows:
| Value of Assets |
% Fee Payable
(inclusive of GST) |
| Up to $100,000 |
4.4 |
| From $100,001 to $200,000 |
3.3 |
| From $200,001 to $300,000 |
2.2 |
| $300,000 and above |
1.1 |
For instance, fees charged for the following estate values are:
| $500,000 |
= 2.42% |
| $750,000 |
= 1.98% |
| $1,000,000 |
= 1.76% |
In instances where the matrimonial home is held in the sole name of the deceased, or where roll-over monies are held in Approved Deposit Funds and the surviving spouse will inherit, a reduced commission will apply if the value is over $100,000.
The minimum charge for administering an estate is $200.00.
A monthly account keeping fee of $8.80 is charged from commencement to completion of estate administration (currently the average time to administer estate is 5 - 6 months). If required, a $121 lodgement fee and $121 per hour is charged to finalise outstanding income tax issues, and if the estate earns sufficient income to warrant lodging a trustee tax return. There are also out of pocket expenses for postage, phones and photocopying. Charges also apply if additional work is required for resolving disputes.
Assets realized are invested in the Public Trustee's Common Fund and earn interest. When it comes to distribution of an estate, interest earned from the Common Fund can considerably offset the cost of estate administration.
Who Can I Contact?
If you require further information on our fees and charges please call 1300 364 103 or complete our contact form.