Attwood Marshall Lawyers Warn of Hidden Costs & Risks
in Public Trustee Services
Leading estate planning firm Attwood Marshall Lawyers is warning Australians about the hidden dangers of relying on "free" Will services offered by Public Trustees. Despite appearing cost-effective upfront, these services can result in significant financial and emotional costs for families, particularly during the estate administration process.
Jeff Garrett, Legal Practice Director, says many clients don't realise that these so-called free Wills often come with strings attached.
"Public Trustee Wills are typically simplistic and may not reflect your true wishes or circumstances. Worse, appointing a Public Trustee as executor often leads to excessive administration fees and prolonged delays in distributing estates. There's no one-size-fits-all approach when it comes to Wills. A small saving today could cost your family dearly tomorrow".
Key concerns include:
- High fees during administration, sometimes exceeding what private lawyers would charge;
- Delays and poor communication with beneficiaries;
- Inflexible Wills that don't account for complex family or business arrangements;
- Increased disputes, especially in blended families or where capacity is in question.
In one case, a vulnerable 87-year-old woman with signs of cognitive decline had her Will changed by the NSW Trustee and Guardian, appointing them as executor. After her passing, her family faced legal and emotional turmoil trying to undo the damage.
Attwood Marshall Lawyers urge individuals to seek professional legal advice when preparing a Will or appointing an executor. A qualified estate planning lawyer can tailor documents to individual needs, ensure proper execution, and help avoid future disputes.
