Individuals may not be aware of certain changes to Will and Estate Planning services provided by the Public Trustee in South Australia, and ANZ.
The Public Trustee for example, now only makes Wills or Enduring Powers of Attorney for eligible concession holders or individuals subject to administration or protection orders, where the Public Trustee is the Executor or Attorney.
Individuals can ascertain whether they are eligible through this link: Am I an eligible customer? | Public Trustee
If an individual has made their Will or Enduring Power of Attorney with the Public Trustee, and no changes need to be made, then the existing arrangement is not affected.
The Public Trustee will still administer a deceased’s estate if appointed as Executor.
Importantly however if any updates or changes need to be made, or if the Public Trustee is not an Executor, then the Public Trustee no longer acts and independent expert legal advice should be sought.
Similarly, only this month, ANZ have announced that it will cease its estate planning service in June 2024 and 6,000 Wills and estate planning documents will be transferred to Equity Trustees for management. Equity Trustees | Equity Trustees to take possession of ANZ’s will bank (eqt.com.au)
It may be time for individuals in Adelaide to review their Wills and estate planning documentation.
If you would like us to obtain your documentation and review it for you, please contact Nikki Owen, Partner, at nikki.owen@finlaysons.com.au or 8235 7400.
This Alert is intended as general information only. It does not purport to be comprehensive advice or legal advice. Readers must seek professional advice before acting in relation to these matters.
