Christine Smyth – Blog – COST v VALUE

Christine Smyth Blog

$27,000.00 is how much we recently saved an estate.

All too often people focus on the cost of a service without realising the value of the service, and so it is with legal services. The availability of information on the internet tends to lull people into thinking that the use of legal services is either expensive or unnecessary when the information can be found on the computer screen. I’ve never been one for coveting information, I’m a big believer in sharing information. Why, because information is merely the starting point. The true skill is in processing information, extracting the relevant from the irrelevant and then applying it in the context of the needs of the client. Information by itself is only as useful as what you can do with it, at the right time.

So that $27,000.00. Well in collating information about the estate assets we were instructed the deceased drew down his super prior to death and it was taxed.  That was not so unusual, what was unusual was the amount of tax. A review of the documents, superannuation law, a few phone calls raising queries – end result? It turns out the superannuation fund mistakenly calculated the tax liability when the deceased drew down his super, so with our involvement an adjustment was made, resulting in the estate benefiting to approximately $27,000.00. Now we are not tax advisers, and this is not a tax story, the fact is our legal knowledge was applied to the circumstances of the matter to achieve a positive outcome, and importantly saving the executors the personal liability. That $27,000.00 was the result of the application of good legal skills. You are most likely asking yourself – yes but how much did it cost in legal fee to get? Less than $1000.00. Due to client confidentiality we rarely get to tell these stories, we express our gratitude to the executors for granting us permission to share it with you.

To read more blogs of Christine Smyth Click here