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Legal costs in setting up wills - deductible?

Discussion in 'Accounting, Tax & Legal' started by johnnyb, 8th Jun, 2007.

  1. johnnyb

    johnnyb Well-Known Member

    Joined:
    16th Aug, 2005
    Posts:
    190
    Location:
    Hobart
    Hi All,

    We're in the process of setting up some wills and as it will probably cost a bit of money I thought I'd investigate whether any of it would be deductible. I suspect not, but as part of the process will include nominating a trustees for our trusts (in case we die) is there a legitimate way that we could somehow pass on some of the cost to our trusts?

    Thanks.

    John.
     
  2. Nigel Ward

    Nigel Ward Team InvestEd

    Joined:
    10th Jun, 2005
    Posts:
    1,172
    Strictly speaking no - it's a personal expense. But if there's a significant component of tax advice AND the bill reflects that then you could claim that proportion...

    N
     
  3. johnnyb

    johnnyb Well-Known Member

    Joined:
    16th Aug, 2005
    Posts:
    190
    Location:
    Hobart
    Thanks for confirming what I thought would be the case Nigel.

    John.