5 Questions to Ask Your Lawyer Before You Get Startedwith Will and Estate Planning

When it comes to will and estate planning, you want to get it right the first time. After all, it’s about making sure your loved ones are cared for and your wishes are respected. Whether you’re just starting or updating an old plan, having a good chat with your lawyer can make all the difference. Here are five key questions to ask to get the ball rolling.

1. What documents do I need to bring?

Starting on the right foot means being prepared. Ask your lawyer what paperwork you should bring to your first meeting. This might include information about your assets, like property deeds, bank statements, and superannuation details. A clear picture of your financial situation helps your lawyer craft a plan that suits your needs. We include an easy to follow online questionnaire that asks all the right questions so that you have time to think about what you need.

2. Who should I choose as my executor?

The executor of your will plays a critical role in carrying out your wishes. It’s important to choose someone trustworthy and capable of handling the responsibilities. Your lawyer can guide you on what qualities to look for in an executor and whether you might need a backup. It is always best to have a back so that you do not need to redo your Will if you know your first choice won’t be up for the job for any reason.

3. How can I minimise disputes?

No one wants their estate to be the source of family arguments. A good lawyer will have strategies to reduce the likelihood of disputes, such as clear language in your will and open discussions with your family. They can also advise you on how to deal with complex situations, like blended families or estranged relatives. We also provide and suggest some great resources so that you get to leave all the right information behind to minimise the risk of a dispute or challenge.

4. What happens if I don’t update my will?

Life changes – marriages, divorces, new kids, or even acquiring new assets. Your lawyer can explain what happens if your will isn’t updated to reflect these changes. Keeping your will up to date ensures it aligns with your current circumstances and avoids unintended outcomes.

5. What should I consider for powers of attorney?

Estate planning isn’t just about what happens after you’re gone. It’s also about planning for situations where you might not be able to make decisions for yourself. Talk to your lawyer about setting up powers of attorney for financial, medical, and personal matters. They’ll help you understand the scope of these roles and how to choose the right people for them. It is recommended that you leave them some directions using our great online process.

Will and estate planning might seem overwhelming, but it doesn’t have to be. Asking the right questions ensures you’re covering all your bases and making informed decisions. We are here to guide you, so don’t hesitate to lean on our expertise. With a bit of preparation and the right advice, you’ll have a solid plan in place to give you peace of mind and protect your loved ones.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2025.

Inspiring Client Success Story: A Journey Through Wills and Estate Planning

When it comes to wills and estate planning, it’s easy to feel overwhelmed or even push the task aside, thinking it can wait. But as I’ve seen firsthand, taking the time to plan now can make all the difference later. Let me share the story of Sarah and her family—a heartwarming example of how thoughtful planning turned a potentially stressful situation into a smooth transition for everyone involved. 

Sarah reached out to me after her father, Peter, had a close call with his health. He’d been putting off his estate planning for years, despite owning a home, running a small business, and being the glue that held the family together. When Peter finally decided to act, his main concern was ensuring that his family wouldn’t face disputes or confusion when the time came. 

We started by walking through Peter’s assets and understanding his wishes. He wanted to provide for his children but also make sure his business stayed operational for the team who depended on it. Together, we worked on a will that clearly outlined his intentions, named a trusted executor, and even included provisions for unexpected scenarios. 

He also set up a Digital Vault with us so that he could send his family all the information that they would need when the time came. He mentioned that he wanted to leave letters in the vault to be sent to each of his family members once he passed, to let them know how much they meant to him, which I thought was a lovely touch. We also discussed him leaving his financial information in the Vault as well, particularly relating to his business so that it would not grind to a halt once he passed away leaving not only his family but his employees and customers in a compromised position. He did take care of everything and honoured his responsibilities.

What struck me most was how Peter involved his family in the process. Sitting around the dining table, he openly discussed his plans with Sarah and her siblings. It wasn’t an easy conversation, but it brought everyone closer and cleared up any assumptions. 

When Peter passed away years later, the family was prepared. There were no legal battles, no guessing games, and no hard feelings. Everything he had worked for went exactly where he intended, and his family was free to focus on healing and celebrating his life. 

Stories like Sarah and Peter’s remind me why I’m so passionate about wills and estate planning. It’s not just about legal documents—it’s about protecting your loved ones, easing their burden, and ensuring your legacy is carried out as you see fit. 

If you’ve been putting off your planning, take a moment to think about the peace of mind it could bring to you and your family. It’s never too early to start, and the results are worth every effort. After all, your story deserves to be told your way.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2025.

What Lights Me Up in My Job as a Wills and Estate Planning Lawyer

When I tell people I’m a Wills and Estate Planning lawyer, their first reaction is often a polite nod or a hesitant “That must be… interesting?” But let me tell you, my work is far more than paperwork and legal jargon. It’s a mix of heartwarming moments, meaningful connections, and problem-solving that genuinely makes a difference in people’s lives. Here’s why I love what I do and why it brings me so much fulfilment.

• Helping Families Find Peace of Mind
  There’s something incredibly satisfying about guiding families through planning their legacy. When someone leaves my office knowing their loved ones will be cared for, I feel like I’ve lifted a weight off their shoulders.

• Transforming Uncertainty into Clarity
  Many people come to me overwhelmed, unsure where to start or what’s needed. I love demystifying the legal process, explaining things in plain English, and giving my clients the tools to make confident decisions.

• Hearing the Stories Behind the Assets
  Every estate plan has a story. It’s not just about dollars and properties—about who gets Grandma’s antique ring, why the family holiday home matters, or what legacy a client wants to leave behind. These stories bring my work to life.

• Protecting Vulnerable People
  Knowing I’ve set up safeguards for children, elderly parents, or those with special needs gives me a deep sense of purpose. It’s rewarding to create plans that ensure everyone’s interests are looked after. To me, there is nothing more important than family and I love it when I get to work with people who value family too.

• Bringing Comfort in Difficult Times
  I often meet clients during challenging moments—grieving a loved one or planning for the unexpected. Being a steady presence and helping them navigate these emotions with kindness is one of the most meaningful parts of my job.

What lights me up in my work is knowing that I’m not just dealing with legal documents—I’m helping people write a chapter of their story. My job as a Wills and Estate Planning lawyer is about building trust, solving problems, and creating peace of mind for families. And while the work can be complex, the human connections and sense of purpose make it all worthwhile.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2025.

If You Knew You Had Three Months to Live, How Would You Spend Them?

 The fluorescent tube lights flickered as time seemed to hang still, one moment stretched out. “I understand if you need time” the Doctors’ voice broke the silence, an uncomfortable croak in his tone. “Whilst there are options, I am afraid the chances of success are low.” I felt a sting in my eyes and a weight in my stomach as it churned violently. “Well... I guess what are my options then? What should I do?”

If You Knew You Had Three Months to Live, How Would You Spend Them?

The thought of having only three months to live can be intimidating and profoundly life-altering. It pushes us to reflect on our priorities, relationships, and the legacy we wish to leave behind. Understanding how to prepare for the unexpected is crucial. Here are some thoughtful ways you might consider spending your remaining time.

1.        Reconnect with Loved Ones

Take the opportunity to reach out to family and friends. Share your thoughts, feelings, and memories. This connection can be healing for both you and your loved ones, and it can help create lasting bonds that will endure even after you're gone.

2.        Document Your Wishes

It’s essential to express how you want your assets distributed. If you die without a will, the law dictates how your assets will be shared. Creating a will allows you to choose who receives your possessions, ensuring your wishes are respected and reducing potential disputes among family members.

3.        Create Lasting Memories

Spend time doing things you love. Whether it’s a special family outing, a long-desired trip, or simply sharing a meal with those closest to you, these moments become cherished memories that can provide comfort to your loved ones after your passing.

4.        Reflect on Your Life

Take time to think about your journey. Write down your thoughts, lessons learned, and hopes for the future of your loved ones. This reflection can be a gift that guides and inspires them long after you're gone.

5.        Get Your Affairs in Order

Ensure all your financial and legal matters are in place. This includes updating your will, organising your finances, and discussing your plans with a lawyer. This step provides peace of mind for both you and your loved ones.

While the idea of having a limited time left can feel overwhelming, it also offers a chance to focus on what truly matters. Taking these steps can help you find solace and purpose, ensuring that your legacy is one of love and care.

If you need assistance with your estate planning or understanding intestacy laws, please don’t hesitate to reach out.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2024.

Why You Should Consider a Binding Financial Agreement for Estate Planning

Ever thought about how your assets would be handled if your relationship ended or if you passed away? A Binding Financial Agreement (BFA) might be the missing piece in your estate plan. It’s more than just a document—it’s peace of mind. Let’s unpack some common questions about BFAs and their role in estate planning.

What is a Binding Financial Agreement?
A BFA is a legal contract in Australia that sets out how finances and assets will be divided during or after a relationship, including marriage and de facto partnerships.

Agreements of this sort reached at the beginning or during a relationship usually state that each party will retain the respective assets in the event of a breakup, ie what’s yours is yours and what’s mine is mine. In doing so you now know what assets you have to deal with in your estate planning.

When is a BFA recommended?
It’s ideal for couples entering a relationship, during a relationship, or even after separation. It’s especially helpful for those with significant assets, business interests, or children from previous relationships.

It is recommended that you create certainty in exactly what assets are yours to deal with.

Are all Agreements binding?
Not necessarily. For an agreement to be legally binding, ie a proper Binding Financial Agreement, both parties must receive independent legal advice, and the agreement must meet strict legal requirements. You should therefore consult with a lawyer to take you through the process and ensure that your agreement meets the legislative requirements. An agreement that you and your partner reach privately will not be enforceable.

Further BFAs can be overturned if there was fraud, undue pressure, lack of full disclosure, unconscionable conduct by one party (eg making the other party sign on the eve of a wedding), or a significant change in circumstances that would render the agreement unfair.

So, you must do this properly, informal agreements don’t count.

Why include it in estate planning?
A BFA helps ensure your wishes for asset distribution are clear and protected, reducing the risk of disputes among family members or former partners.

You have to know what you have before you can give it away.

How does a BFA affect your estate?
It can influence how your assets are divided, ensuring your intentions are respected and reducing complications for your executor and beneficiaries.

Also, BFA’s can also include a waiver of any claims against your estate (may be subject to court approval and depend on the state in which you live).

Can a BFA be used as an estate planning tool?
Absolutely. It’s a proactive way to align financial agreements with your estate plan, offering clarity and protection for your assets.

Is the BFA a ‘binding’ agreement on the couple?
Yes, if it meets all legal requirements, it binds the couple to its terms, making it enforceable.

At death, what prevails—the Will or the BFA?
They work together but cover different things. The BFA outlines asset division during the relationship or separation, while the Will handles asset distribution after death. Even if you decide not to claim the assets of your partner in a BFA doesn’t mean that you can’t leave them gifts, or indeed significant property, through your Will if you die.

Does a BFA prevent family provision claims?
No, a BFA doesn’t stop family provision claims entirely, but it can strengthen your estate’s position in such disputes. You should speak with a lawyer to discuss your concerns.

Why does the Family Court ignore BFAs?
Courts may set aside a BFA if it’s unfair, wasn’t made correctly, or if one party was pressured into signing.

A Binding Financial Agreement is more than a financial safeguard—it’s a key piece of your estate planning puzzle. It helps protect your wishes, your assets, and your loved ones from unnecessary stress. Thinking of adding a BFA to your plan? It’s a smart step to take for your peace of mind.

DISCLAIMER

This is a commentary published by HazeLegal for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://hazelegal.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© HazeLegal, Australia 2024.

What Breaks My Heart About Being a Wills Lawyer

As a wills lawyer, I have the privilege of helping people plan for their future and protect their loved ones. It’s a rewarding job but comes with its fair share of heartache. Estate planning isn't just about paperwork and legal jargon; it’s about people, families, and the emotions tied to their stories. And while I strive to help clients find peace of mind, some moments truly break my heart. Here’s why:

When Families Fall Apart

• Conflict Over Inheritances: It’s devastating to see siblings, who once shared childhood memories, turn against each other because of disagreements over an inheritance. I’ve witnessed the deepest rifts form over who gets what, and it’s painful knowing that these disputes can last for years, if not forever. I’ve even witnessed a brother and sister become estranged over their late mother’s punch bowl! Families are complicated but adding a highly emotional situation to the mix can lead to a breaking point.

• Lack of Communication: Many times, family members are blindsided by the contents of a will because there was no prior discussion. This lack of communication can lead to resentment, confusion, and, sadly, broken relationships. If only people would talk openly about their wishes, it could spare their loved ones a lot of pain. But if you can’t talk about it, you can always leave written information about why you wrote the Will in the way that you did so that they can better understand.

When People Delay Estate Planning

• The “It Won’t Happen to Me” Mentality: Too many people put off creating a will, thinking they have plenty of time. Unfortunately, I’ve seen the aftermath when someone passes away unexpectedly without a will in place. The loved ones left behind are not only grieving but are also left to navigate a complicated legal process.

• Avoiding Tough Conversations: I get it—talking about death and what happens to our assets isn’t a pleasant topic. But avoiding these conversations doesn’t make the reality any less inevitable. Embracing our mortality can make us appreciate the shortness of life so that we live each moment to the fullest. It’s heartbreaking to see families in distress because their loved ones didn’t want to face these tough decisions when they had the chance.

When Clients Struggle with Tough Decisions

• Choosing a Guardian for Minor Children: One of the hardest parts for many parents is deciding who will care for their children if they pass away. I’ve sat across from clients who are visibly torn, unsure if anyone could truly fill their shoes. It’s an emotional decision, and it’s tough to witness the anguish it can cause. But you have to make a decision otherwise the court or someone else who does not know your child and their needs, or your values, will make that decision for you if you don’t.

• Leaving Someone Out of a Will: Whether it’s a child who’s had a falling out with the family or a spouse from a blended family, deciding to exclude someone from a will is never easy. Clients often feel immense guilt, even when they know it’s the right decision for their circumstances. However, if you are justified in leaving someone out, you should leave the right documentation behind to minimise the risk of an estate challenge.

When There’s Regret and Guilt

• Wishing They’d Done Things Differently: I’ve had clients who, after experiencing a loss in their family, regret not having had certain conversations or making different decisions in their own estate planning. It’s hard to see people struggle with the "what ifs" and "if onlys." You can write them a letter asking for forgiveness.

• Final Wishes Left Unsaid: It breaks my heart when I hear stories of clients who didn’t get the chance to say their goodbyes or leave a personal message for their loved ones. A will can handle the legal aspects, but it’s the human connections and emotional farewells that often get lost. You can write these down and ensure that they are delivered after you pass away

Being a wills lawyer is a job filled with ups and downs. It’s incredibly rewarding to help people plan for the future and provide peace of mind. But it’s also a role that comes with its share of heartache. What breaks my heart the most is seeing the pain, conflict, and regret that could have been avoided with a bit of planning and open conversation. I hope that by sharing these stories, more people will feel encouraged to take action, have tough conversations, and make the necessary plans to protect their loved ones. In the end, it’s about leaving behind more than just assets—it’s about leaving behind love and peace.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2024.

9 Meaningful Ways Our Family Love Even After You Have Died

Death can often feel like the end of a story, but for many families, it's just the beginning of a new chapter. The love we share with those who have passed doesn't simply vanish; it transforms and evolves, continuing to shape our lives in profound ways. As a lawyer who works closely with families during some of their toughest moments, I've seen firsthand how love persists beyond the grave. In this post, I’ll explore meaningful ways that families can keep the love alive, honouring those we've lost while finding comfort and connection in our shared memories.

1. Storytelling and Sharing Memories

One of the most powerful ways to keep the memory of a loved one alive is through storytelling. Gathering family members to share stories about the deceased can bring both laughter and tears. It’s in these moments that their spirit shines through, reminding us of the joy and love they brought into our lives.

2. Creating a Memorial Space

Setting up a dedicated space at home—whether it’s a small altar or a corner with photos and mementoes—can be a beautiful way to honour a loved one. This space can serve as a daily reminder of their impact and can be a place for family members to reflect, pray, or even share moments of joy that they experienced together.

3. Celebrating Special Days

Honouring birthdays, anniversaries, or significant dates can help families feel connected to those who have passed. Whether it’s cooking their favourite meal, lighting a candle, or simply sharing stories, these celebrations can help reinforce the idea that love knows no bounds, even in death.

4. Keeping Traditions Alive

Many families have unique traditions that are passed down through generations. By continuing these traditions, family members can keep the legacy of their loved ones alive. It’s a way to incorporate their values and memories into everyday life, creating a sense of continuity and belonging.

5. Supporting Each Other

Grief can be isolating but leaning on each other can make all the difference. Creating a family support system allows everyone to express their feelings and share their grief. This can foster deeper connections and remind each member that love is still very much present.

6. Creating a Legacy Project

Consider starting a project in honour of your loved one. This could be anything from a charity initiative to a family scrapbook filled with cherished memories. Such projects not only celebrate their life but also allow family members to contribute positively to the world in their memory.

7. Journaling and Letter Writing

Writing can be a cathartic experience. Encourage family members to write letters to the deceased or keep journals reflecting on their memories and feelings. This practice can help process grief and keep the conversation about love and loss open and ongoing.

8. Connecting with Nature

Many people find solace in nature, which can be a beautiful way to remember those we've lost. Planting a tree or a garden in their honour can serve as a living tribute that grows and flourishes over time, symbolising the enduring love that remains.

9. Finding a Symbolic Gesture

Developing a family tradition around a specific symbol—like a particular flower or a song—can create a lasting connection. Each time this symbol appears or is mentioned, it can evoke fond memories and feelings of love, reinforcing the bond that endures beyond death.

While death can bring profound sorrow, it also offers a chance to reflect on the love shared with those who have passed. By finding meaningful ways to celebrate and honour their memory, families can maintain a connection that transcends time and space. Love, after all, is an enduring force that we can carry with us, transforming our grief into gratitude for the moments shared. Embrace these practices to keep your loved ones close, allowing their love to continue shining brightly in your life.

DISCLAIMER

This is a commentary published by HazeLegal for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://hazelegal.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© HazeLegal, Australia 2024.

How Estate Planning Can Motivate You to Live a Better Life

When most people hear the term "estate planning," they often think about wills, trusts, and the distribution of assets after death. While these aspects are crucial, estate planning encompasses much more than just the legalities of passing on wealth. It can be a powerful motivator for you to reflect on your life, set meaningful goals, and cultivate a sense of purpose. In this blog post, we’ll explore how engaging in estate planning can inspire you to live a better life, not just for yourself, but for those you care about.

Understanding Estate Planning

At its core, estate planning is about making decisions regarding your assets and ensuring your wishes are fulfilled after you're gone. However, it also encourages you to assess your life priorities and values. When you take the time to think about what you want to leave behind—be it financial assets, family heirlooms, or personal values—you begin to realise the importance of living intentionally.

Setting Goals and Priorities

One of the first steps in estate planning is to identify your goals and priorities. What do you value most in life? Is it your family, community, or personal achievements? By defining these aspects, you’re not only preparing for the future but also motivating yourself to focus on what truly matters today. This process can lead you to make decisions that align more closely with your values, encouraging a lifestyle that reflects your priorities.

Inspiring Meaningful Relationships

Estate planning often prompts discussions with family and friends about your wishes and values. These conversations can deepen relationships and foster a sense of community. When you share your plans and aspirations with loved ones, you create a supportive environment that motivates you to strengthen those bonds. After all, living a fulfilling life is often about the connections we make with others.

Encouraging Financial Responsibility

Taking charge of your estate planning means you’ll need to take a closer look at your financial situation. This often leads to a more responsible approach to money management. By setting aside funds for future needs and creating a budget, you can relieve stress and focus on living well today. Financial stability can empower you to pursue your passions, travel, or invest in experiences that enrich your life.

Reflecting on Your Legacy

What kind of legacy do you want to leave behind? Engaging in estate planning gives you the chance to think about your impact on the world. Whether it’s supporting charitable causes, nurturing future generations, or simply instilling values in your loved ones, reflecting on your legacy can motivate you to take action now. Living with the end in mind can inspire you to make choices that contribute to a positive impact, enhancing your sense of purpose.

Life is short

The most valuable aspect of estate planning is that it reminds you that life is short and that we only have one life, so let’s make the best of it. So while people put off thinking about getting their will done because they don’t want to reflect on their own mortality, you should, from time to time, just to ensure that you are wasting one moment of this precious life. Don’t waste your time on trivial things, after all, you won’t be lying on your death bed regretting not fighting with people more or that you didn’t get to scroll on social media more. What would you regret on your deathbed? Now take action to change that.

Estate planning is often viewed as an overwhelming task, but it can also be a transformative experience. By motivating you to reflect on your goals, relationships, and values, estate planning encourages a more intentional and fulfilling life. So, whether you’re just starting your journey or have been putting it off, consider how this important process can inspire you to live better today. After all, life is about more than just what you leave behind; it’s also about how you choose to live in the moment. Embrace the opportunity to shape your future while enriching your present—your life, and those of your loved ones, will thank you for it.

DISCLAIMER

This is a commentary published by HazeLegal for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://hazelegal.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© HazeLegal, Australia 2024.

9 Secrets to Protect Your Estate

When it comes to planning for the future, many of us think about the big milestones—buying a house, starting a family, or building a career. But how often do we consider what will happen to our assets once we’re no longer around? Protecting your estate is crucial, not just for your peace of mind, but for the wellbeing of your loved ones too. In this blog post, we’ll explore some practical secrets to help you safeguard your estate. Let’s dive in!

1. Make a Will

First things first: if you haven’t made a will, now’s the time! A will outline how you want your assets distributed after your passing. Without one, the state decides, which may not align with your wishes. It’s a straightforward step that can save your family a lot of heartache down the line.

2. Consider a Power of Attorney

A power of attorney gives someone you trust the authority to make financial or medical decisions on your behalf if you’re unable to do so. This document is crucial for ensuring your wishes are respected, especially in times of crisis.

3. Review Your Beneficiaries

Life changes, and so do relationships. Regularly review the beneficiaries on your accounts—like superannuation or life insurance policies—to ensure they reflect your current wishes. A simple oversight could lead to complications for your loved ones later on.

4. Set Up Trusts

Trusts can be a smart way to manage your assets. They can protect your wealth from taxes and help control how your assets are distributed. If you have young children or complex family dynamics, trust might be especially beneficial.

5. Keep Your Documents Organised

Keeping your estate planning documents organised can make a world of difference. Create a secure location—like a locked drawer or a safe—where all your important documents are stored. Make sure your loved ones know where to find them.

6. Discuss Your Plans

Don’t keep your estate plans a secret. Have open conversations with your family about your wishes. This not only helps avoid misunderstandings but also gives them the chance to ask questions. Transparency is key!

7. Review Regularly

Your life circumstances will change—new relationships, children, or even a change in financial situation. Make it a habit to review your estate plan every few years or after major life events. Keeping it up to date ensures it continues to reflect your wishes.

8. Get Professional Help

Don’t hesitate to seek professional advice. Estate planning can be complex, and a qualified solicitor or financial advisor can guide you through the nuances. They can help you make informed decisions that align with your goals.

9. Consider Digital Assets

In our digital age, don’t forget about your online presence. Make sure to include your digital assets in your estate plan, such as social media accounts, cryptocurrencies, and any online business interests. This ensures everything is accounted for.

Protecting your estate doesn’t have to be overwhelming. By taking these simple steps, you can ensure that your wishes are honoured and your loved ones are taken care of after you’re gone. Remember, it’s all about preparation and communication. Start today, and give yourself and your family the gift of peace of mind. Your future self—and your loved ones—will thank you!

DISCLAIMER

This is a commentary published by HazeLegal for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://hazelegal.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© HazeLegal, Australia 2024.

Would You Want Your Spouse to Remarry After You Die?

Talking about what happens after we pass away is never easy, but it’s a conversation worth having—especially when it comes to our loved ones. One of the more difficult questions in these discussions is whether you'd want your spouse to remarry after you're gone. It’s an incredibly personal issue with no right or wrong answer. However, thinking it through can help bring some clarity. Let’s break it down by considering five key questions that might guide your reflections.

I remember one particular conversation I had with a client named Beth. When she was diagnosed with a life-threatening illness, she came to see me, and amidst all the practicalities, she suddenly asked, "Do you think I should tell my husband to remarry if I pass away?" It was a heartbreaking question, but it’s one that many of us face in different forms. Beth, like so many others, wanted to make sure her husband would be looked after—but it also brought up feelings she hadn’t expected.

1. How Does Your Spouse’s Happiness Factor In?

When you love someone, their happiness is usually your top priority. Would it comfort you that your spouse could find happiness again, even with someone else? Beth shared with me how much she loved her husband and how she never wanted him to feel alone. "But I don’t know if I could bear the thought of him with someone else," she said. It’s a common feeling. Some people comfort themselves knowing their partner could find love again, while others find the thought unsettling.

2. What Would You Want for Yourself?

It can help to flip the scenario. If you were the one left behind, how would you feel about remarrying? This perspective might give you some insight into your values and how you’d want your spouse to approach this sensitive issue. Beth told me she couldn’t imagine moving on from her husband, but at the same time, she didn’t want him to feel like he couldn’t live his life fully if she passed away.

3. The Role of Time and Grief

Grief takes time, and your spouse would likely need a period of healing before even considering another relationship. Would you feel comfortable with them remarrying after a certain amount of time, or does the idea of them moving on at all feel difficult to accept? When Beth and I talked through this, she admitted that it wasn’t just the idea of remarriage that was hard—it was the timing. “I’d want him to be happy,” she said, “but maybe not right away.”

4. Children and Family Considerations

If you have children, their well-being will likely play a significant role in this discussion. Would your spouse remarrying affect the family dynamics? Would a new partner bring additional support, or could it complicate things emotionally for the children? Beth was particularly concerned about how her children might react if their father ever remarried. “Would it be good for them to have someone else in their lives?” she wondered. It’s an important question that many parents grapple with.

5. Personal and Cultural Beliefs

Lastly, your personal or cultural values may shape how you feel about remarriage after death. In some cultures, remarrying is encouraged, while in others, it’s less accepted. Reflecting on your beliefs, and perhaps discussing them with your spouse, can help you find peace with whatever decision feels right for you. Beth shared how her upbringing played a part in her internal conflict. “My mother never remarried after my dad passed,” she told me, “and I always admired that. But maybe times have changed.”

Deciding how you feel about your spouse remarrying after you're gone is deeply personal, and there’s no one-size-fits-all answer. These questions are just a starting point to reflect on what feels right for you and your loved ones. If this is something you want to discuss further—either with your spouse or as part of your estate planning—I’m here to help. Having these conversations now can bring clarity and peace of mind.

Feel free to reach out to me at (03) 9028 7603 or drop me an email at info@hazelegal.com.au. Let’s talk about how to bring comfort and security to those you love.

DISCLAIMER

This is a commentary published by HazeLegal for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://hazelegal.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© HazeLegal, Australia 2024.

Everything You Ever Wanted to Know About What It Means to Leave Your Legacy

If you've ever thought about the impact you want to leave behind, you're not alone. Leaving a legacy resonates with many of us, whether we realise it or not. It's more than just a will or a few possessions; it's about the mark we leave on the world and the memories we create for those we love. As a lawyer, I often help people navigate this important topic, and today, I want to share some insights on what it means to leave your legacy. 

What Is a Legacy, anyway?

At its core, a legacy is passed on to others after you’re gone. It’s not just about material possessions, but also values, lessons, and memories. Think about it—when people remember you, what do you want them to think of? This could be the love you showed your family, the kindness you extended to your friends, or even how you approached your work and passions.

The Different Types of Legacies

1. Financial Legacy: This is often what first comes to mind. It includes your savings, property, investments, and any other assets you plan to pass on. Having a solid financial plan is crucial in ensuring that your loved ones are taken care of after you’re gone.

2. Emotional Legacy: This involves the relationships you build and the memories you create. It’s about how you make people feel, your kindness, your laughter, and the love you share.

3. Cultural and Ethical Legacy: These are the values and beliefs you instill in others. What principles do you want to pass down to the next generation? This could involve cultural traditions, ethical standards, or simply the way you approach life.

4. Intellectual Legacy: This includes the knowledge, skills, and insights you’ve gathered over your lifetime. Whether it’s through teaching, writing, or mentoring, sharing your wisdom can profoundly influence others.

Planning Your Legacy

Leaving a legacy doesn’t just happen; it requires intention. Here are some practical steps to consider:

• Reflect on Your Values: Spend some time thinking about what truly matters to you. What do you want to be remembered for?

• Communicate Your Wishes: Talk to your loved ones about your intentions. This can help ensure that your legacy aligns with your family’s values and needs.

• Create a Will: A well-drafted will is a key element of your financial legacy. It ensures that your assets are distributed according to your wishes and can help prevent disputes among heirs.

• Consider a Trust: Depending on your situation, setting up a trust can provide more control over how your assets are managed and distributed.

• Document Your Stories: Consider writing down your experiences, thoughts, and lessons learned. This can be a treasured gift for your family.

• Get Professional Advice: A lawyer can guide you through the legal aspects of estate planning, ensuring that your legacy is protected and carried out according to your wishes.

Leaving a legacy is one of the most meaningful things you can do in your lifetime. It’s not just about what you leave behind but how you live today. By being intentional about your legacy whether it’s through financial planning, nurturing relationships, or sharing your knowledge you can create a lasting impact that goes beyond your years. So, as you reflect on your life, think about the legacy you want to leave. What story do you want to tell? Remember, it’s never too late to start shaping your legacy, so take that first step today. Here is to leave a mark on the world!

DISCLAIMER

This is a commentary published by HazeLegal for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://hazelegal.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.

© HazeLegal, Australia 2024.

"Regret" by Ella Wheeler Wilcox

10 Most Common Questions People Ask When Doing Their Will

Creating a will is an essential part of planning for your future, yet many people have questions about how to get started and what’s involved. Here are the ten most common questions people ask when preparing their will, along with straightforward explanations to help you navigate the process.

1. Why do I need a will?

A will ensures that your wishes are followed after you pass away. It allows you to control how your assets are distributed, appoint guardians for your children, and minimise potential disputes.

2. Who should be my executor?

The executor is responsible for managing your estate and carrying out your wishes. You should choose someone you trust, who is organised and reliable, as this is an important legal role.

3. What happens if I don’t have a will?

If you die without a will, your assets will be distributed according to the intestacy laws in the state in which you live. This may not align with your wishes and could result in lengthy legal processes for your loved ones.

4. Can I change my will later?

Yes, you can update or amend your will at any time, as long as you have capacity. Life events such as marriage, divorce, or the birth of children are common reasons to revisit your will. Or if you have previously left a gift for someone you no longer own.

5. How do I make sure my will is valid?

For a will to be legally binding, it must be in writing, signed by you, and witnessed by two adults. It’s a good idea to seek legal advice to ensure everything is done correctly, as you cannot amend your Will when it is needed, i.e. after your death.

6. What should I include in my will?

Your will should include details about how you want your assets distributed, any specific gifts or bequests, the appointment of an executor, and guardianship for minor children if necessary. As well as backup beneficiaries in case some or all of your chosen beneficiaries are no longer eligible due to their death, to receive their gift.

7. Can I leave my assets to anyone?

Generally, yes, but certain people, such as your spouse and children, may have legal rights to claim your estate if they feel they’ve been unfairly excluded.

8. What is a residuary estate?

This is what remains of your estate after all debts, taxes, and specific gifts have been distributed. You should state how you want this portion of your estate to be allocated in your will.

9. Do I need to leave money for taxes or debts?

Yes, your estate will be responsible for settling any debts or taxes before your beneficiaries can receive their inheritance. It’s important to consider this when dividing your assets.

10. Where should I store my will?

You should store your will in a safe place, such as with your solicitor or in a secure document vault, and make sure your executor knows where to find it.

Making a will is a vital step in protecting your family and ensuring your wishes are respected after you pass away. Taking the time to create a well-prepared will can give you peace of mind and reduce stress for your loved ones in the future. Call (03) 9028 7603 or Email us at info@hazelegal.com.au. Let us help you.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2024.

Siblings' Will Disputes - Insights for Successfully Defending Claims

Losing a parent is always difficult, but it can be even more challenging when disputes arise among siblings over a will. In Victoria, these disputes are unfortunately common, particularly in smaller estates valued at $500,000 or less. Understanding the complexities of such claims is crucial for executors who are tasked with defending the will. Here are some key insights, drawn from real-life scenarios, to help you navigate this delicate process.

• Common Occurrence: Sibling Disputes Over Small Estates

It’s not uncommon for siblings to dispute a will, particularly when the estate is small. For example, in one case, a dispute over a $400,000 estate led to a lengthy and costly court battle, which ended with the estate being significantly diminished by legal fees. Disputes often arise because one sibling feels they were unfairly treated or that the will doesn’t reflect the deceased's true wishes. Understanding that these disputes are common can help you prepare and avoid some of the pitfalls others have experienced.

• Eligibility for Claims: Who Can Contest?

In Victoria, children and stepchildren of a deceased parent can legally claim provision from an estate. This means that even if a parent intentionally left a child out of their will, that child could still be eligible to contest the will. A stepchild contested a will, claiming they had been treated as a child of the deceased and therefore should receive a share of the estate. The court agreed, showing how complex these cases can become. As an executor, it’s essential to assess who might be eligible to contest the will and prepare accordingly. 

• Court Criteria: Moral Duty and Adequacy of Provision

For a claim to succeed, the court must determine two key factors: whether the deceased had a moral duty to provide for the child and whether the distribution of the estate was adequate for their maintenance and support. For instance, a daughter who had been estranged from her father for over a decade contested his will, claiming financial need. The court found that despite the estrangement, the father had a moral duty to provide for her, leading to a partial redistribution of the estate. This case highlights the court’s focus on moral duty and the adequacy of provision when making its decisions.

• Key Questions for Executors: If you're an executor facing a sibling's claim, consider:

a. Estrangement: Was the claimant estranged from the deceased? Estrangement can complicate the court’s decision, as seen in the previous example.

b. Competing Obligations: Does the deceased have obligations to other beneficiaries that might conflict with the claimant’s demands? In one case, a will was contested by a child, but the court ultimately ruled in favour of the deceased’s spouse, who was also a beneficiary, due to the competing obligations.

c. Reasons for Exclusion: Were there valid reasons for excluding the claimant from the will? Documenting these reasons can be crucial in defending the will. In a situation where a son was excluded from his mother’s will due to past financial irresponsibility, the court upheld the exclusion, as the mother had clearly documented her reasons.

• Estate Size Matters: Challenges with Smaller Estates

The size of the estate plays a significant role in the outcome of will disputes. Smaller estates, particularly those under $500,000, present unique challenges, as there may not be enough assets to satisfy all claims. For example, in a case involving a $350,000 estate, the court had to make difficult decisions about how to allocate limited resources, ultimately leading to dissatisfaction among all parties involved. Understanding that smaller estates are more challenging to defend can help you set realistic expectations and prepare for potential compromises.

• Financial Capability: Assessing the Claimant’s Needs

The claimant’s financial situation is a critical factor in determining the outcome of a will dispute. A claimant argued that they were in significant financial distress and needed a larger portion of the estate. However, the court found that the claimant had sufficient assets of their own and reduced the provision accordingly. As an executor, it’s important to gather all relevant information about the claimant’s financial situation to build a strong defence.

• Impact on Beneficiaries: Balancing Interests

When defending a claim, consider how providing for the claimant might impact other beneficiaries. In a situation where one sibling was contesting the will, the court had to consider how increasing the claimant’s share would affect the financial well-being of the other siblings. Ultimately, the court decided to uphold the original distribution to avoid creating undue hardship for the other beneficiaries. This example illustrates the importance of balancing the interests of all parties involved.

• Past Benefits: Reducing the Claim’s Value

If the claimant received significant benefits from the deceased during their lifetime, this could reduce the value of their claim. In a case where a daughter had received a substantial financial gift from her father years before his death, the court considered this when determining the distribution of the estate. As an executor, documenting any past benefits provided to the claimant can help in defending against inflated claims.

• Costs Protection: Using Offers of Compromise

Offers of Compromise can be a strategic tool to protect the estate from excessive legal costs. If the claimant rejects an offer and fails to achieve a better result in court, they may be liable for their own legal costs. In one case, an executor’s well-timed Offer of Compromise led to a favourable settlement, saving the estate from further depletion. Understanding how to use this tool effectively can be crucial in defending a will.

• Legal Assistance: Consult with contesting wills lawyers to navigate the process and achieve the best outcome.

Defending a will contest requires careful consideration of various factors. HazeLegal can provide expert guidance to ensure you effectively protect the estate's interests. Contact us today for clear advice and proactive legal support.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2024.

7 Ways to Ensure Your Medical Power of Attorney Makes the Right Decisions for You

Appointing a medical power of attorney is one of the most important decisions you’ll make in your estate planning. This person will be responsible for making healthcare decisions on your behalf if you are unable to do so. To ensure they can make the right choices for you, here are seven key steps to consider.

1. Choose the Right Person 

The most critical step is selecting someone you trust completely. This person should understand your values, beliefs, and medical preferences. Ideally, they should be someone who can remain calm under pressure and make decisions in alignment with your wishes, even if others disagree. Also, ensure that you choose someone who can make decisions for you and is easily contactable by your doctors. Choosing someone on the other side of the world may not be practical.

2. Nominate a Back-Up

It’s important to consider naming a backup MPOA. Life is unpredictable, and your primary nominee may not always be available or capable of acting when the time comes. Having a backup in place provides a safety net to ensure your wishes are still respected even if your first choice cannot step in.

3. Communicate Your Wishes Clearly 

Once you’ve appointed your MPOA, have open and honest conversations about your healthcare preferences. Discuss specific treatments, end-of-life care, and any other personal considerations. Clear communication ensures they know exactly how you want to be treated in different situations.

4. Put Your Instructions in Writing 

A clear and detailed Advance Care Directive or living will is essential. This document outlines your specific wishes for medical treatment, making it easier for your power of attorney to follow your preferences. It also helps protect them from potential legal disputes with other family members who might not agree with your choices.

5. Review and Update Your Instructions Regularly 

Your medical preferences may change over time, especially as new health conditions arise, or medical advancements occur. Make it a point to review your Advance Care Directive regularly and update it as needed. Ensure your medical power of attorney is aware of any changes so they can act accordingly.

6. Upload your medical information to a Digital Vault

To make the decision-making process easier for your MPOA, consider uploading your medical information to a secure digital vault. This allows them to access your health history, medical conditions, and care preferences at any time. Uploading this information can help ensure that medical professionals and your POA are on the same page about your care. Digital vaults provide an organised way to keep everything in one place and can be accessed when needed most.

7. Discuss Potential Conflicts and Provide Guidance 

Family members may have differing opinions on your healthcare, which could create tension. Prepare your medical power of attorney by discussing any potential conflicts and giving them the confidence to act according to your wishes, even in difficult situations. This will help them navigate emotionally charged moments with greater ease.

Having a medical power of attorney is an essential step in ensuring that your healthcare wishes are respected. By taking these steps to prepare your MPOA, you can have peace of mind knowing that your best interests will be taken care of.

If you’re looking to get your power of attorney done, consider using WebWills’s Digital Vault. We make it easy to store and manage your essential documents securely.

Call (03) 9028 7603 or email us at info@webwills.com.au. Let us assist you in securing your medical and legal future.

DISCLAIMER

This is a commentary published by WeWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2024.

If I Could Change One Thing, It Would Be to Educate My Clients on How Essential It Is to Get a Will

As a lawyer specialising in estate planning, if there’s one thing I wish I could change, it’s the way people view the importance of having a will. Too often, I see clients delay creating one, not realising how critical it is until it’s too late. A will isn’t just for the wealthy or the elderly—every adult should have one in place to protect their loved ones and ensure their wishes are carried out.

Here are some real-life scenarios where having a will made all the difference for my clients, and why I believe it’s essential for everyone.

1. Avoiding Family Disputes

One of my clients, Sarah, didn’t think she needed a will because her family was close-knit. After her sudden passing, the lack of a will led to disagreements over who should manage her estate. A simple will could have been named an executor, saving her family from a lot of stress and conflict.

A will helps to avoid family disputes by clearly stating who you want to handle your affairs.

2. Providing for Children’s Future

John and Emma, a couple with two young children, put off writing a will for years. They assumed everything would automatically go to the children. However, without a will, the court would have decided on guardianship. Once they created their will, they were able to name a guardian and set up a trust to ensure their kids’ future was secure.

A will allows you to appoint a guardian for your minor children and make sure their inheritance is managed wisely.

3. Ensuring Your Partner Is Taken Care Of

A long-term de facto couple I worked with, Mark and Lisa, had no legal documentation of their relationship. When Mark passed away unexpectedly, Lisa had to go through legal hurdles to prove her right to inherit his assets. If Mark had a will in place, it would have been a straightforward process.

A will ensures your partner, especially in de facto relationships, is legally protected and provided for.

4. Preventing Delays and Legal Complications

James, a small business owner, passed away without a will. His business was left in limbo, with no one authorised to take control of operations. His family had to go through a lengthy court process to appoint someone to handle the business, causing financial strain. A well-drafted will would have named an executor and outlined plans for his business.

A will can prevent delays and legal complications, particularly for business owners.

5. Leaving a Legacy

Finally, there’s Tom, who wanted to leave a portion of his estate to his favourite charity, as a dog lover he wanted to carry on helping dogs in need of homes. Without a will, this wouldn’t have been possible. By creating a will, he was able to ensure his legacy lived on through charitable giving.

A will allows you to leave a lasting legacy by directing assets to causes you care about.

The importance of having a will cannot be overstated. Whether it’s to protect your children, prevent family disputes, or ensure your partner is taken care of, having a will brings peace of mind. Don’t wait until it’s too late—take action today and make sure your wishes are clear.

Call (03) 9028 7603 or Email us at info@hazelegal.com.au. Let us help you.

DISCLAIMER

This is a commentary published by HazeLegal for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://hazelegal.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© HazeLegal, Australia 2024.

10 Ways to Change How People Will Remember You When You're Gone

How will you be remembered? But more importantly, how would you like to be remembered once your time here is through? We all want to leave a lasting impression on the world, but how do you ensure that your legacy reflects who you truly are? While we can't control everything, we can take steps to shape how people will remember us. Here are thoughtful ways to make a positive and enduring impact that will be remembered long after you're gone.

1.        Live with Integrity

Be true to your values and principles in every action you take. Integrity builds trust and respect, and people will remember you as someone who stood by their beliefs. Someone who could be depended on.

2.        Cultivate Strong Relationships

Invest time and energy in your relationships with family, friends, and colleagues. Building strong, meaningful connections ensures you'll be remembered fondly for your kindness and support. People don’t necessarily remember what you said but always remember how you made them feel. If you made them feel respected, heard and loved.

3.        Write a Memoir or Personal Letters

Sharing your life’s story or writing personal letters to loved ones can provide insight into your values, experiences, and love. These personal touches can make a significant impact on how you are remembered. They can also be of great comfort to those you leave behind.

4.        Share Your Wisdom

Pass on your knowledge and experiences to others. Whether through mentoring, writing, or speaking, sharing what you've learned helps others and creates a lasting impact. Why take all the wisdom and life’s lessons that you have learned to the grave, it is of no use to anyone there. Share them.

5.        Create a Legacy Fund

Establishing a fund for charitable causes or educational purposes can leave a mark beyond your lifetime. It’s a way to support causes close to your heart and make a difference in the community.

6.        Organise Your Affairs

Ensure all your financial and legal affairs are in order. This includes updating your will, powers of attorney, and necessary documents. It eases the burden on your family and ensures your wishes are followed. But more importantly, why leave a mess for someone else to clean up for you? You would not feel too kindly towards someone who left a mess for you to clean up through poor organizing and lack of consideration.

7.        Pursue Your Passions

Follow your interests and passions with enthusiasm. When you dedicate yourself to what you love, others notice and are inspired by your dedication. When you feel enlivened by your passions, it’s contagious. People are drawn towards joy and it inspires them to do the same.

8.        Be a Lifelong Learner

Continuously seek knowledge and personal growth. Embracing learning not only enriches your own life but also demonstrates a commitment to personal development that others will admire. You will also become a great conversationalist, and people will love to engage with you for what you bring to the table.

9.        Create a Digital Legacy

Manage your digital footprint, including social media and online assets. This helps ensure your online presence reflects your true self and aligns with your wishes. Sometimes people say stuff online that they wouldn’t say to someone’s face, remember that there are real people out there who you are interacting with online, so be kind. But also consider what you are posting as well, a social media page often becomes a memorial page, so choose how you want to be remembered on it.

10.  Live in the Moment

Make the most of each day and focus on the present. By living fully and appreciating the moment, you create meaningful memories that others will cherish.

DISCLAIMER

This is a commentary published by WebWill for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A   person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2024.

5 Estate Planning Mistakes That Can Cost Your Family Big Time

Estate planning is one of the most important steps you can take to ensure your family is financially secure after you’re gone. Unfortunately, many people overlook crucial details, which can lead to costly consequences for their loved ones. Here are five common estate planning mistakes and how you can avoid them.

1.        Not Having a Will

One of the biggest mistakes people make is not drafting a will. Without a valid will, your estate will be distributed according to the laws of intestacy in Victoria, which might not reflect your wishes. This can cause delays, extra legal costs, and potential disputes among family members.

2.        Failing to Update Your Will

Life changes, such as marriage, divorce, or the birth of children, should prompt an update to your will. If you don't regularly review and adjust your estate plan, outdated provisions could exclude new family members or create confusion about your intentions, leading to family disputes or even legal challenges.

3.        Not Planning for Tax Implications

Many people overlook the tax consequences of their estate plans. For example, capital gains tax may apply when assets like property or shares are transferred to beneficiaries. Proper planning with the help of a lawyer or accountant can minimise tax liabilities for your heirs, ensuring they keep more of what you leave behind.

4.        Ignoring Superannuation and Life Insurance

Superannuation and life insurance often sit outside of your will. If you don’t have valid beneficiary nominations, these funds may not go to your intended beneficiaries. Worse, they might be subject to delays and potential tax issues. Always ensure your nominations are up to date and align with your overall estate plan.

5.        Not Appointing the Right Executor

Your executor plays a key role in managing your estate. Choosing someone who is not up to the task, or who has a conflict of interest, can result in delays, mismanagement, or even disputes. It’s crucial to select someone trustworthy, organised, and capable of handling the responsibilities.

Estate planning may seem complex, but avoiding these mistakes will save your family a lot of stress and potential costs. By taking the time to plan properly, you can ensure that your wishes are carried out smoothly and your loved ones are taken care of.

We’re here to help with estate planning and family law. Call (03) 9028 7603 or email us at info@webwills.com.au. Let us assist you in securing your family's future.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2024.

10 Most Common Questions Purchasers Ask When Buying a Property

Buying a property is one of the biggest investments you’ll make, and it’s natural to have plenty of questions before diving in. Below are the top 10 most common questions we encounter from purchasers and explanations to guide you through the process.

1.        What is the cooling-off period in Victoria?

In Victoria, buyers have a three-business-day cooling-off period after signing the contract, during which they can cancel the purchase. However, certain conditions apply, and acting quickly is important if you change your mind. You cannot for example cool off if you purchased within 3 days of a publicly advertised auction date for the property (before or after), nor for commercial or industrial property, farming property of 20 hectares or more, if you have previously had a contract for the same property, nor if you are an estate agent or corporate body

2.        What are the additional costs besides the purchase price?

Apart from the property’s purchase price, there are other costs, including stamp duty, legal fees, building inspections, loan application fees, Pexa fees, land transfer fees, insurance and potentially Lenders Mortgage Insurance (LMI).

3.        Do I need to conduct a building and pest inspection?

Yes, it’s highly recommended, though not legally or contractually necessary. A building and pest inspection will alert you to any structural issues or termite damage, potentially saving you from costly repairs down the track. If your contract is subject to these inspections and a major defect is found then you can terminate the contract without losing your deposit.

4.        What’s the difference between a private sale and an auction?

In a private sale, you can negotiate the terms and price with the seller. An auction involves bidding in an open environment, where the highest bidder generally wins, but contracts are unconditional once accepted. You can add additional conditions for a private sale, such as the contract being subject to finance approval or a satisfactory building and pest inspection.

5.        What is a Section 32 Statement?

A Section 32 Statement, also known as the Vendor’s Statement, provides essential information about the property, including title details, zoning, easements, and other restrictions. It’s crucial to review this document before making an offer. If the vendor does not disclose the required information you can cancel the contract.

6.        How much deposit is required, and when do I pay it?

Typically, a 10% deposit is required when purchasing a property, which is paid when the contract is signed. However, this can sometimes be negotiated to a smaller percentage, potentially 5%, but only through private sales, not a public auction.

7.        What happens if my finance isn’t approved?

If your contract is subject to finance, and your finance is not approved within the agreed timeframe, you may be able to withdraw from the contract without penalty, depending on the terms agreed upon. You must however show proof that you applied for finance and were legitimately rejected.

8.        What is a settlement, and how long does it take?

Settlement is the process of transferring ownership of the property. In Victoria, the settlement period is typically 30 to 90 days, but this can be negotiated between the buyer and seller. On the settlement date, the property is transferred to you and the vendor paid, if you have a bank loan, the bank will also lodge their mortgage on the title and retain control of the title.

9.        Do I need a conveyancer or a solicitor?

Yes, engaging a conveyancer or solicitor ensures that all legal documents are in order, and they’ll handle the transfer of ownership. They also provide advice on the contract of sale and Section 32 Statement. It is best to use the services of a solicitor who can assist you with legal issues that may arise, whereas a conveyancer cannot give you legal advice. As this is a major transaction it is best to use the services of a solicitor, the costs of either are often the same anyway.

10.  Can I negotiate the price of the property?

In private sales, negotiation is expected. You can negotiate the price and any conditions of the sale, such as settlement period or inclusions like appliances.

Purchasing a property can seem overwhelming, but the process becomes much smoother with the right legal guidance. Whether you're a first-time buyer or adding to your portfolio, having all the right information will ensure a confident purchase.

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What is a Section 27 Notice and How to Apply for One?

When selling property, vendors often want to access the deposit paid by the purchaser before settlement. This is where a Section 27 Notice comes into play. Let’s break down what a Section 27 Notice is, how to apply for one, and the requirements needed to seek the early release of the deposit.

Selling a property can be a complex process with many legal requirements. One key aspect that sellers often overlook is the possibility of accessing the deposit early. A Section 27 Notice allows the vendor to request the early release of the deposit paid by the purchaser. Understanding how to navigate this process can provide financial relief and streamline the sale. Here’s a comprehensive guide on what you need to know about Section 27 Notices in Melbourne.

What is a Section 27 Notice?

A Section 27 Notice, under the Sale of Land Act 1962, enables the vendor to request the early release of the deposit held in trust by the real estate agent. This notice allows the vendor to access funds before the final settlement of the property, provided certain conditions are met.

How to Apply for a Section 27 Notice

Applying for a Section 27 Notice involves several steps. Here’s a simplified process to help you get started:

1. Prepare the Notice: The vendor’s solicitor or conveyancer prepares the Section 27 Notice, outlining the request for early release of the deposit.

2. Provide Necessary Documents: Along with the Section 27 Notice, the vendor must provide specific documents to the purchaser. These documents typically include:

a. A statement detailing the particulars of the mortgage (if applicable).

b. Confirmation that there are no caveats on the title.

c. Evidence that the mortgage amount does not exceed 80% of the purchase price.

3. Submit to Purchaser: The Section 27 Notice and supporting documents are then submitted to the purchaser for their consideration.

4. Purchaser's Response: The purchaser has 28 days to review and either consent or object to the release of the deposit. If the purchaser does not object within this period, the deposit can be released to the vendor.

Requirements for Early Release of the Deposit

Before seeking the early release of the deposit, certain conditions must be met:

No Caveats on Title: The title must be clear of any caveats that could prevent the sale from proceeding.

Mortgage Conditions: If the property is mortgaged, the mortgage amount must be less than 80% of the purchase price. This ensures that there is enough equity in the property to cover the sale.

Full Disclosure: The vendor must fully disclose all relevant information to the purchaser. Transparency is crucial to avoid any legal complications.

Why Consider a Section 27 Notice?

Financial Flexibility: Accessing the deposit early provides financial flexibility, especially if the vendor needs funds for their next property purchase or other expenses.

Streamlined Process: It can help streamline the overall conveyancing process, making the sale smoother for both parties.

Navigating the early release of a deposit through a Section 27 Notice can be beneficial for vendors needing early access to funds. By understanding the requirements and following the correct procedures, you can ensure a smooth and efficient transaction. If you’re considering this option, it’s advisable to consult with a legal professional to guide you through the process.

If you need further assistance or have any questions regarding the Section 27 Notice, please don't hesitate to reach out to our team at WebWills. We are here to provide you with expert advice and support throughout your property transaction.