Hazel Todd 16/12/2024 Hazel Todd 16/12/2024

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.

Hazel Todd 09/12/2024 Hazel Todd 09/12/2024

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.

Hazel Todd 02/12/2024 Hazel Todd 02/12/2024

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.

WebWills - Helping with property law. Call (03) 9028 7603 or email us at info@webwills.com.au for expert advice and support.

DISCLAIMER

© WebWills, Australia 2024.

Hazel Todd 25/11/2024 Hazel Todd 25/11/2024

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.

Hazel Todd 18/11/2024 Hazel Todd 18/11/2024

"Do Not Stand at My Grave and Weep" by Mary Elizabeth Frye

Hazel Todd 11/11/2024 Hazel Todd 11/11/2024

Most Moving Music to Play at Your Funeral

Planning your own funeral may feel unusual, but selecting the right music can leave a lasting impact on your loved ones. Music has the power to evoke memories and emotions, making it a crucial part of the farewell. Here are some suggestions for the most moving music to consider for your funeral.

1. "Amazing Grace" by Various Artists

"Amazing Grace" is a timeless hymn that offers comfort and hope. Its soothing melody and profound lyrics resonate with many, making it a popular choice for funerals.

2. "Time to Say Goodbye" by Andrea Bocelli and Sarah Brightman

This powerful duet speaks of farewell and hope, making it a beautiful and emotional addition to any funeral service.

3. "Somewhere Over the Rainbow" by Israel Kamakawiwo'ole

This rendition of the classic song brings a sense of peace and optimism, reminding us of the beauty beyond life's struggles.

4. "Ave Maria" by Franz Schubert

"Ave Maria" is a classical piece that brings a sense of serenity and reverence, often chosen for its calming and spiritual qualities.

5. "My Way" by Frank Sinatra

For those who lived life on their terms, "My Way" is a fitting tribute. Its reflective lyrics and iconic melody celebrate a life well-lived.

6. "Hallelujah" by Leonard Cohen (Jeff Buckley version)

"Hallelujah" is a poignant song that captures a range of emotions. The Jeff Buckley version is particularly moving, making it a heartfelt choice for funerals.

7. "Canon in D" by Johann Pachelbel

This classical piece is often associated with weddings but also serves as a beautiful and uplifting choice for funerals, symbolizing continuity and peace.

8. "Wind Beneath My Wings" by Bette Midler

This song honors those who have supported and uplifted us, making it a touching tribute to loved ones left behind.

9. "Tears in Heaven" by Eric Clapton

Written by Clapton after a personal tragedy, "Tears in Heaven" speaks to loss and the hope of reunion, making it a deeply emotional choice.

10. "You Raise Me Up" by Josh Groban

"You Raise Me Up" is a powerful song that celebrates the strength we gain from our loved ones, offering comfort and inspiration.

Planning a funeral can be a challenging time, but choosing meaningful music can help create a memorable and moving service. Let WebWills assist you in making these important decisions. Call us at (03) 9028 7603 or email info@webwills.com.au for assistance in planning your funeral or other estate matters.

Disclaimer:

The music choices listed are suggestions and should be selected based on personal preference and the deceased's wishes. HazeLegal does not endorse any specific songs but provides these recommendations to assist in the planning process.

© HazeLegal, Australia 2024.

Hazel Todd 04/11/2024 Hazel Todd 04/11/2024

Examples of Alternative Funerals That May Inspire

As the way we live evolves, so too does the way we commemorate our lives. Traditional funerals are being reimagined, with many people seeking more meaningful and environmentally friendly alternatives. Here are some examples of alternative funerals that might inspire you, emphasising environmental options and unique ways to leave a lasting memory.

1. Natural Burials

Natural burials are gaining popularity as an eco-friendly alternative to traditional burials. Our client Kelly was concerned about her environmental footprint. She chose a natural burial, where her body was laid to rest in a biodegradable coffin in a natural setting. This option allows the body to return to the earth naturally, reducing environmental impact and creating a peaceful resting place in nature.

2. Memorial Trees

Planting a memorial tree is a beautiful way to create a living legacy. Another client, Sarah, wanted her memory to flourish with life. Her family planted a tree in Brimbank using her ashes, providing a lasting tribute that grows and benefits the environment. This option combines remembrance with sustainability, offering a serene place for loved ones to visit.

3. Scattering Ashes in a Meaningful Location

Scattering ashes in a location that holds personal significance can be a heartfelt alternative. John, a long-time surfer, had his ashes scattered on Phillip Island. This allowed his family to honour his passion and keep his spirit alive in a place he loved. This personalised farewell can create a strong, emotional connection to the deceased.

4. Biodegradable Urns

Biodegradable urns offer an eco-friendly way to handle cremated remains. For example, our client Emily wanted a solution that aligned with her environmental values. Her family chose a biodegradable urn that dissolves in water, allowing her ashes to become part of the natural water cycle. This choice provides a respectful and environmentally conscious way to say goodbye.

5. Celebratory Gatherings

Funerals don’t have to be somber. Celebratory gatherings focus on celebrating the life of the deceased. Michael's family held a celebration of life at his favourite park, Bendigo Botanic Gardens, complete with his favourite music, food, and stories. This approach allows families to remember their loved ones joyfully and positively.

6. Virtual Memorials

In the digital age, virtual memorials have become a practical option. When travel and gathering were challenging, Jane’s family set up a virtual memorial service, allowing friends and family from around the world to join and share memories. This inclusive option ensures that everyone can participate, regardless of location.

Exploring alternative funerals can lead to more meaningful and environmentally conscious ways to say goodbye. At WebWills, we are here to help you with estate planning and family law, ensuring your wishes are respected and your legacy is honoured.

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

Disclaimer:

The advice provided in this blog post is intended for general informational purposes only. It is not a substitute for professional legal advice. Please consult with a qualified legal professional for advice specific to your situation.

© WebWills, Australia 2024.

Aly Belarmino 01/11/2024 Aly Belarmino 01/11/2024

How Would You Survive During a Zombie Apocalypse?

While the idea of a zombie apocalypse may seem like a far-fetched concept from movies or video games, it offers a fun way to think about survival strategies. Interestingly, preparing for the worst can relate to ensuring that your affairs are in order. Here are some practical steps to consider if you ever find yourself facing a zombie invasion—metaphorically speaking!

1. Gather Essential Supplies

First and foremost, you need to stock up on basic supplies such as food, water, and medical kits. In a real-life scenario, just like preparing for unexpected situations, having your resources ready can make all the difference. Similarly, ensuring you have a clear will can prevent chaos regarding your assets when it’s needed most assuming the zombies are ultimately defeated and the world returns to normal. :)

2. Secure Your Location

Find a safe place to stay. This could be your home or a secure location that can be fortified. In the realm of estate planning, securing your estate ensures that your loved ones have a safe place to turn to after your passing, much like finding refuge during a crisis.

3. Develop a Survival Plan

Create a strategy for different scenarios. This includes escape routes and meeting points for family or friends. Just as you would plan for the unexpected in life, having an estate plan in place can ensure that your wishes are known and respected, reducing confusion during stressful times.

4. Build a Support Network

Connect with others for mutual support. In a zombie apocalypse, a strong community can provide safety and resources. In estate planning, discussing your intentions with family members ensures that they understand your wishes, making it easier for them to honour your legacy.

5. Stay Informed and Adaptable

Keep an eye on the situation around you and be ready to adapt. Just as you would track developments in a crisis, staying updated on your legal rights and obligations in matters of intestacy can empower you to make informed decisions about your estate.

Surviving a zombie apocalypse may be more about mindset than actual zombies. By preparing for the worst, whether in fiction or reality, you can take control of your circumstances. Planning your estate and understanding intestacy provisions can ensure your wishes are followed, providing peace of mind for you and your loved ones.

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.

Hazel Todd 31/10/2024 Hazel Todd 31/10/2024

10 Spooky Facts That Make Estate Planning Essential

Estate planning might not be the most exciting topic, but ignoring it can lead to nightmarish consequences for your loved ones after you’re gone. If you’ve been putting off your estate planning, these ten horror stories will give you the push you need to get your affairs in order. Let’s dive into some real-life scenarios that highlight the importance of getting your estate in order.

1. The DIY Will Disaster

Many people think they can save money by drafting their own will without professional guidance. However, one Melbourne family learned the hard way that a DIY post office Will kit can lead to serious legal issues. The will was poorly worded, leading to a lengthy court battle between family members who interpreted the document differently. The legal fees ate up a significant portion of the estate, leaving the intended beneficiaries with far less than they were supposed to receive. This horror story highlights the importance of consulting with a qualified lawyer when drafting your will.

2. The Unintended Heir

Imagine leaving your estate to someone you barely know, simply because you didn’t update your will. This is exactly what happened to one resident who had forgotten to update their will breaking up with his girlfriend. As a result, their ex inherited a substantial portion of the estate, despite his wishes to the contrary. This highlights the need to regularly review and update your estate planning documents, especially after major life changes like marriage, break ups, divorce, or the birth of a child.

3. The Family Feud

Without a clear estate plan, your loved ones could end up embroiled in a bitter legal battle over your assets. In one case, a family was torn apart when siblings couldn’t agree on how to divide their parents’ estate. The dispute dragged on for years, costing tens of thousands of dollars in legal fees and permanently damaging family relationships. Proper estate planning can help prevent such conflicts by clearly outlining your wishes and reducing ambiguity.

4. The Lost Assets

Failing to properly document and organise your assets can lead to them being overlooked or lost entirely. A woman’s family struggled to locate her bank accounts and investment portfolios after her death because she hadn’t kept an up-to-date record of her assets. Some accounts were never found, and the family probably lost out on significant sums of money. The family knew she had received a substantial inheritance years prior but couldn’t find what she had done with the money. This horror story shows the importance of keeping detailed records of your assets and ensuring that your executor knows where to find them.

5. The Costly Intestacy

Dying without a will (intestate) means that the law, rather than your wishes, will determine how your assets are distributed. In Victoria, this can lead to unintended consequences, such as distant relatives inheriting your estate or your assets being divided in a way you wouldn’t have wanted. One resident’s estate was divided among cousins they hadn’t spoken to in decades, simply because they didn’t leave a will. To avoid this, it’s crucial to have a legally valid will in place.

6. The Tax Trap

Poor estate planning can also lead to unnecessary tax burdens on your beneficiaries. In one case, a man’s estate plan didn’t account for the tax implications of certain bequests, resulting in his beneficiaries being hit with a hefty tax bill. With proper planning, you can minimise the tax impact on your loved ones and ensure that they receive the full benefit of your estate.

7. The Enduring Power of Attorney Nightmare

Appointing someone you trust as your Enduring Power of Attorney is crucial, but failing to do so can have dire consequences. In one case, an elderly woman was taken advantage of by a distant relative who gained control of her finances because she hadn’t appointed an Enduring Power of Attorney. By the time the abuse was discovered, much of her estate had been drained. This story stresses the importance of appointing a trusted person to manage your affairs if you become incapacitated.

8. The Undisclosed Debts

When a person dies, their debts don’t simply disappear; they become the responsibility of the estate. In one instance, a man’s family was shocked to discover that his estate was riddled with undisclosed debts, which significantly reduced the inheritance they received. Proper estate planning includes not only documenting your assets but also your liabilities, so your loved ones aren’t blindsided by unexpected financial obligations.

9. The Guardianship Gamble

For parents, one of the most important aspects of estate planning is naming a guardian for their minor children. In one tragic case, a couple failed to appoint a guardian in their wills, leading to a protracted legal battle between relatives over who would care for their children. The children were caught in the middle of the dispute, adding to their emotional trauma. By clearly stating your wishes in your will, you can ensure that your children are cared for by the people you trust most.

10. The Unfulfilled Legacy

Finally, without a clear estate plan, your wishes for your legacy may go unfulfilled. A philanthropist intended to leave a significant portion of their estate to charity but didn’t specify which charities in their will. As a result, the estate was tied up in court for years, and the charitable donations were delayed. By clearly outlining your wishes, you can ensure that your legacy reflects your values and that your assets are used in the way you intended.

Estate planning may seem daunting, but the consequences of neglecting it can be far worse. These horror stories highlight the importance of taking proactive steps to secure your future and protect your loved ones. Whether it’s drafting a will, appointing a Power of Attorney, or simply keeping your financial records organised, taking the time to plan now can save your family from unnecessary stress and hardship later on.

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.

Aly Belarmino 28/10/2024 Aly Belarmino 28/10/2024

What If Your Husband Remarries After You Die? How can you Ensure Your Kids Are Still a Priority

It's natural to worry about what might happen to your children if your spouse remarries after your passing. Ensuring that your kids remain a priority can be a tricky process, but with proper planning, you can help safeguard their future. Here are some steps you can take to ensure your children's well-being and financial security.

1. Update Your Will

Ensure that your will is up to date and clearly outlines your wishes regarding your children's inheritance. Specify the assets you want your children to receive and consider setting up a trust to manage these assets until they reach a certain age. If your kids are young, a trust is recommended to safeguard the assets until they are old enough to manage them themselves. You can also ensure that your children are maintained.

2. Establish a Trust

Creating a trust can protect your children's inheritance from being affected by your spouse's future relationships. A trust allows you to set specific terms for how and when the assets are distributed, ensuring your children's financial security. You can provide a life interest in your assets to your spouse but thereafter the assets must pass to your children. This prevents your spouse’s possible future spouse or de facto getting hold of the assets.

You can create trust in your lifetime or through your Will. You must speak with a lawyer to ensure that these are properly set up.

3. Designate a Guardian

If your children are minors, it's crucial to designate a guardian in your will. Choose someone you trust to care for your children and manage their needs in your absence. Discuss your decision with the chosen guardian to ensure they are willing and prepared to take on this responsibility.

Of course, their other parent will automatically be their guardian, however, if they too pass away, you need to appoint someone for this vital role. Your kids will thank you for taking care of them, whereas often some people don’t want to even think about the possibility of this happening and get paralysed into inaction and letting their kids down.

4. Communicate Your Wishes

Have an open and honest conversation with your spouse about your concerns and wishes for your children's future. Make sure they understand the importance of prioritising your children even if they remarry. Also discuss your wishes that they protect their asset the kids by entering into a pre-nup, or Binding Financial Agreement with a new partner, whether a spouse or de facto. Please get in touch with us for more information.

5. Consider a Life Insurance Policy

A life insurance policy can provide financial support for your children after your death. Ensure that the policy names your children or a trust as beneficiaries, so the funds are specifically allocated for their care and well-being.

6. Use Binding Financial Agreements

A Binding Financial Agreement (BFA) can be a useful tool to protect your children's interests. It outlines how assets and finances will be handled in the event of your death and can include provisions for your children to ensure they are taken care of. This means that your assets will be dealt with in accordance with your Will rather than the Family law.

7. Update Beneficiary Designations

Review and update the beneficiary designations on your superannuation, life insurance policies, and other financial accounts. Ensure your children are named as beneficiaries to secure their financial future. Know the difference between a Binding Death Benefit Nomination and just an ordinary nomination which your super fund need not comply with.

8. Seek Legal Advice

Navigating the complexities of estate planning and family law can be challenging. Consult with an experienced lawyer to ensure all legal documents are correctly prepared and your children's interests are protected.

9. Keep Records Organized

Maintain organized records of all important documents, including your will, trust agreements, insurance policies, and financial accounts. Ensure that your spouse, guardian, and lawyer know where to find these documents in case of an emergency. Also, ensure that your child’s nominated guardian has access to this information. We recommend putting all this information into a Digital Vault for distribution to person’s of your choosing on your passing

10. Review Regularly

Life circumstances change, so it's important to review your estate plan regularly. Ensure that your documents reflect any changes in your family situation, financial status, or personal wishes.

Planning for the future can bring peace of mind knowing that your children will be taken care of even if your spouse remarries. WebWills is here to help you with the legal aspects of estate planning and family law. Contact us today for expert guidance and support.

Disclaimer:

Hazel Todd 21/10/2024 Hazel Todd 21/10/2024

Ways to Ensure That Your Children Will Remember You Well After You Are Gone

As parents, we all want to leave a positive and lasting impact on our children. Ensuring that your children remember you well after you are gone involves more than just financial planning; it's about creating meaningful memories and leaving a legacy of love and wisdom. Here are some tips to help you achieve this.

1. Spend Quality Time Together

Creating lasting memories with your children involves spending quality time together. Whether it's a family vacation, a regular game night, or simply a walk in the park, these moments build strong bonds and cherished memories. Oftentimes it is the little things that they remember, how you always made them their favourite tea when they were ill or gave them a little hug when you knew they were struggling but didn’t want to admit it.

2. Share Your Stories and Wisdom

Take the time to share your life experiences, values, and wisdom with your children. These stories not only help them understand who you are but also provide valuable life lessons that they can carry forward.

3. Document Your Life

Keep a journal, write letters, or create videos for your children. Documenting your thoughts, feelings, and experiences can be a precious gift for them, providing comfort and guidance long after you are gone. You can also upload these into a Digital Vault to be distributed to those of your choosing after your passing.

4. Teach and Pass Down Traditions

Family traditions and rituals help create a sense of identity and continuity. Whether it's holiday traditions, recipes, or cultural practices, teaching and passing down these traditions ensures that they live on through your children.

5. Plan for Their Future

Make sure you have a comprehensive estate plan that includes a will, powers of attorney, and any other necessary legal documents. This not only provides for their financial security but also ensures that your wishes are respected.

6. Express Your Love and Affection

Regularly express your love and affection to your children. Verbal affirmations, hugs, and small acts of kindness all contribute to a loving and supportive environment that they will remember fondly.

7. Support Their Dreams and Goals

Encourage and support your children's dreams and goals. Being their biggest cheerleader shows them that you believe in them and are invested in their success and happiness.

8. Lead by Example

Demonstrate the values and behaviours you want your children to embody. Leading by example in areas such as kindness, integrity, and hard work leaves a lasting impression on them.

9. Be Present

In our busy lives, it's easy to be physically present but mentally absent. Make a conscious effort to be fully present with your children, listening to them and engaging in meaningful conversations. When you are with your kids be all in. Put away your mobile phone, there is nothing that can’t wait.

10. Leave a Legacy of Love

Ultimately, the most important legacy you can leave is one of love. Ensure that your children know how much they are loved and valued. This emotional foundation will stay with them forever.

Ensuring that your children remember you well is about creating a life filled with love, memories, and thoughtful planning. WEBWILLS is here to help you with the legal aspects of planning your legacy. Call us at (03) 9028 7603 or email info@webwills.com.au. Let us help you.

Disclaimer:

© WebWills, Australia 2024.

Hazel Todd 14/10/2024 Hazel Todd 14/10/2024

10 Steps to Secure Your Children's Future After You're Gone

Planning for the future is essential, especially when it comes to the well-being of your children after you're gone. Ensuring that your kids are taken care of can provide peace of mind and stability for them. Here are some practical ways to ensure your children are okay when you pass away.

1. Create a Will

A will is a legal document that specifies how your assets should be distributed after your death. It allows you to name a guardian for your children and ensure they receive the care and support they need.

2. Set Up a Trust

A trust can manage and protect your assets for your children until they reach a certain age. It ensures that your children’s inheritance is used for their benefit, such as education and living expenses. It can also ensure that they are looked after financially until they receive their inheritance.

3. Appoint a Guardian

Naming a guardian in your will ensures that someone you trust will take care of your children. Discuss this responsibility with the chosen guardian to ensure they are willing and able to take on this role. For peace of mind, also nominate an alternate, in case they can’t act as your child’s guardian for whatever reason.

4. Buy Life Insurance

Life insurance provides financial security for your children in the event of your death. It can cover expenses such as education, living costs, and any debts you may leave behind.

5. Prepare a Letter of Wishes

A letter of wishes is a non-legally binding document that accompanies your will. It can guide how you want your children to be raised, including their education, values, and any other personal preferences. It can also provide for little gifts that they may receive.

6. Work/Life Balance

Make time for your kids now. Make the memories now, before it is too late. They grow up fast, and your presence creates lasting memories. Work hard, but also be there for them. Don't miss out on those special moments. Make the time.

7. Discuss Your Plans with Family

Having an open conversation with your family about your plans can prevent misunderstandings and conflicts. Make sure your loved ones know your wishes and understand their roles. Work out any difficulties before they arise, and address any concerns your family may have while you can. But it is also a good idea to put it in writing, to ensure the full details are recorded and available for everyone.

8. Plan for Their Education

Set up education funds or accounts to ensure your children’s educational needs are met. This can provide them with the resources they need to succeed in the future. This can be an investment account or education policy.

9. Write a Legacy Letter

Share your values, life lessons, and hopes with your children. It's a personal way to guide them in the future. Tell them what makes them special, why they make you smile, and what your hopes are for them. Give them all the advice you can. This can be a source of comfort and guidance as they grow.

10. Review and Update Your Plans Regularly

Life circumstances change, so it’s important to review and update your estate plans regularly. Ensure that your will, trust, and other arrangements reflect your current situation and wishes. You should at least reconsider your plans for the following events:

• Births of new family members

• Deaths, particularly of someone who you had chosen to be your guardian or executor

• Before travelling

• On divorce or separation

• On marriage

• If you start to cohabitate with someone

• Acquiring or selling a major asset

• If you move to a new country or state

• If any of your significant relationships change

• If any of your beneficiaries’ needs change.

• On major illness.

Taking these steps can help ensure your children are well taken care of when you pass away. Planning ahead provides peace of mind and security for both you and your loved ones. If you need assistance, consider consulting with WebWills to guide you through the process.

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.

Hazel Todd 07/10/2024 Hazel Todd 07/10/2024

Things I Wish I Could Tell My Younger Self

As I've listened to feedback from my clients, I've come to appreciate the wisdom in planning for the future, especially when it comes to end-of-life preparations. Here are insights gleaned from their experiences that they wish they could share with their younger selves:

1. Start Saving Early

Many clients express regret over not starting to save money earlier. They emphasize that having a financial safety net not only prepares you for unexpected emergencies but also ensures long-term security and freedom.

2. Invest in Health

Prioritizing health from a younger age is a common sentiment among clients. They stress the importance of regular exercise, a balanced diet, and routine check-ups to maintain well-being and enjoy life fully.

3. Create a Will

Understanding the significance of having a will early on is crucial. Creating a will ensures assets are distributed as desired, alleviating stress for loved ones during difficult times.

4. Establish Powers of Attorney

Designating powers of attorney for financial and healthcare decisions is seen as essential. Clients recommend doing this early to protect personal interests and ensure trusted individuals can act on their behalf if necessary.

5. Have Open Conversations

Clients wish they had been more open with family about end-of-life wishes. They stress the importance of discussing healthcare preferences and funeral arrangements to ensure these wishes are respected.

6. Plan for Long-Term Care

Planning for long-term care options earlier is advised. Clients suggest considering financial preparations and support options to maintain quality of life in later years.

7. Document Important Information

Organizing essential documents like insurance policies and bank accounts is important. Having everything readily accessible can significantly reduce stress for family members.

8. Consider Your Digital Legacy

Acknowledging the importance of managing digital assets is emphasized. Clients recommend ensuring loved ones know how to handle online accounts and digital presence.

9. Embrace Life Fully

Balancing planning for the future with living in the present is a recurring theme. Clients are urged to take risks, travel, and spend time with loved ones to create meaningful memories.

10. Leave a Legacy of Love

Focusing on building strong relationships and leaving behind cherished memories is considered the most valuable legacy. Clients emphasize the impact of kindness and love on those around them.

Thinking about end-of-life planning might seem somber, but it’s a powerful tool for ensuring a better life and legacy. By taking steps to plan for the future, you not only secure your peace of mind but also leave a lasting, positive impact on your loved ones. So, take these tips to heart and start planning today for a brighter tomorrow.

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.

Hazel Todd 30/09/2024 Hazel Todd 30/09/2024

Tips for Ensuring Your Parent's Affairs Are in Order

Helping a difficult parent organize their affairs can be tough. It ensures their wishes are respected and relieves you from making tough decisions about their health and senior care needs.

If you're seeking assistance to organize your parents' affairs, WebWills is ready to support you every step of the way.

Benefits of planning ahead

• Knowing where essential documents are when support is needed.

• Emergencies become less overwhelming.

• Avoid last-minute decisions for your parents.

• Understand and respect your parents’ wishes.

• Promote harmony with shared understanding, reducing conflicts.

Getting started with affairs

Preparing your affairs isn't just about making a will; it involves:

• Legal matters such as estate planning and setting up powers of attorney

• Financial planning, including retirement savings and wealth management

• Healthcare preferences and long-term care arrangements

If you or your parents need guidance, consider these steps to begin.

1. Start the Conversation Early

Initiating discussions about estate planning and future arrangements early can make the process smoother. Approach the topic gently and with empathy, explaining the importance of having everything for their peace of mind and the family's well-being.

2. Educate Yourself

Before discussing specifics, educate yourself about the necessary legal documents and steps involved in estate planning. Understanding the process will help you answer their questions and provide accurate information, making them more comfortable with the idea.

Ensure your parents have all essential legal documents securely in place. Gather and store these documents safely:

• Their will

• Advance healthcare directives

• Enduring powers of attorney for finances and healthcare

• A family plan outlining caregiving roles

• Birth, marriage, and death certificates; divorce decrees; citizenship papers; Social Security cards

• Property deeds or cemetery plots

• Pre-paid funeral plans

• Insurance policies and pension benefits

• Lists of medications

This preparation ensures their affairs are well-managed and accessible when needed.

3. Involve a Professional

Sometimes, a neutral third party like a lawyer or financial advisor can make discussions easier. They can provide professional advice and ensure that all legal requirements are met, which can alleviate some of your parent's concerns.

4. Be Patient and Listen

Patience is crucial when dealing with a difficult parent. Listen to their worries and objections without interrupting. Acknowledging their feelings can help build trust and make them more receptive to your suggestions.

5. Simplify the Process

Break down the tasks into manageable steps. Create a checklist of what needs to be done and tackle one thing at a time. This approach can make the process less overwhelming for your parent and for you.

6. Focus on Their Wishes

Ensure that the planning reflects your parent's wishes. Ask them about their preferences for healthcare, financial decisions, and distribution of assets. Making them feel in control can reduce resistance.

7. Document Everything

Keep thorough records of all discussions, decisions, and documents. This can prevent misunderstandings and ensure that all parties are on the same page. Having everything documented can also make it easier to manage their affairs later.

8. Use our Digital Vault

Utilize technology to keep track of important documents and deadlines. There are many apps and software designed for estate planning that can help you organize and store information securely, and make it available to those who need that information when they need it.

9. Offer Emotional Support

Recognize that this process can be emotionally taxing for your parent. Offer your support and reassure them that you are there to help, not to take control. Emotional support can go a long way in easing their anxiety.

10. Review Regularly

Estate planning is not a one-time task. Regularly review and update documents to reflect any changes in your parent's situation or wishes. Keeping everything current ensures that their affairs are always in order.

Helping a difficult parent get their affairs in order is a delicate task, but it can be done with patience, understanding, and the right approach. These tips can guide you through the process, ensuring that your parent's wishes are respected, and their future is secured.

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, situation, or proposal, or contact 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.

Hazel Todd 23/09/2024 Hazel Todd 23/09/2024

Grounds for Challenging a Will

Entering the world of Will challenges can seem like stepping onto a soap opera set. But in reality, it often involves legal difficulties and family conflicts. It is also immensely stressful. If you'd rather keep your family matters private, think twice before initiating Will validity proceedings. These cases can end up in published judgments, revealing family secrets and disputes, and airing all sorts of dirty laundry, that every family has. These judgements can even form part of the course curriculum for law students. However, if you have genuinely been wronged, you should take the necessary steps to correct that wrong.

Understanding the Eight (8) Grounds for Challenging a Will

1. Contesting the Terms: Relatives might challenge a Will using Family Provision claims to ask for more from the estate. Certain conditions must be met, such as being the surviving spouse or child. A successful claimant must prove that the deceased or Will maker had a moral duty to provide for them.

2. Testamentary Capability: If someone making a Will doesn’t fully understand what they were doing or its consequences due to mental incapacity, the will could be contested, and likely overturned. This assessment considers if they grasped the process of making a will, their belongings, and any possible claims on their estate. Usually supporting medical evidence will be required to prove a claim.

3. Forgery or Fraud: If there's evidence of forgery, such as a forged signature, or fraud, like destroying a later will for personal gain, the will's validity can be challenged.

4. Undue Influence: Suspecting undue influence isn't enough; you need evidence of coercion by someone influencing the will-maker's decisions. However, if you can provide that someone unduly influenced another to make a Will, then that Will can be overturned.

5. Gathering Evidence: Prepare your case thoroughly by gathering evidence to support your claims. This may include documents, witness statements, and expert opinions. You need to put forth a very clear reasoned argument based on fact and not just your personal beliefs

6. Legal Resolution: If disputes can't be resolved through alternative means, they may proceed to a court hearing where a judge will make the final decision. You should aim to negotiate a resolution before taking court action. Remember that there are very strict deadlines to be met in taking court action, so meet with a lawyer as soon as you suspect something is amiss.

7. Seeking Legal Advice: During a will dispute, getting legal advice is important. Skilled lawyers can help you understand the legal system and give you advice that fits your situation perfectly, and of course, advise you of the strict court deadlines.

Dealing with will disputes needs attention and legal know-how. At WebWills, our team specializes in handling will validity disputes. If you're in this situation, reach out to us for expert help. Call us at (03) 9028 7603 to talk about your case.

DISCLAIMER

© HazeLegal, Australia 2024.

Hazel Todd 16/09/2024 Hazel Todd 16/09/2024

Six Tips for Treating Testamentary Capacity Challenges

Making sure a will truly represents someone's wishes is important. But what if they can't make a valid will themselves? In these situations, understanding legal ways is key. HazeLegal shares six helpful tips about creating wills for those who might lack the capacity, explaining statutory wills and recent legal cases.

Making sure a will truly represents someone's wishes is important. But what if they can't make a valid will themselves? In these situations, understanding legal ways is key. WebWills shares six helpful tips about creating wills for those who might lack the capacity, explaining statutory wills and recent legal cases.

1. Understanding Testamentary Capacity

Testamentary capacity means knowing what making a will means, being aware of your property and who might inherit it, and not having any mental issues that affect your ability to make decisions.

2. Challenges and Consequences

The inability to make a will can make it hard to express what someone wants for their belongings. When this happens, the laws about who gets what when there's no will may not match what the person wanted, causing unexpected results.

3. Statutory Wills in Victoria

In Victoria, the law allows the Supreme Court to make statutory wills for minors or people who can't make a will themselves. These special wills represent what the person would likely want and are only approved in certain situations.

4. Case Study: State Trustees Limited v Rick Cooper

In a recent case in the Supreme Court of Victoria, the use of statutory wills was demonstrated. Although "Jim" could not make a will due to cognitive impairment, he clearly expressed his desire to exclude his nephew and provide for his wife's siblings. The court approved a statutory will that honoured Jim's intentions.

5. Standards for Statutory Wills

Before approving a statutory will, the court needs to confirm three key factors: first, that the individual cannot make a will; second, that the proposed will accurately reflect what the individual would likely intend; and third, that the decision is reasonable given the circumstances and free from any additional motives or purposes.

6. Approach with Caution

Be careful when considering statutory wills as they aim to honour the person's wishes. The court aims to match the proposed will with what the person would likely want, not comparing it to intestacy or existing wills. Seek legal help to navigate these complexities.

If you or someone you know is in a situation where making a will is challenging due to lacking testamentary capacity, seek professional advice to ensure their wishes are properly addressed.

DISCLAIMER

This is a commentary published by WebWillls 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.

Hazel Todd 09/09/2024 Hazel Todd 09/09/2024

Protecting Elderly Loved Ones: Six Tips to Prevent Abuse in Care

In this article, we'll chat about six simple ways to keep elder abuse at bay and make sure looking after our elderly relatives is smooth sailing.

The movie "The Father" really hits home about the tough times elderly folks and their families go through, especially when dealing with dementia.

Here at WebWills, we see a lot of similar situations where older parents need help, and their kids are trying to figure out the best way to take care of them and manage their money. But sometimes, things get messy, and disagreements pop up, taking away from what matters – making sure our elders are safe and happy.

In this article, we'll chat about six simple ways to keep elder abuse at bay and make sure looking after our elderly relatives is smooth sailing.

1. Address Legal Matters Early

Ensure elderly relatives have a power of attorney in place while they still possess decision-making capacity. Addressing legalities early prevents complications and potential disputes in the future.

2. Effective Management by Attorneys

Attorneys appointed under a power of attorney must manage the principal's affairs diligently and in their best interests. Regular management and communication are essential to prevent mismanagement.

3. Respect Inheritance Timing

Avoid pressuring elderly relatives for early access to inheritance funds. Such requests may strain relationships and jeopardize the elderly person's financial security.

4. Seek Legal Guidance

Consult with a lawyer to mediate disputes and find mutually beneficial solutions among family members. Legal assistance can prevent conflicts from escalating and safeguard the elder's interests.

5. Explore VCAT Options

If disputes persist, consider applying to the Victorian Civil & Administrative Tribunal (VCAT) for intervention. VCAT can appoint new administrators or guardians, request financial information, or address concerns about attorney misconduct.

6. Prioritize Communication

Maintain open communication channels among family members to address concerns and clarify expectations regarding the elderly relative's care and finances. Effective communication fosters understanding and prevents misunderstandings.

Taking care of elderly relatives can be challenging, but with careful planning and communication, families can ensure their well-being while avoiding elder abuse. Remember, HazeLegal is here to help if you have any questions or need assistance. Feel free to reach out to us anytime.

DISCLAIMER

Hazel Todd 02/09/2024 Hazel Todd 02/09/2024

Victoria's Will Contesting: 10 Essential Facts

Contesting a will can be daunting, especially when you're unsure of where to begin. Here are the essential points you need to understand before taking any action:

1. Don't Miss the Deadline: You have six months from the date of the probate grant or administrator appointment to contest a will. However, exceptions can be made if the estate hasn't been distributed. If the estate has been wound up, you will have missed your chance.

2. Eligibility Matters: If you're a spouse, partner, child, or stepchild of the deceased, you're likely eligible to contest the will. If unsure, seek legal advice tailored to your circumstances. The crux of a claim is whether the deceased had a moral duty to provide for you.

3. Timeframe for Resolution: Most claims are resolved within six to nine months through negotiation or mediation. If a hearing is necessary, it might take twelve to eighteen months, maybe longer. Be prepared to negotiate, legal costs can quickly get out of hand.

4. Timing is Crucial: You can contest a will only after it's probated or when an administrator for the estate is appointed by the court. If you know that an executor has not applied for probate, perhaps to defeat a challenge by simply delaying, you can apply to court for assistance to compel the executor to apply for probate or offer up the Will so that the next person in line can apply for probate.

5. Know Your Claimable Assets: You can claim against assets owned or in which the deceased had an interest. Trusts and superannuation usually fall outside this scope. You will have to pursue claims against any other entity separately. Also remember that if the deceased owned property with another as a Joint Tenant, that other person automatically becomes the sole owner of the property without the need to apply for probate or reference to the deceased Will.

6. Court Considerations: The court assesses the moral duty of the deceased to provide for you and whether the distribution of the estate adequately meets your needs. You will need to disclose your financial position to justify your claim.

7. Legal Process Overview: Contesting a will involves legal proceedings against the estate. This includes exchanging documents, mediation, and potential court hearings. Be aware before you get started that it will be a lengthy and stressful process, coupled with your existing grief of the loss of a loved one.

8. Assessing Your Claim's Value: Determining the worth of your claim involves complex considerations and varies between judges. Expert legal assistance is key. You should seek legal advice, and remember that there are no guarantees that you will get what you want or indeed anything at all.

9. Understanding Costs: Contesting a will typically incur costs ranging from $30,000 to $50,000 to potentially a whole lot more, often covered by the estate. The bigger the estate the more these costs seemed to blow out. A successful claim usually results in costs being paid from the estate.

10. Exploring Fee Arrangements: Financing options are sometimes available from external loan providers, who will likely also require some commission or uplift to finance the proceedings. These options can be a lot more expensive than they first appear.

If you're considering contesting a will in Victoria, our team at HazeLegal is here to assist you. We'll assess your case, provide clear guidance, and work to achieve your best possible outcome. Don't hesitate to reach out to us for expert advice tailored to your situation.

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.

Hazel Todd 26/08/2024 Hazel Todd 26/08/2024

How to Find Your Deceased Relative's Tax Records and How to Prevent a Mess for Your Own Family

Dealing with the death of a loved one is hard enough without the added stress of untangling their financial affairs. If your relative has left their tax records and other financial information in disarray, here are some tips to help you find what you need. We also discuss how you can make things easier for your own family in the future.

Finding Your Deceased Relative's Tax Records

1. Check Their Personal Files

Look through their personal files, including filing cabinets, desks, and digital folders on their computer. Important documents like tax returns, bank statements, and receipts are often stored here.

2. Contact Their Accountant or Tax Agent

If your relative used an accountant or tax agent, they would have copies of past tax returns and could provide the Tax File Number (TFN) and other essential information.

3. Look Through Their Mail

Tax-related documents are often sent by mail. Look for letters from the Australian Taxation Office (ATO), banks, or other financial institutions. These might contain crucial information or lead you to other relevant documents.

4. Search Digital Records

Check their email accounts and any cloud storage services they use. Important tax documents might be stored digitally. Look for folders labelled "Taxes" or similar.

5. Contact the Australian Taxation Office (ATO)

If you have trouble finding their TFN or tax records, contact the ATO. They can provide guidance on what steps to take to access the necessary information.

6. Gather All Relevant Financial Documents

Collect any bank statements, superannuation records, and investment documents. These can help piece together their financial situation and provide necessary information for tax purposes.

Preventing a Mess for Your Own Family

1. Organise Your Financial Documents

Keep all your important financial documents, including tax returns, in a single, well-organised location. Make sure your family knows where this is.

2. Create a Digital Backup

HazeLegal offers storing digital copies of important documents in a secure cloud storage service. Ensure that your family knows how to access these files.

3. Keep Your TFN Secure

Your Tax File Number is crucial. Store it in a safe place and include it in your list of important documents. Inform your family where they can find it.

4. Use a Trusted Accountant or Tax Agent

Working with a professional can ensure that your tax affairs are in order. Provide your family with their contact details so they can reach out if needed.

5. Prepare a Will and Estate Plan

Clearly outline your wishes and financial arrangements in a will. An estate plan can help manage your assets and provide guidance for your family.

6. Communicate with Your Family

Have open conversations with your family about your financial affairs. Make sure they know where to find important documents and understand your wishes.

7. Update Your Records Regularly

Keep your financial records up to date. Review them annually to ensure everything is current and easily accessible.

8. Upload your information to our Digital Vault

Upload your information and records to our Digital Vault, which will ensure that after your passing, and not before, your information will be sent to those of your choosing, such as your executors and next of kin. If everyone has all the relevant information, there is less likelihood of someone abusing the situation and perhaps ripping off either yourself, your estate or your family. Knowledge of power.

9. Consider Professional Advice

Speak with a lawyer or financial advisor to ensure your affairs are in order and to get advice tailored to your situation.

By taking these steps, you can reduce the stress on your family during a difficult time and ensure that your financial affairs are handled smoothly.

Need more help? Reach out to us today!

DISCLAIMER

Hazel Todd 19/08/2024 Hazel Todd 19/08/2024

What will your Tombstone say?

Our epitaph is the world’s lasting view of us, a summary of our lives, and what we stood for.

What will your tombstone say about you? Entrepreneur, hard worker, professional, scroller of social media, binger of Netflix?

Or it says, most beloved parent, child or spouse?

What do you want it to say? For that is how you must live your life.

We often get busy with the minutiae of life and forget about what is important.

It is your executor who will choose the inscription on your tombstone, so now you know who to impress. Haven’t appointed an executor? Then maybe writing your Will should be the next thing on your To-do list. Contemplating your passing does not have to be scary, it can be a wake-up call – before it’s too late – on what you want from this one short and crazy life!

Here are a few famous tombstones to inspire you.

Emily Dickinson (Author) (1830-1886)

“Called Back”

Referring to the last words that she ever wrote in a letter to her cousins, but also the title of a novella she loved by Hugh Conway.

And not a reference to a phone scam.

William Shakespeare (1564-1616)

"Good friend for Jesus' sake forbear,

To dig the dust enclosed here.

Blessed be the man that spares these stones,

And cursed be he that moves my bones."

I think someone was a little concerned about grave robbers. Though probably not unfounded.

Rosa Parks (1913 – 2005)

“Mother of the Civil Rights Movement”

I think we can all agree on that one.

A fitting tribute to her monumental impact on history.

Winston Churchill (1874-1965)

"I am ready to meet my Maker. Whether my Maker is prepared for the great ordeal of meeting me is another matter."

Churchill's wit and wisdom even in death.

Mel Blanc (1908-1989)

"That's All Folks!"

The famous sign-off of the man behind many beloved cartoon voices.

Martin Luther King Jr. (1929-1968)

"Free at last, Free at last, Thank God Almighty I'm Free at last."

Echoing his immortal words from the civil rights movement.

Merv Griffin (1925-2007)

"I will not be right back after this message."

A humorous nod to his career as a television host.

Frank Sinatra (1915-1998)

"The Best Is Yet To Come."

A hopeful message from the legendary singer.

J.R.R. Tolkien (1892-1973)

"Beren" and "Lúthien"

A touching reference to his epic love story from "The Silmarillion." He shares the grave with his wife Mary, who is referred to as Luthien and he as Beren, two great loves.

Johnny Cash (1932-2003)

"I walk the line."

Summarising his life and music career in just a few words.

Mae West (1893-1980)

"Come up and see me some time."

A cheeky nod to her famous catchphrase.

Billy Wilder (1906-2002)

“I'm a writer but then nobody's perfect.”

Only a writer could pen those words.

Edgar Allan Poe (1809-1849)

“Quoth the Raven, Nevermore.”

A fitting tribute to his most famous poem “The Raven” and its interpretation that nothing can be done to change the situation of he who lies there. Very clever indeed.

Benjamin Franklin (1706-1790)

“The body of Benjamin Franklin, Printer, Like the cover of an old book, Its contents are torn out, And stripped of its lettering and gilding, Lies here, food for worms. But the work shall not be lost, For it will, as he believed, appear once more, In a new and more elegant edition, Revised and corrected by the Author.”

Reflecting his view on death and life beyond.

Bette Davis (1908-1989)

“She did it the hard way.”

Having succeeded in Hollywood when the pressures against women were even greater than they are now. She was the first woman to be awarded a Lifetime Achievement Award by the American Film Institute

George Washington Carver (1864-1943)

“He could have added fortune to fame, but caring for neither, he found happiness and honour in being helpful to the world.”

Words to live by, and a wonderful legacy to leave.

Planning your legacy is as important as living it. These epitaphs remind us to consider what we want our final message to the world to be. By planning your estate now, you can ensure that your legacy reflects your values and what you stood for. If you need help with estate planning, don't hesitate to reach out. Your legacy is worth securing.

DISCLAIMER

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