Hazel Todd 7/10/24 Hazel Todd 7/10/24

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 30/09/24 Hazel Todd 30/09/24

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 2/09/24 Hazel Todd 2/09/24

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

© WebWills, Australia 2024.

Hazel Todd 26/08/24 Hazel Todd 26/08/24

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

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 12/08/24 Hazel Todd 12/08/24

12 Ways to Make Sure Your Power of Attorney does not rip you off

What will your Tombstone say?

Appointing a Power of Attorney (PoA) is a crucial step in ensuring your affairs are managed if you become unable to do so yourself. However, it's essential to take measures to prevent any misuse of this power. HazeLegal will give you 12 tips to ensure your PoA acts in your best interests and does not take advantage of their position.

1. Choose Someone Trustworthy

Select someone with a proven track record of honesty and reliability. This person should have your best interests at heart and a strong moral compass.

2. Clearly Define Their Powers

Be specific about what powers you are granting. Clearly outline what they can and cannot do in the legal document to avoid any misunderstandings.

3. Set Up Dual Agents

Consider appointing two people to serve as co-agents. This way, they can keep each other in check and prevent unilateral decisions.

4. Regularly Review the Arrangement

Schedule regular reviews of your PoA arrangement. This allows you to reassess their performance and make changes if necessary.

5. Require Detailed Record-Keeping

Ensure your PoA keeps detailed records of all transactions and decisions made on your behalf. This accountability helps deter misuse.

6. Involve a Third Party

Incorporate a trusted third party, such as a lawyer or accountant, to oversee significant financial decisions. Their involvement adds an extra layer of oversight.

7. Limit Financial Powers

Consider limiting the financial powers of your PoA to specific tasks or amounts. This can minimize the risk of large-scale financial abuse.

8. Set Up a Monitoring System

Implement a monitoring system where another person or entity, like a family member or professional advisor, reviews the actions of your PoA regularly. You can make this an express direction on your Power of Attorney.

9. Use a Revocable PoA

Opt for a revocable PoA that you can cancel at any time if you suspect misuse or if your circumstances change. And consider having the starting date either when you lose capacity, or straight away, where you can monitor their actions.

10. Communicate Your Wishes

Have a clear conversation with your PoA about your values, preferences, and expectations. Ensure they understand your wishes thoroughly. The best way to do this is to leave instructions in our Digital Vault, which will be sent to them once you lose the capacity to make decisions for yourself

11. Get Professional Advice

Consult a lawyer when drafting your PoA document. Professional advice can help ensure all legal safeguards are in place.

12. Inform Key People

Let close family members and friends know who your PoA is and their responsibilities. This transparency helps create a support network that can detect and prevent misuse.

Creating a Power of Attorney is a significant decision. By taking these steps, you can protect yourself from potential abuse and ensure your affairs are managed according to your wishes. Regular communication and clear documentation are key to maintaining control and peace of mind.

Life is full of changes, so it's crucial to have legal experts who can protect you when needed.

Contact WebWills today. We'll guide you through the steps to ensure your wishes are followed.

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 14/08/23 Hazel Todd 14/08/23

10 Reasons why you MUST update your Will on separation or Divorce.

10 Reasons why you MUST update your Will if your separate or Divorce

Why you need to update or write a Will after divorce of separation.

Updating your will after a divorce or separation is an important step to ensure that your wishes are accurately reflected in your estate planning. In Australia, as in many other jurisdictions, divorce can have significant implications for your will. Here are 10 reasons why you should consider writing or updating your will after a divorce or separation:

1. Changed Circumstances

Divorce or separation often leads to changes in your personal, financial, and familial circumstances. Your will should reflect these new realities accurately.

In fact you should update your Will after any major life change

2. Automatic Changes to your Will due to Divorce

In some jurisdictions, including parts of Australia, a divorce may automatically revoke certain provisions of your will that relate to your former spouse, preventing them from inheriting. However, this may not apply to all parts of the will, and it's essential to make explicit changes.

3. Appointing New Beneficiaries

You may want to remove your former spouse as a beneficiary and designate new beneficiaries, such as your children, other family members, or friends.

It is common for a couple to leave all their assets to the other, then the kids. If you have divorced you will definitely want to change that.

4. Protecting Children

If you have children from the marriage, you'll want to ensure that they are provided for in your will, either directly or through a trust, if necessary. A trust is best for young children who are unable to manage their money.

You cannot necessarily rely on your ex-spouse to take care of your children financially, so you should do so in your Will.

5. Appointment of Executors

You might need to change the executor of your will if your former spouse was previously appointed or if you want to appoint someone else who better reflects your current circumstances.

If you die without a Will your former spouse can become the Executor of your estate if they are the other parent to your minor child/ren. Writing a will shuts this back door against your Ex gaining control over your estate and money.

6. Guardianship of Minor children

If you have minor children, you may want to designate a guardian in case something happens to you. This becomes especially important if your former spouse is no longer the appropriate choice. Or if you ex-spouse dies before your children are of age.

Writing a Will is principally about protecting your family.

7. Jointly Owned Assets

If you and your former spouse owned property or assets jointly, you might want to specify what should happen to these assets in your will, especially if you have not finalsied your property split.

You will also need to sever joint tenancy over any assets which could mean that your former spouse automatically becomes the owner of the property, therefore depriving your estate of that asset. Speak to one of our lawyers if you have any questions about how to deal with jointly owned assets.

8. Avoiding Intestacy

Without a valid will, your assets might be distributed according to intestacy laws, which might not align with your wishes and could lead to complications for your loved ones.

It’s your money, you should decide who gets it. Your family will need to apply to the Supreme Court to sort out the mess that you leave by not taking care of things for them.

It’s also important to create certainty for your family left behind.

9. Family Maintenance

You might have been paying or receiving alimony or maintenance payments. Your will could address how these financial arrangements should be handled in the event of your passing.

10. Avoiding Conflicts

Updating your will can help prevent potential conflicts or legal disputes among your family members over your estate. Clearly outlining your intentions can help reduce the chances of disagreements later on.

Your death will be hard enough to manage for your loved ones, don’t make it worse by leaving a mess for them to clean up. The stress of estate challenges can be enormous. If you can prevent conflict through proper planning, you should.

Remember that laws can vary based on your location within Australia, so it's crucial to consult with a qualified legal professional who specializes in estate planning and is familiar with the laws in your jurisdiction. They can guide you through the process of updating your will to ensure your wishes are accurately reflected and legally binding.

You can also get an Online Will, at Webwills we offer the Best Online Will, as it is comprehensive, and tailored to you.

Why not GET STARTED today, your family will thank you for it

DISCLAIMER

This is 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 for any specific situation or proposal, or alternatively 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 30/06/23 Hazel Todd 30/06/23

Why it’s important to have a Power of Attorney

Why you absolutely need a Power of Attorney

Introducing the Power of Attorney: Unlocking Peace of Mind
Are you prepared for unexpected situations that may leave you unable to make important decisions about your finances, healthcare, or legal matters? At Web Wills, we understand the importance of anticipating life's uncertainties, which is why we bring you the indispensable solution – the Power of Attorney.

Get a power of attorney now

Why is a Power of Attorney is a Necessary but small Expense?

1. Protecting your wishes:
Life can be unpredictable, with accidents and illnesses lurking around the corner. In such instances, it is crucial to have a legal representative who can make decisions aligned with your wishes. A Power of Attorney grants the authority to a trusted person or persons of your choice, ensuring that your preferences regarding healthcare, property, and finance are followed, even when you cannot express them directly.

2. Avoiding costly legal battles:
Without a Power of Attorney in place, your family members or loved ones may find themselves facing complex legal proceedings and court interventions to make decisions on your behalf. This often leads to significant financial burdens, prolonged processes, and emotional stress. By having a Power of Attorney, you minimize the risk of disputes and eliminate the need for legal battles, saving considerable time, money, and unnecessary grief.

3. Maintaining financial stability:
Imagine being temporarily incapacitated and unable to manage your financial affairs, pay bills, or access your bank accounts. This situation could leave you vulnerable to financial hardships, missed opportunities, and potential scams. By designating a trusted agent through a Power of Attorney, your personal finances can continue to be prudently managed, ensuring your bills are paid, investments are monitored, and assets are protected.

4. Medical decisions in line with your wishes:
When it comes to healthcare decisions, you deserve to have your voice heard – even if you are unable to express it yourself. A Power of Attorney for healthcare grants your chosen agent the authority to make medical decisions on your behalf, ensuring that your treatment preferences, end-of-life care, and medical interventions are executed as you desire. This critical document helps prevent confusion and ensures that your loved ones are not burdened with making difficult choices without guidance.

Why Choose Web Wills?

At Web Wills, we are committed to simplifying the process of creating a Power of Attorney, ensuring efficiency, affordability, and reliability. Here's what sets us apart:
1. User-friendly and secure platform: Our intuitive online platform allows you to create all the documents that you need at a fraction of the cost and in a fraction of the time.

2.Solicitor drafted: Our documents are solicitor drafted, to your individual needs.

3. Cost effective: our prices are super competitive.

4.We get the job done without all the fuss so you get on with more important matters, like your family.

get your power of attorey now