Aly Belarmino 08/07/2024 Aly Belarmino 08/07/2024

Regrets of Dying

In life, we often find ourselves contemplating the choices we've made and the paths we've taken. But what if we could learn from the reflections of those nearing the end of their journey? Bronnie Ware, an Australian palliative care nurse, shares insights gleaned from her patients in "The Top Five Regrets of Dying," a book born from her blog cataloguing the regrets of those in their final days. While we're not directly associated with Bronnie, her work holds valuable lessons for us all.

Here are the Top Five Regrets of the Dying:

1. Not Living the Life That You Wanted to Live

Many of us fall into the trap of living to meet others' expectations, neglecting our desires. Take stock of your life and focus on what truly matters to you. Define your aspirations and take steps to realize them, whether it's pursuing a hobby or volunteering in your community.

2. Wishing You Hadn’t Worked So Hard

In a society that glorifies workaholism, it's crucial to prioritize self-care and personal fulfilment alongside professional success. Make time for activities that bring you joy and nourish your relationships. Don't hesitate to seek support when needed, fostering a healthy balance between work and life.

3. Having the Courage to Express Your Feelings More

Suppressing feelings and opinions to maintain peace can lead to profound dissatisfaction. Cultivate open communication in your relationships, expressing yourself authentically. Honesty fosters deeper connections and prevents regrets stemming from unspoken truths.

4. Wishing You Had Stayed in Touch with Your Friends

Amid life's busyness, it's easy to lose touch with cherished friends. Invest time and effort in maintaining meaningful connections, beyond superficial interactions. Prioritize face-to-face meetings or heartfelt conversations to cultivate lasting bonds.

5. Wishing I Let Myself Be Happier

Happiness is a conscious choice, requiring effort and self-awareness. Practice gratitude, embrace change, and cultivate mindfulness to find joy in life's simple moments. Let go of self-judgment and expectations, allowing yourself to embrace life fully and without regrets.

Why Are We Sharing These Regrets?

Life's brevity underscores the importance of living authentically, fostering connections, and embracing happiness. Bronnie Ware's insights remind us to cherish each day, prioritize personal fulfilment, and live with intention.

This event wasn't our typical educational series, but the insights from HazeLegal and Bronnie are still crucial. We often discuss wills and estate planning, but it's equally vital to address the human aspect. Whether it's financial or personal, our goal is to inform you so you can make the necessary changes.

And it’s always a good thing to stop and think about our life, the finiteness of it and the direction it is taking. We find that many people know that they need a Will but don’t want to stop and think about their lives and their direction in this way.

Time is invaluable. We aim to spare you from enduring these regrets or any other estate planning oversights. If you seek guidance on how to live more fully and embrace the end of life, please reach out.

Book your Wills and Estate Planning appointment today and plan your death full of love, happiness, and contentment!

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 01/07/2024 Aly Belarmino 01/07/2024

The Horror of No Estate Planning

Imagine a family in chaos, torn apart by the lack of proper estate planning. This horror story highlights the devastating consequences that can arise when you don't plan for the inevitable.

1. Ex-Partner Takes Control of Assets for the Kids

When John passed away unexpectedly, his ex-partner, who was still listed as the guardian of their children, took control of his assets. This led to endless legal battles and strained relationships, as his current wife was left to deal with the mess for her and John's children. As a result, John’s new wife needed to take the matter to Court to fight for her rights. The competing interests need to be resolved through a Will.

2. Step-Mum Takes Everything and Leaves It to Her Kids

After David's death, his stepmother inherited all his assets, leaving nothing for his biological children. She then left everything to her children, cutting David’s kids out completely. The family was left heartbroken and bitter.

3. Will Not Signed, Chasing Witnesses to Get Further Affidavits and Delaying Probate

When Sarah died, her will was not signed properly. Her family had to track down witnesses to provide affidavits, delaying probate for months. This caused significant stress and financial hardship during an already difficult time. A simple discussion with a lawyer could have avoided all of this if done properly in the beginning.

4. Stepfather Organizes Mum's Will to Leave Everything to Him, Leaving the Kids with Nothing

Mary’s stepfather managed her finances and influenced her to leave everything to him. When she passed, her children were left with nothing, feeling betrayed and abandoned. It is important to discuss these matters with your parents before it is too late and ensure that they are not being manipulated.

5. Couldn't Bury the Deceased Because They Hid All Their Documents and Couldn't Find the Money to Bury Them

When Paul died, his family couldn't find his documents or money to cover burial expenses. They struggled to give him a proper burial, adding to their grief and frustration. Leaving the right information, including all accounts and financial information, in our Digital Vault for distribution to the persons assigned by the Will maker, could have avoided all this stress, and allowed them to be laid to rest much sooner.

6. Father Appointed Estranged Sister as Executor, Who Hid the Ashes So Client Couldn't Mourn Father

Tom’s father appointed his estranged sister as executor. She hid his ashes, preventing Tom from mourning properly. This caused deep emotional pain and unresolved grief. This could have been avoided if Tom’s father had just talked with a lawyer and chosen the right executor.

7. Estranged Kids Coming After Father’s Assets Even Though They Hadn't Spoken in Decades

When Richard died, his estranged children, who hadn't spoken to him in decades, came forward to claim his assets. This led to a bitter dispute with his current family, tearing them apart. This could have easily been avoided, and in fact, Richard really should have known that it would have happened and spared his family the grief. Now his memory is tainted by what happened.

Tips to Avoid These Horrors:

1. Keep Your Will Updated

Ensure your will reflects your current wishes and relationships. Regularly review and update it to avoid leaving assets to unintended recipients.

2. Clearly Define Beneficiaries

Specify who gets what in your will to prevent step-relatives from taking everything. This ensures your assets go to your intended heirs.

3. Sign and Witness Your Will

Make sure your will is signed and properly witnessed to avoid delays and legal issues. This simple step can prevent a lot of trouble for your loved ones.

4. Appoint a Trusted Executor

Choose someone you trust to manage your estate. Avoid estranged or unreliable family members to ensure your wishes are honoured.

5. Organize Important Documents

Keep all important documents in a safe and accessible place. Inform a trusted person about their location to avoid difficulties during burial arrangements.

6. Communicate Your Wishes

Discuss your estate plans with your family to avoid misunderstandings. Clear communication can prevent disputes and ensure everyone understands your wishes.

By following these tips, you can spare your family from the horror and chaos of poor estate planning. Planning ensures your loved ones are taken care of and your final wishes are respected. Remember, WebWills is here to help if you have any questions or need assistance. Feel free to reach out to us anytime.

DISCLAIMER

© WebWills, Australia 2024.

Aly Belarmino 24/06/2024 Aly Belarmino 24/06/2024

Post-Demise Data: Ensuring Family Access to Your Vital Information with a Digital Vault

Ensuring that your family can access essential information and digital assets after your passing is a crucial aspect of estate planning. In today's digital age, where much of our lives are stored online, addressing this issue is more important than ever. At WebWills, we understand the challenges faced by loved ones in accessing digital assets as well as the information that they need to finalize their affairs after your passing, which is why we have our platform - the WebWills Digital Vault. Let us explore how this tool can simplify the process of organizing and sharing vital information with your family.

How can I ensure my family can find all the information they need after I die?

1. Easily Provide Access to Important Data

With the WebWills Digital Vault, you can grant access to photos, videos, and other cherished memories stored on your devices to your loved ones. This ensures that they can preserve and cherish these memories even after you are gone.

2. Upload Important Documents

Save your family members and business partners from months of searching and stressing by uploading important legal documents to the Vault. From wills to medical records, having these documents readily accessible can streamline the estate administration process.

3. Create Personalized Messages

Leave behind messages—written, voice-recorded, or video-recorded—filled with love, guidance, or instructions for your loved ones. These messages can provide comfort and guidance during a tough time and ensure that your voice is heard even after you're no longer here.

4. Leave Itemized Lists

Provide detailed instructions for managing various aspects of your affairs, such as bills, service providers, and care instructions for pets. Itemized lists can help alleviate confusion and ensure that your wishes are conducted as intended.

Here's how it works:

First, you add people and representatives you want to leave items or documents to, as well as your legal representatives, to the Vault. This ensures that the right people have access to crucial information when the time comes.

Then, you create and upload data, including messages, important legal documents, passwords, and care instructions for pets. By organizing your digital assets and information in one secure location, you can simplify the process for your loved ones.

Finally, you assign each item or document to specific individuals to receive the information after you have passed. This ensures that each beneficiary receives the relevant documents according to your wishes.

Upon your passing, our process ensures a smooth transition of your digital assets and information.

First, designated individuals are informed of your demise according to your instructions.

Then, we verify this information through cross-checking with your nominated contacts within the Vault.

Once confirmed, we proceed to release the information and documents in your Vault to the specified individuals, ensuring that your wishes are fulfilled respectfully and efficiently.

Rest assured; we prioritize the security of your data.

Through measures such as password protection, encryption, and unique encryption keys, we ensure that your digital assets remain safe and secure within the Vault. Your peace of mind is our priority, knowing that your information is protected with utmost care.

As you consider ways to safeguard your digital assets and ensure your family's peace of mind after you're gone, the WebWills Digital Vault stands out as a secure solution.

With military-grade security measures in place, you can trust that your digital assets will remain protected within the Vault. Whether it's cherished memories, important documents, or passwords, you have full control over what you upload and who can access it.

By organizing your digital estate alongside your will, you can simplify the estate settlement process for your loved ones, sparing them from unnecessary stress and uncertainty.

Take advantage of our 1-month free trial to explore the Vault's features and discover how it can benefit you and your family. Afterwards, the cost is just $29 per year—a small investment for the peace of mind it provides. Sign up now and take the first step towards ensuring your family can access the information they need when the time comes.

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://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 17/06/2024 Hazel Todd 17/06/2024

Your Guide to Cyber Safety: 10 Practical Tips and Tricks

In today's digital world, where cyber-attacks are on the rise, it's crucial to keep ourselves safe online. Recent incidents involving major companies like Medibank and Optus highlight the importance of protecting our digital information. At WebWills, we take your security seriously. We use methods like multi-factor authentication, regular password changes, and continuous security training to keep you safe. In this article, we'll give you ten (10) simple yet effective tips to enhance your online safety, based on advice from trusted sources like www.cyber.gov.au.

1. Keep Your Devices Updated - Enable automatic updates on all devices to ensure you have the latest security patches and features.

2. Backup Your Data Regularly - Protect your important files by regularly backing them up to an external device or cloud storage. This ensures you can recover them in case of loss or damage.

3. Use Strong Passwords - Create unique and complex passwords, or even better, passphrases, for each account. Avoid reusing passwords across different platforms.

4. Set Secure Passphrases - opt for passphrases consisting of random words for added security. Make them lengthy, unpredictable, and unique to each account.

5. Activate Multi-Factor Authentication (MFA) - Strengthen your accounts by enabling MFA, especially for crucial services like email, online banking, and social media.

6. Avoid Clicking Suspicious Links - Refrain from clicking on links or attachments in unsolicited messages. Instead, visit official websites or contact trusted sources through verified channels.

7. Stay Alert for Scams - Be cautious of suspicious emails, SMS, calls, or social media messages. Look out for signs of urgency, emotion, or requests for sensitive information.

8. Spot Scam Red Flags - Evaluate messages for authority, urgency, emotion, scarcity, and relevance to current events. Verify their legitimacy by contacting trusted sources directly.

9. Report Cybercrime and Scams - Report incidents of scams to Scamwatch and cybercrime to ReportCyber to help protect yourself and others from online threats.

10. Seek Assistance When Needed - Don't hesitate to reach out for help if you encounter suspicious activity or have concerns about your online security. Stay informed and vigilant in navigating the digital landscape safely.

DISCLAIMER

© WebWills, Australia 2024.

Hazel Todd 03/06/2024 Hazel Todd 03/06/2024

Why Do You Need A Power Of Attorney!

Hazel Todd 20/05/2024 Hazel Todd 20/05/2024

Factors To Consider Before Drafting Your Will

Hazel Todd 06/05/2024 Hazel Todd 06/05/2024

Contesting A Will: What You Need To Know

Hazel Todd 22/04/2024 Hazel Todd 22/04/2024

Am I entitled to a copy of the Family Trust Deed?

Discover your rights: Are you entitled to a copy of the Family Trust Deed? Uncover crucial information now!

In responding to a beneficiary's request for trust information, trustees should follow these essential steps and consider seeking independent professional advice due to the potential complexities involved. A seemingly straightforward request can escalate into a challenge, impacting the trustee's actions and possibly leading to the Trustee's removal if deemed improper. Navigating trust transparency requires careful consideration to protect the interests of both beneficiaries and trustees.

· Automatic Rights: Beneficiaries with a proprietary interest, like unit holders in a unit trust, have an automatic right to access trust information under the "proprietary approach" in Australia. This applies where the beneficiary has a right to receive something from a Trust, such as fixed income, rather than an expectation to be considered as a possible recipient of a benefit from a trust, as in the case of Discretionary Trusts

· Discretionary Trusts: In discretionary trusts without a proprietary interest, the Court has supervisory jurisdiction and can determine what information should be provided to a beneficiary.

Court's Approach to Accessing Trust Information:

· Growing Inclination: Recent cases indicate the Court's inclination towards compelling trustees to provide comprehensive information, especially when there's a close association between the beneficiary and the trust.

· Close Beneficiary Presumption: The presumption in favor of disclosure primarily applies to close beneficiaries, who have received or are expected to receive trust distributions or are explicitly named as primary beneficiaries.

· Scope of Documents: The presumption for disclosure includes essential trust-related documents but may exclude internal trustee documents, such as discussions about discretionary powers.

Key Considerations for Trustees:

· Specific Information Request: Obtain details about the requested information and the purpose behind the request.

· Trust Deed Reference: Refer to the trust deed to understand the rights and obligations of both parties.

· Beneficiary's Relationship: Differentiate between close and remote beneficiaries to determine the level of disclosure.

· Thorough Documentation: Document decisions to grant or reject the request meticulously to navigate potential challenges.

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 08/04/2024 Hazel Todd 08/04/2024

What is Estate Planning?

In summary – Be sure to consider the ownership of estate and non-estate assets.

Estate planning is how you ensure that your assets are distributed or passed on in a way that you want following your death. It also involves the implementation of documents during your lifetime that allow others to make decisions on your behalf when you are not able to make decisions for yourself, usually due to incapacity and ill health.

Guide to assets that do or don’t form part of your estate.

All assets kept in your name are considered to be part of your estate. Examples of the assets in your estate include:

· Cash

· Real property

· Bank accounts

· Motor vehicles

· Personal items such as artwork, furniture, and jewelry

Clients frequently believe that having control over an asset equates to ownership. This may result in inadequate estate planning or legal advice. The following are some instances of assets that do not necessarily become a part of your estate:

· Life insurance

· Trust property

· Superannuation

· Company property

· Property held as joint tenants such as real property, bank accounts, and shares

Correct ownership must be established before a plan can be put in place specifying how you want those assets handled after your demise. Documents like nominations, deeds, agreements, or transfers may need to be prepared to do this.

Here are some wise suggestions to keep in mind –

The risk associated with non-binding nominations and superannuation.

Since superannuation does not automatically become a part of your estate, you need to create the necessary binding death benefit nominations to either direct superannuation proceeds to your estate or to specific beneficiaries.

If you have set up a trust in your Will, you may wish to nominate your estate, or more specifically your Legal Personal Representative as the beneficiary to your super funds.

Getting legal or tax advice is crucial when creating superannuation nominations, to ensure equalization of distributions and minimize tax, as not all beneficiaries are taxed the same.

What happens to jointly-owned property when a joint owner passes away

When the property is held jointly with another person, the surviving joint owner may inherit the deceased joint owner's portion of the property automatically. You should think about changing the ownership of the property if you want to be able to manage your share through your Will.

Think about appointing an enduring guardian and creating an Enduring Power of Attorney

You should think about putting in place documents that can be depended on to help you during your lifetime at the same time that you make arrangements for the succession of your assets and the completion of your Will. An Appointment of Enduring Power of Attorney, which deals with decisions to be made regarding your finances, and an Appointment of Enduring Guardian or medical power of attorney, which deals with decisions regarding your health, are two essential legal papers. You should appoint someone who can make decisions for you aligned with your values and wishes.

Benefits of Establishing an Estate Plan

When your family and loved ones must make decisions on your behalf or when it comes time to administer your estate, having a solid estate plan in place will be crucial.

Simply put, having an estate plan in place:

· Will offer advice to your family members;

· Will make sure that your assets pass as intended (as much as possible);

· Will guarantee that the medical care you receive is handled following your choices;

· May save your estate a lot of money; and

· Can minimize the risk of family disputes and stress.

CALL TO ACTION GOES HERE

Please contact (03) 9028 7603 or info@webwills.com.au and mention this article for a no-obligation session with one of our experienced estate planning lawyers if you’re interested in setting one up.

Hazel Todd 25/03/2024 Hazel Todd 25/03/2024

Debunking Estate Planning Myths: A Comprehensive Guide

In summary - Irrespective of your situation, having an estate plan is essential.

Many individuals are unaware of the necessity of having an up-to-date estate plan and addressing aspects like superannuation that fall outside the scope of a Will.

Some aren’t even aware of what an estate plan is. Briefly, you plan to deal with your assets, children, and your body after you pass.

Misunderstandings surrounding estate planning are widespread.

Estate planning holds significance for everyone, regardless of age or financial status. Our circumstances vary, and sometimes, this necessitates innovative and creative planning.

In my role as a professional in the field of estate planning, I frequently encounter certain prevalent misconceptions held by my clients regarding the distribution of their assets, money, and property once they pass away.

This article aims to clarify these misconceptions and unveil the truth behind commonly held estate planning myths.

1. Only the elderly require an estate plan – FALSE!

Everyone, regardless of their age, level of income, level of business expertise, or other characteristics, should consider and implement an estate plan.

Your estate plan doesn't have to be very difficult. It does, however, need to be comprehensive. It must consider your unique circumstances, including your family and business arrangements, assets and debts, superannuation, and, of course, your preferences about the administration of your estate after your passing.

2. I only need to create an estate plan once – TRUE but…!

Estate planning should evolve with life's changes. It's crucial to revisit your estate plan every few years to ensure it aligns with your current circumstances.

Various factors can impact your estate plan, including:

a. Marriage: Recent marriages can affect existing Wills and you will need to consider your new spouse in your plan.

b. Asset sales or devaluation: Selling a significant asset can affect your plan, potentially leading to unequal distributions.

c. New beneficiaries: If you have new family members, your estate plan will need updating.

3. A Will won’t do anything other than transfer your assets after death – FALSE!

In addition to passing assets to your selected beneficiaries, creating a unique estate plan can help you accomplish other objectives. Here are two instances:

Safeguarding the Future of Minor Children:

Meet Phil, a 30-year-old married man with a young son. He and his wife own their home with a mortgage, and they have a car fully paid off. Bob's financial situation is relatively uncomplicated, so he opts for a straightforward Will, leaving his entire estate to his wife in the event of his passing. However, Bob also includes a crucial guardianship clause in his Will, explicitly naming the individual he wants to serve as the guardian for his child, as well as any potential future children. Bob's wife prepares a similar Will. While their wealth may not be substantial, the primary objective of their estate plans is to designate a guardian for their children should the unforeseen occur.

Establishing a Testamentary Trust for Vulnerable Beneficiaries:

Consider John, a 55-year-old widower with an adult daughter who has struggled with gambling issues and a susceptibility to substance abuse. John is determined to ensure that his estate benefits his daughter, but he is concerned that she might quickly deplete the funds if given direct access. Seeking professional guidance, he decides to create a testamentary trust, appointing a close personal friend as the trustee. This trustee's primary responsibility is to ensure that, after John’s passing, his daughter's financial needs are met while also safeguarding the capital that constitutes the estate for her long-term well-being. If the trust is administered according to John’s intentions, it will provide his daughter with ongoing financial security.

These case studies vividly illustrate that estate plans can serve a wide range of objectives beyond the mere distribution of assets following one's demise.

4. Challenges to your Will can arise posthumously – TRUE!

If your Will doesn't adequately provide for certain beneficiaries like dependents or a spouse, they can petition the court for additional provisions from your estate.

The specific rules and procedures for such applications may vary by state, so consulting with a specialist is recommended.

However, universally, it's essential to factor in your immediate family's needs and ensure your estate plan addresses them to reduce the risk of challenges.

5. All I need is a Will; it takes care of everything – FALSE!

Your Will won't cover every aspect of your personal property. Some components of your estate are not covered by your Will and are not subject to its provisions.

Superannuation is only one illustration of the many items that are not covered by a Will. Everyone has it, but a lot of people don't know that they need to act (apart from creating a Will) to guarantee that their superannuation claim is distributed to the individuals they want when they pass away.

This widespread misperception is alarming when we consider that a large amount of our wealth is held in our super funds.

6. Testamentary trusts are exclusively for the extremely affluent – FALSE!

Testamentary trusts serve as an excellent method for distributing your assets after your passing, and they are not limited to the wealthy alone. Some advantages of utilizing testamentary trusts encompass:

a. Their effectiveness in scenarios involving blended families.

b. The potential for tax advantages through distributions from testamentary trusts.

c. Their suitability when dealing with beneficiaries who exhibit high-risk behavior or have disabilities, necessitating the oversight of assets or funds by a trustee (as demonstrated in the case study above).

Regularly reviewing your estate plan is essential to account for these changes and ensure your wishes are upheld after your passing.

DISCLAIMER

© WebWills, Australia 2023.

Hazel Todd 25/03/2024 Hazel Todd 25/03/2024

Why you should include a Testamentary Trust in your Will.

This video details the importance of incorporating a Testamentary Trust in your Will. Discover how our Online Will Writing platform can assist you in efficiently and easily managing this crucial document. Your future well-being may hinge on it someday!

Hazel Todd 11/03/2024 Hazel Todd 11/03/2024

Function and obligations of an executor

Your estate planning decisions are among the most crucial ones you will ever make. Your executor plays a fundamental role in carrying out your estate plan. After you pass away, managing your estate can be difficult and time-consuming so you need the right person for the job.

You should choose an executor whom you think:

o Is willing to act, who is of an age and resides in a place that will allow them to carry out the role capably;

o Is trustworthy, well-organized, and possessing the level of business acumen required for the administration of the estate;

o Is able to establish positive relationships with beneficiaries, promote family peace, and assist in mediating disputed matters; and

o Is capable of performing the core duties of an executor, including adhering to the will and applicable laws.

In general, it's a good idea to talk to your potential executors before the Will is written so they may learn about their responsibilities and indicate whether or not they are open to accepting the position.

In cases where one executor is unable or unwilling to function, another person may be named to fill in for them. This group of persons is known as the substitute executor/s. You should nominate an executor in your Will, however they are free to decline the position when the time comes. To ensure that your estate is properly administered, it's imperative to name someone you have confidence in.

An executor may be required to perform the following duties:

o Exercising diligence and care;

o Preserving and gathering your assets;

o Protecting the estate when it is the subject of legal action;

o Contacting your estate's beneficiaries to inform them of their rights;

o Collecting appraisals for your assets and protecting them (with insurance or as otherwise necessary);

o Where appropriate, apply for a grant of probate from the Supreme Court;

o Avoiding any conflicts of interest and operating in the beneficiaries' best interests;

o Settling all obligations and debts, and keeping correct records of the estate accounts;

o Keeping an asset and liability statement and making it available to beneficiaries upon request;

o Administering the estate's assets or, in the event of continuing testamentary trusts, allocating estate assets under the Will.

Managing an estate is not always simple, and if something goes wrong, the executor could face legal action. You should choose an executor you can rely on to carry out not only your requests but also their responsibilities to the best of their abilities.

HOW CAN WE HELP?

The Wills and Estates team at WebWills frequently collaborate to help clients with issues like these. We can give you enlightening and excellent advice by combining our expertise in this legal field.

If you need our help, please contact info@webwills.com.au or call (03) 9028 7603 for a free consultation.

Hazel Todd 26/02/2024 Hazel Todd 26/02/2024

Good grounds for creating a Will

In summary – it is strongly advised to conduct proper estate planning and maintain an up-to-date Will

Writing a legally binding Will, selecting qualified executors, and keeping your Will updated as your circumstances change should all be carefully considered.

No will or next of kin?

According to recent reports, the state may inherit the $40 million inheritance of a Holocaust survivor who passed away without a Will or any obvious survivors.

Consider how you will eventually distribute your assets

Intestate means that you pass away without making a Will. Many Australians pass away without a valid Will, which places them in an intestacy or partial intestacy situation. Every jurisdiction in Australia has a strict statutory system in place to handle succession in the event of intestacy. But rather than rely on the law of the state to decide who should handle your estate and receive your assets, wouldn’t you rather decide for yourself?

According to the law, the state is entitled to all of your assets if you pass away intestate and there are no suitable beneficiaries. Further, a lot of your money will be spent on legal fees to search for beneficiaries.

While everyone tries to avoid thinking about death, it is necessary to plan how your assets will be distributed after death. The majority of people dedicate their whole working lives to building wealth, but they rarely give any attention to how that wealth will be divided once they pass away.

If you have children, a business, or any other assets, you should make sure your will is legitimate and up to date and, if necessary, seek estate planning guidance.

When drafting your will, keep these five things in mind

1. Your property

You are only ever permitted to leave in your Will what you individually own and are entitled to do so. As an illustration, since a trust asset is not your property, you cannot bequeath it in your Will.

Property held as tenants in common, the personal property you possess, such as a bank account or a car, and life insurance proceeds (where the estate is specifically named as the beneficiary) are all examples of assets that might be distributed by a will, or "estate" assets.

Unless you have specifically stated in a nomination that superannuation belongs to your estate, it is not an asset.

2. Providing for your loved ones

Who do you want to inherit your assets from you? Make sure you have enough money set aside for your partner or spouse, kids, extended or former family members, and friends.

Do you want to leave some money to a particular charity? Do you want to put any conditions on any of your legacies? Unless you specify an age at which you want your children to receive their inheritance, they will be entitled to receive it when they turn eighteen.

3. Appointing an executor

The executor's duties include safeguarding estate assets, handling debts, and distributing the estate in line with the terms of your Will. They could be members of your family or close friends, or they could be seasoned experts like your lawyer or accountant. They must also arrange your funeral, so if you would like to be laid to rest relatively quickly, then it is best to appoint an executor to do this, rather than laying in a morgue for a prolonged period while the issue is resolved possibly through protracted legal battles.

Make sure the person you choose is knowledgeable about money matters. Don't forget to check if they are ready to serve as your executors in the event of your passing; otherwise, you run the danger of them declining the position and having to find someone else to handle your estate.

Keep in mind that there may be long-term obligations under the Will, particularly if your Will calls for the establishment of a trust, such as one for your children.

4. Proper estate planning

When you pass away, what do you want to happen to any business interests you may have? Many people make the error of believing that assets that are legally controlled by family businesses and family trusts are likewise impacted by a will.

To secure assets, provide for beneficiaries, and provide tax advantages, testamentary trusts are beneficial and should be taken into account.

You can and if necessary should appoint a new Appointor to any trusts in which you have an interest, in your Will. The position of an appointor is very powerful as they appoint a trustee who can favor certain beneficiaries in a way that you do not intend.

5. Reviewing your Will regularly

Your Will outlines your intentions at a specific moment. It is advised that you check your will periodically to ensure that it still appropriately reflects your preferences as your circumstances change.

You should review your Will if any of the following occur: you get married, you get divorced, you establish a de facto relationship, you have children or grandkids, your spouse passes away, or you retire.

Who can contest your Will

Last but not least, even while you have the freedom to leave your assets to anyone you choose, there are some situations where friends or family members who feel underrepresented in your Will may be able to fight it. A Family Provision Application (FPA) is one of the most popular methods.

An FPA is made by someone who has a specific relationship to the deceased and asks the court for a portion of the estate or a larger portion of the estate because the deceased did not make "adequate provision" for the applicant's maintenance, education, or advancement in life.

Given the possibility of such a claim, it is another matter you should take into account while drafting your will, especially if you want to exclude someone who was financially reliant on you during your lifetime.

Prepare your Will today and we’d be happy to assist. Call (03) 9028 7603 and speak with one of our specialists.

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

Separated but not legally divorced? Even more so, it's important that you have a Will!

In summary – there is a huge danger if you do not have a Will in place during the time between separation and finalizing a divorce and property settlement.

Breakups in relationships are common. A former spouse's relationship can be in any state, ranging from amiable to hateful and all in between.

You should be aware of the risk present while your relationship is still in flux until a formal divorce and property division are resolved.

If I separate and don't have a Will, what happens to my estate?

The "intestacy provisions" will take effect if you pass away without a Will. Your jurisdiction's succession law includes intestacy laws that specify how an estate should be divided in the absence of a Will. Even though each state has its unique intestacy laws, most of them mandate that a husband and children (from a former relationship) receive the majority of an intestate estate's initial distribution. The spouse may receive everything.

If you separate and don't have kids, there is a higher chance that your estate won't pass to the people you want it to. This is because your estranged spouse will first be entitled to your entire estate.

What should I do if my spouse and I decide to divorce?

Seek counsel and make a Will.
If you already have a Will, update it as required, paying particular attention to any rights your ex-spouse may have.
Finalize Family Court cases as soon as possible, especially those involving divorce and property division.

WEBWILLS is here to guide you through the estate planning process and to help you achieve your wishes. Please call us to consider if a Will would be beneficial to your circumstances on (03) 9028 7603.

Hazel Todd 29/01/2024 Hazel Todd 29/01/2024

Debunking Estate Planning Myths: A Comprehensive Guide

In summary - Irrespective of your situation, having an estate plan is essential.

Many individuals are unaware of the necessity of having an up-to-date estate plan and addressing aspects like superannuation that fall outside the scope of a Will.

Some aren’t even aware of what an estate plan is. Briefly, you plan to deal with your assets, children, and your body after you pass.

Misunderstandings surrounding estate planning are widespread.

Estate planning holds significance for everyone, regardless of age or financial status. Our circumstances vary, and sometimes, this necessitates innovative and creative planning.

This article aims to clarify these misconceptions and unveil the truth behind commonly held estate planning myths.

1. Only the elderly require an estate plan – FALSE!

Everyone, regardless of their age, level of income, level of business expertise, or other characteristics, should consider and implement an estate plan.

2. I only need to create an estate plan once – TRUE but…!

Estate planning should evolve with life's changes. It's crucial to revisit your estate plan every few years to ensure it aligns with your current circumstances.

Various factors can impact your estate plan, including:

a. Marriage: Recent marriages can affect existing Wills and you will need to consider your new spouse in your plan.

b. Asset sales or devaluation: Selling a significant asset can affect your plan, potentially leading to unequal distributions.

c. New beneficiaries: If you have new family members, your estate plan will need updating.

3. A Will won’t do anything other than transfer your assets after death – FALSE!

In addition to passing assets to your selected beneficiaries, creating a unique estate plan can help you accomplish other objectives. Here are two instances:

Safeguarding the Future of Minor Children:

Meet Bob, a 30-year-old married man with a young son. He and his wife own their home with a mortgage, and they have a car fully paid off. Bob's financial situation is relatively uncomplicated, so he opts for a straightforward Will, leaving his entire estate to his wife in the event of his passing. However, Bob also includes a crucial guardianship clause in his Will, explicitly naming the individual he wants to serve as the guardian for his child, as well as any potential future children. Bob's wife prepares a similar Will. While their wealth may not be substantial, the primary objective of their estate plans is to designate a guardian for their children should the unforeseen occur.