russell kennedy women's network: develop seminar - wills & estates planning for women - 16...

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DEVELOP Seminar

4551601

16 September 2015

Daniel Kelliher, Special Counsel, Accredited Wills & Estate Specialist

Daniella Trimboli, Lawyer

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> Life expectancy in Australia

Source: ABS 3302.0.55.001 – Life Tables, States, Territories and Australia, 2011-2013; ABS 4102.00 – Australian Social Trends, 1995

Estate Planning for Women

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  Women Men

Year of birth

1960-1962

1993 2011-2013

1960-1962

1993 2011-2013

Life expectancy from birth

74.2 80.9 84.3 67.9 75 80.1

> Statistics show that more women than men own their own property.

Source: ABS 4125.0 – Gender Indications, Australia, Aug 2015

Estate Planning for Women

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> A study of over 1,000 participants by Westpac in 2013 indicated that Gen Y women in particular are more financially savvy and prioritise home ownership more than their male counterparts

> Sole home-owners should always have a Will, especially if partnered

> Persons with dependent family should avoid intestacy – by having a Will

Estate Planning for Women

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> Role of Executors:> Apply for Probate> Collect your assets> Pay any liabilities> Complete a tax return and pay tax> Distribute the Estate

Appointment of Executors

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> Options for Executorship:> Friends, family or beneficiaries> Solicitors, accountants or other

professional advisors> Trustee companies

Appointment of Executors

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> Characteristics to look for in a friend or family member when appointing an executor:> Mature> Neutral > Trustworthy> Aware of legal responsibilities

Appointment of Executors

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> For the care of children under 18 years of age

> Non-binding appointment> Role of a guardian:

> Day-to-day care & lifestyle decision-making

> Housing

> Education

> Relating to Executor/Trustee as to money

Appointment of Guardians

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> Characteristics of an ideal guardian:> Shares your values> Appropriate age> Agrees to the appointment> Proximity to grandparents and other

important people in your children’s lives> Able to work with executors/trustees

Appointment of Guardians

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> Funds for maintenance and education as well as accommodation can be provided by the trustee through your Will.

> Consider expressing your wish that the guardians consult with other family members of importance.

Appointment of Guardians

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>No effect on correct prior Powers

>Legislation seeks to empower the Principal>Ability to decide must not be restricted>Support must be given to participation>Actions must support personal and social wellbeing, have regard to existing relationships and respect confidentiality

Powers of Attorney

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New Forms of:>General Power of Attorney>Enduring Power of Attorney>Supportive Power of Attorney

Medical Power of Attorney unchanged

Powers of Attorney

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New Forms commenced 1 September 2015

Old Forms:> GPA 1981-2015> EPA 1981-2004> EPAF 2004-2015> EPG 2001-2015

Powers of Attorney

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>“Personal matters” and “financial matters”

(Combines EPAF and EPG)

>Joint, several, joint & several, majority>Single alternative per attorney>Increased witness qualifications>Acceptance must be witnessed>Ineligible attorneys

Enduring Power of Attorney

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To act as attorney: > Accommodation providers, health providers and

care workers

> Insolvent or under administration

> Undisclosed dishonesty convictions

To witness powers: (be very cautious!)> Relatives, care workers and accommodation

providers to the principal

Statutory Ineligibility

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> Form 5 – a transitional option for the reluctant

> “Attorney’s implementation (execution) powers exclude “significant financial transactions” (eg. above $10,000)

> Supported decision-making, before the principal is incapable

> Less power, but lower risk for the Attorney

> Prohibition on profit to the attorney

Supportive Attorneys

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Public information:

>http://www.publicadvocate.vic.gov.au

>http://www.publicadvocate.vic.gov.au/index.php/power-of-attorney

Powers of Attorney

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QUESTIONS

The information contained in this presentation is intended as general commentary and should not be regarded as legal advice. Should you require specific advice on the topics or areas discussed please contact the presenter directly.

Disclaimer

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Level 12, 469 La Trobe Street, Melbourne, VIC 3000 P: +61 3 9609 1555Level 8, 28 University Avenue, Canberra, ACT 2601 P: +61 2 6171 9900

Liability limited by a scheme approved under Professional Standards Legislation