http://Estateplanning2you.com.au

Estate Planning Basics

My Background Diverse Work History Volunteering I AM NOT a Lawyer!

Introduction

Up to 68% of the adult Australian population do not have a simple will.

Of the 32% that do have a will, over 50% of them have not kept it up to date.

Did You Know?

If you pass away without a Will there are two options:1. Your family can apply to the courts for Letters of

Administration – this is a complicated and costly procedure.

2. The Public Trustee steps in and takes full control.

No Will?

If you don’t have a will or if a will can’t be found or if the will is, for some reason, invalid… You will have no control of the distribution of your estate,

your wishes will not be carried out Your loved ones will have to deal with your intestacy as well

as their grief They may also experience financial hardship and your

assets may be frozen for weeks or even months

Intestate?

Post Office/Newsagent – you get what you pay for and these wills are often found to be invalid. Ambiguity and disagreement about the meaning of a will, witnessing not correctly done etc.

These Wills only cover Simple situations – if it can’t be said in a sentence it is NOT simple!

Lawyer – costs between $300 to $2500 Internet – impersonal and can’t get your questions

answered

Alternatives

The Public Trustee will do your will for ‘free’ BUT… upon your death, they charge a huge amount for their time and they take a very long time to do it.

This can result in a huge amount of stress for your loved ones left behind.

Public Trustee

Some recent comments on my Facebook page Nick B - $40,000. I wish! We lost so much more than that

when my great uncle died intestate. Sue G - My father used and followed the advice of QLD PT. To

sum it up it was a disaster. Definitely you need a will but I won't use the QPT nor take advice of their solicitors. My father was a JP and had a solicitor as a close friend. He thought using QPT would make the work lighter for us at a rough time.

Michael C – Have just lodged a complaint with the Ombudsman re handling of my Aunts estate

Recent Examples:

I was told of a case where the Public Trustee had written a Will incorrectly. A car a man wanted to gift to a relative was mentioned in the Will but the error meant that is was to pass to his wife first and then to the relative upon her death. When he died his wife was suffering Alzheimer's in a nursing home and as she had no use for a car the Public Trustee decided to sell it. It took a lot of arguing from the family to ensure this did not happen.

So far this case has taken 18 months and the bill is $6500- for an Estate of just $200,000!

Recent Examples:

I met with an 88 year old lady whose husband recently passed away They did their Wills with the Public Trustee and were always under the impression that their daughters were Executors of their Will.

On his passing they found that this was not the case and they have little control over more than 2.5 Million dollars worth of assets.

Recent Examples:

Luckily most property was in joint names or in her name. The account solely in the husbands name totalling $98,000 has been frozen and no doubt a large amount of this account will be swallowed up in legal fees. I expect that his wife will pass before the Public Trustee sorts the Estate.

A new Will has ensured this will not happen again and a Testamentary Trust has been put in place to take care of a disabled grandson who she feared would end up in the care of the Adult Guardian.

Recent Examples:

A Testamentary Trust can be included in your Will for many reasons: Keep Family Assets in the bloodline Protect against Bankruptcy of Family Court Issues Provide for family members who are not capable of managing

their affairs Provide for future generations in your family Ease the tax burdens of your beneficiaries A Trust can buy, sell and own property and exist up to 80 years

from your date of passing.

Why Include a Testamentary Trust?

Enduring Power of Attorney documents protect your family in the event of illness, accident or diagnosis – should you be unable to do so.

Appoint a person you trust NOW, while you can.

Enduring Powers of Attorney

Alzheimer's Australia reports that: There are more than 332,000 Australians living with

dementia. That number is expected to increase by almost 1/3 to

400,000 in the next 10 years. Each week there are 1,700 new cases of dementia diagnosed

in Australia – that’s one person every 6 minutes. 24,700 people under the age of 65 have dementia. One in ten people over 65 have dementia. Dementia is the third leading cause of death in Australia.

Frightening Statistics!

A EPOA enables your financial and medical affairs to be managed according to your wishes when you are unable to or do not want to, conduct them personally – such as when you are ill, travelling or simply do not wish to be burdened.An Attorney can Collect debts Vote at meetings Operate your bank account Manage your investments Carry out any other function which can be lawfully delegated Make some Medical Decisions about your Health Care

Why you need an Enduring Power of Attorney

Should you be unable to manage your affairs and you do not have a EPOA in place, the government may appoint a financial manager to make decisions for you.

The person chosen may not be someone you would have chosen and this can cause conflict and anguish to family and friends.

By nominating an Enduring Power of Attorney, you are ensuring the person you nominate to manage your affairs is someone you trust who will carry out your wishes.

An advance health directive is a formal way of giving instructions for your future health care, and comes into effect only if you are unable to make your own decisions.

Advance Health Directive

You can include relevant information about yourself that health professionals should know, such as: Special health conditions Allergies to medications Religious, spiritual or cultural beliefs that could

affect your care

Relevant Information

You are able to give specific instructions about certain medical treatments. For instance, you might feel strongly about whether or not you want to receive life-sustaining measures to prolong your life. These include: Cardio-pulmonary resuscitation, to keep your heart beating Assisted ventilation, to keep you breathing if your lungs

stop working Artificial nutrition and hydration

Specific instructions

Protect your loved ones now

Make your Estate Plan now before it is too

late!!!

Protect your loved ones now

Estate Planning 2 You Can Help With All Your Estate

Planning Needs

Protect your loved ones now

Why use Estate Planning 2 You?We come to you at a time and place

that suits you

Protect your loved ones now

Why use Estate Planning 2 You?Our rates are fixed – no nasty

surprises

Protect your loved ones now

Why use Estate Planning 2 You?Peace of mind for you

We work with specialist Estate Planning lawyers

Helping you put your affairs in order

Call Ian on 0401 879 242 to arrange a consultation today

Confidential, Convenient, Affordable

Estate Planning 2 You