Choosing who will take on the role of Executor of your Will can sometimes be challenging.
Most Will-makers (aka ‘Testators’) appoint a trusted friend or family member as their executor. This person will end up playing a very important role, with a lot of responsibility.
If they instruct an experienced lawyer who specialises in Wills and Estates, then most of the ‘heavy-lifting’ will be done for them by the lawyer.
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As a woman over 50 living in South Australia, you’ve likely spent a lifetime building your assets, raising your family, and managing responsibilities with wisdom and care.
Whether you’re still working, retired, or transitioning through significant life changes, one thing is clear: now is the time to take control of your future by ensuring your affairs are protected through integrated estate planning—starting with an Enduring Power of Attorney (EPA).
While many associate estate planning solely with Wills and inheritance, the truth is that a modern, robust estate plan goes much further.
One of the most powerful yet often overlooked tools is the Enduring Power of Attorney.
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Several times each year my phone rings and someone asks me how they can locate and view the Will of someone close to them.
The circumstances of these requests vary, but can be broken down into two main groups: Someone has recently died, and their relative wants to know if they are a beneficiary; or an elderly person is becoming forgetful and their relative is concerned that they have been coerced into changing their Will, and want to satisfy their curiosity.
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In this age of political correctness, it seems that humour is a dangerous occupation. Each joke must be carefully scrutinised for potential offence to some minority group, and then sanitised of any disrespect to anyone whose delicate sensibilities might be burdened with the weight of somebody laughing at their expense.
Social media seems filled with humourless people who aren’t happy unless they are fired-up and ranting against somebody for some perceived slight or ‘tone-deaf’ comment.
As a result, what used to pass for harmless fun is now seen as social activism. Everyone must be a ‘role-model’ at all times, and everything is a ‘learning-moment’.
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When most Australians think about estate planning, they picture a Will, and perhaps one or more delegations or directives such as powers of attorney.
But there’s one powerful piece of the financial puzzle that often gets overlooked: your ‘superannuation death benefits’.
As the superannuation balances of Australians continue to grow—thanks to compulsory employer contributions, voluntary salary sacrificing, and market growth—it’s never been more important to understand how your super fits into your broader estate planning strategy.
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In my four-decade career, I have never come close to charging $10,000 to create a Will for any of my thousands of clients, and that includes an international billionaire who controlled 27 different trusts, each with a corporate trustee!
However, I have acted in plenty of probate applications where a cheap or DIY Will has cost at least $10,000 to ‘fix’ after the testator died.
Here are three true examples from my clients in just the last twelve months:
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As Australia’s cost-of-living crisis drags on, a large new form of intergenerational wealth transfer has emerged.
Parents are increasingly risking their own financial security to help their adult children enter the property market.
Recent research from Compare Club’s biannual Bill Stress Index reveals the trend: one in five parents have already provided substantial financial support to their adult children, with many gifting or lending amounts exceeding $75,000.
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Facing our mortality can be stressful for many of us. But failing to plan has the same outcome as planning to fail.
So all of us need to be brave enough to do what needs to be done, despite our fears.
After 38 years in legal practice, there isn’t much that still surprises me. I think I’ve pretty much seen it all.
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Special needs children (of any age) are those that need extra care due to a physical or mental condition, such as a developmental disability, autism, cerebral palsy, mental retardation, or any of the dozens of other significant issues that can affect their legal capacity and autonomy.
Many parents in South Australia have children with special needs and know all too well about the extra care they require, the government benefits they rely on, and the financial challenges they face.
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The COVID Pandemic caused massive disruption and pain throughout the world. The effects are still being felt, and will continue for a long time.
But from a certain point of view, the crisis of COVID created opportunities that might not otherwise have arisen, or at least not as quickly.
Consider these activities, using a Then > Now perspective:
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