Genders and Partners

Wills and Estate Planning Adelaide: Organ Donation as part of your Estate Plan

Death Benefits, Estate Planning, Trusts & Guardianship, Wills

There are a number of ways in which you can make an anatomical gift, which is a gift of your organs, body parts or your entire body for transplant, therapy, research or education.

Although you can put a clause in your Will or other properly signed and witnessed documents, it is best to sign up on a nonprofit organ donor registry such as the Australian Organ Donor Register.

This registry is a confidential computerised database that documents your wish to be an organ, tissue and/or eye donor. It integrates with the various state Departments of Motor Vehicles to note upon your drivers licence at the time of renewal.

In your medical power of attorney, you could give the power to make an anatomical gift to your medical agent, who would then have the authority to make a gift of all or part of your body in accordance with your previously-expressed wishes.

You may have a concern that your life might be ended prematurely in the interest of harvesting your organs. By law, every effort has to be made to prolong your life in accordance with your wishes, before an anatomical donation is considered. Also by law, the medical team treating you must be separate from the transplant team.

Generally, with the exception of gifts during your own lifetime such as blood, a kidney or bone marrow, body-part recoveries can only be pursued after all life-saving measures have been exhausted and you are officially declared dead.

There are no guarantees with anatomical gifts. Just because you direct that your body or parts be used for transplants, therapy, research or education, does not necessarily make it so. Your anatomical gifts must be examined and be acceptable to the medical school, anatomy department or organ transplant team.

There always is a need for bodies and body parts. There are long waiting lists for people in need of transplants. Even if your eyesight is poor, you may have a good transplantable cornea that could give somebody the gift of sight. You may have skin that can be used to aid a burn victim or bone that could be used for an accident victim.

Genders and Partners

Wills and Estate Planning Adelaide: More common pitfalls of estate planning and how to avoid them

Blended Families and Divorce, Death Benefits, Estate Planning, Pensions and Retirement Planning, Planning for Disability and Incapacity, Wills
More common pitfalls of estate planning and how to avoid them

In my law practice I see lots of mistakes that people have made when it comes to estate planning, as well as some estate-planning strategies that could be used a lot more.

One of the most common mistakes is a misunderstanding of beneficiary nominations. Nowadays, many assets are transferred at death through superannuation funds, life insurance policies and annuities.

The owner of those investments or insurances (the person who set them up) will often have nominated a particular person(s) to receive the benefits of them, once the owner has died.  This is a separate & binding contract which can bypass the owner’s legal Will.

Many people don’t appreciate how important it is to get the designations of those nominated beneficiaries right.  I typically see beneficiary nominations where at the start of the marriage each spouse nominates the other as the sole nominated beneficiary for the super & the life insurance.  Unfortunately most people forget to keep their binding nominations up to date.  They forget to add the children, or only add some of them, leading to unintended consequences & heartache.

Similarly, if a child dies, most people would want that share to go to that child’s children, ie to the descendants, down the bloodline to the deceased child’s children.  Sadly many people get this wrong, and end up accidentally disinheriting their grandchildren.

And you can’t necessarily rely on “common sense” to sort it out after your death. Unfortunately, there’s little consistency within the financial-services industry. If the insurance plan administrator or superannuation trustee doesn’t know how to handle it, your family will be the ones paying to sort it out.

Wills and Estate Planning Adelaide: Silence & Procrastination: Your Family’s Enemies

Estate Planning, Wills, Wills and Estate Planning
Wills and Estate Planning Adelaide: Silence & Procrastination: Your Family’s Enemies

When people consider end-of-life issues, they often don’t want to talk about it with their family, out of a desire to spare everybody’s feelings.  After all, death & dying is nobody’s favourite topic of conversation. It makes a lot of people feel awkward & uncomfortable, inadequate & out of control.  As a result they keep hidden their wishes regarding a variety of important issues.   They also tend to put-off making the essential decisions and plans which would really spare everybody’s emotions.

Stress and grief cause a lot of very strong emotions, so leaving important decisions until you are sick, or hoping that family-members will somehow know what to do at that time, can sometimes lead to poor decisions.  Mistakes get made; shortcuts are taken; errors of judgment compound an already-difficult situation.

And (like insurance), you generally cannot put suitable arrangements and protections in place after the disaster has struck.

That is why it is essential for everyone to make appropriate advance-medical and end-of-life decisions in advance. It is far better and easier to make these decisions when you (and your family) are still healthy and calm – it will be less tense and emotionally charged.

Make your advance-medical-directive wishes clearly understood to your family, so there is no need for doubt or interpretation on their part at a crisis-moment.  It can help prevent a lot of problems later and is likely the kindest thing a person can do for the sake of family unity.

Genders and Partners

Wills and Estate Planning Adelaide: Don’t Make These Common Mistakes with your Discretionary Family Trust

Estate Planning, Trusts, Wills and Estate Planning

Discretionary trusts (often called family trusts) are very powerful planning tools you can use for all kinds of purposes. Trusts can simplify & minimise or even avoid probate, protect your beneficiaries from creditors or divorcing spouses and

Don’t Make These Common Mistakes with your Discretionary Family Trust

can provide for education for grandchildren or your favourite charities.

When a trust is part of your overall comprehensive estate plan, you should try to avoid these common trust mistakes:

Mistake 1: Failing to title assets in the name of your trust

If you have not put your assets into your trust, also called “funding” your trust, you have lost some of the benefits of your trust.

Any assets that are in your own name at the time of your death will probably need to be probated. However, any assets that are titled in the name of your trust at the time of your death will avoid probate and usually result in lower after-death administration costs.

In order to receive the protection and benefits capable of being provided by the trust, generally (except for superannuation funds and certain annuities) most of your assets would need to be transferred into your trust during your lifetime.