2022 has been a terrible year for losing heroes of my youth.
Cricketers Rod Marsh and Shane Warne, were followed by singers Judith Durham and Olivia Newton-John.
Now John Farnham has just undergone surgery for throat cancer.
This brought up some recollections about the time when I was young:
In my profession we have an expression: “You never know anyone until you share an inheritance with them”.
It is a true revealer of character. In my work as a lawyer specialising in Wills and estates, I am witness to some appalling human behaviour.
Due to the popularity of this series of articles, here are some more examples as cautionary tales:
An old man lies dying in a hospital bed. His Will was made less than a year earlier, leaving everything equally between his 3 kids.
In my work as a lawyer specialising in Wills and estates, I am witness to some appalling human behaviour.
Due to the popularity of this series of articles, here are some more examples as cautionary tales:
In my 35+ year career I have frequently had to try to deal with joint executors in a deceased estate, some of whom could not agree on the colour of an orange.
In my work as a lawyer specialising in Wills and estates, I am witness to some appalling human behaviour.
Due to the popularity of this series of articles, here are some more examples as cautionary tales:
Probate fraud can take many forms and, like many other types of fraud, it has steadily increased in recent years, more so during the COVID-19 pandemic.
Coercive Control, Granny Napping and Predatory Marriages are all occurring with increasing frequency.
There have been 2 Royal Commissions already exploring some of these issues, with more to come. The common theme is the financial exploitation of vulnerable older people in western society.
Financial exploitation disproportionately affects older people in Australia, UK and USA.
You may already know that marriage automatically revokes all prior Wills (with a few special exceptions) in every state and territory in Australia.
But did you know that divorce does not necessarily have the same effect? Depending on where you live, your ex-spouse might still be entitled to inherit under your Will.
Further, your powers-of-attorney and advance directives are not affected by divorce at all.
If you overlook the need to get your affairs in order in an organised manner, it creates quite a mess for your family when you die or if you become incapacitated.
So here’s a few tips to help your family say “thank you”, rather than leave them a mess:
Keep your stuff in order
This is the number one estate-planning rule – one simple but crucial bit of wisdom that often gets overlooked.
You may have thought the hardest decisions associated with formalising your relationship related to organising the party and keeping uncle Fred away from cousin Merle, but here are a few other considerations…
Change of Name
Traditionally, when a woman married, she took the last name of her husband. However this is not as common as it once was, and there is no legal compulsion to do so.
The end of a relationship is tough. The loss of dreams and expectations can be heartbreaking.
When separating, every conversation becomes all about looking after the kids and dividing up your property.
However, now that you are no longer a couple, you also need to give some urgent attention to your estate planning.
Failing to update your estate planning documents can have serious consequences for you, your assets and your children.
Have you ever suspected that there might be a disconnect between social media on the one hand, and real life on the other? Yeah, me too.
And, have you noticed that the (generally anonymous) people who shout the loudest, often are bitter and judgmental about everyone that doesn’t conform to their particular bias?
So I probably shouldn’t be surprised that some people who hate lawyers are very loud on social media about making their own Wills.