Contesting A Will: What You Need To Know

Am I entitled to a copy of the Family Trust Deed?

In responding to a beneficiary's request for trust information, trustees should follow these essential steps and consider seeking independent professional advice due to the potential complexities involved. A seemingly straightforward request can escalate into a challenge, impacting the trustee's actions and possibly leading to the Trustee's removal if deemed improper. Navigating trust transparency requires careful consideration to protect the interests of both beneficiaries and trustees.

·       Automatic Rights: Beneficiaries with a proprietary interest, like unit holders in a unit trust, have an automatic right to access trust information under the "proprietary approach" in Australia. This applies where the beneficiary has a right to receive something from a Trust, such as fixed income, rather than an expectation to be considered as a possible recipient of a benefit from a trust, as in the case of Discretionary Trusts

·       Discretionary Trusts: In discretionary trusts without a proprietary interest, the Court has supervisory jurisdiction and can determine what information should be provided to a beneficiary.        

Court's Approach to Accessing Trust Information:

·       Growing Inclination: Recent cases indicate the Court's inclination towards compelling trustees to provide comprehensive information, especially when there's a close association between the beneficiary and the trust.

·       Close Beneficiary Presumption: The presumption in favor of disclosure primarily applies to close beneficiaries, who have received or are expected to receive trust distributions or are explicitly named as primary beneficiaries.

·       Scope of Documents: The presumption for disclosure includes essential trust-related documents but may exclude internal trustee documents, such as discussions about discretionary powers.

Key Considerations for Trustees:

·       Specific Information Request: Obtain details about the requested information and the purpose behind the request.

·       Trust Deed Reference: Refer to the trust deed to understand the rights and obligations of both parties.

·       Beneficiary's Relationship: Differentiate between close and remote beneficiaries to determine the level of disclosure.

·       Thorough Documentation: Document decisions to grant or reject the request meticulously to navigate potential challenges.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2024.

What is Estate Planning?

In summary – Be sure to consider the ownership of estate and non-estate assets.

Estate planning is how you ensure that your assets are distributed or passed on in a way that you want following your death. It also involves the implementation of documents during your lifetime that allow others to make decisions on your behalf when you are not able to make decisions for yourself, usually due to incapacity and ill health.

Guide to assets that do or don’t form part of your estate.

All assets kept in your name are considered to be part of your estate. Examples of the assets in your estate include:

·       Cash

·       Real property

·       Bank accounts

·       Motor vehicles

·       Personal items such as artwork, furniture, and jewelry

Clients frequently believe that having control over an asset equates to ownership. This may result in inadequate estate planning or legal advice. The following are some instances of assets that do not necessarily become a part of your estate:

·       Life insurance

·       Trust property

·       Superannuation

·       Company property

·       Property held as joint tenants such as real property, bank accounts, and shares

Correct ownership must be established before a plan can be put in place specifying how you want those assets handled after your demise. Documents like nominations, deeds, agreements, or transfers may need to be prepared to do this.

Here are some wise suggestions to keep in mind –

The risk associated with non-binding nominations and superannuation.

Since superannuation does not automatically become a part of your estate, you need to create the necessary binding death benefit nominations to either direct superannuation proceeds to your estate or to specific beneficiaries.

If you have set up a trust in your Will, you may wish to nominate your estate, or more specifically your Legal Personal Representative as the beneficiary to your super funds.

Getting legal or tax advice is crucial when creating superannuation nominations, to ensure equalization of distributions and minimize tax, as not all beneficiaries are taxed the same.

What happens to jointly-owned property when a joint owner passes away

When the property is held jointly with another person, the surviving joint owner may inherit the deceased joint owner's portion of the property automatically. You should think about changing the ownership of the property if you want to be able to manage your share through your Will.

Think about appointing an enduring guardian and creating an Enduring Power of Attorney

You should think about putting in place documents that can be depended on to help you during your lifetime at the same time that you make arrangements for the succession of your assets and the completion of your Will. An Appointment of Enduring Power of Attorney, which deals with decisions to be made regarding your finances, and an Appointment of Enduring Guardian or medical power of attorney, which deals with decisions regarding your health, are two essential legal papers. You should appoint someone who can make decisions for you aligned with your values and wishes.

Benefits of Establishing an Estate Plan

When your family and loved ones must make decisions on your behalf or when it comes time to administer your estate, having a solid estate plan in place will be crucial.

Simply put, having an estate plan in place:

·       Will offer advice to your family members;

·       Will make sure that your assets pass as intended (as much as possible);

·       Will guarantee that the medical care you receive is handled following your choices;

·       May save your estate a lot of money; and

·       Can minimize the risk of family disputes and stress.

CALL TO ACTION GOES HERE

Please contact (03) 9028 7603 or info@webwills.com.au and mention this article for a no-obligation session with one of our experienced estate planning lawyers if you’re interested in setting one up.

Debunking Estate Planning Myths: A Comprehensive Guide

In summary - Irrespective of your situation, having an estate plan is essential.

Many individuals are unaware of the necessity of having an up-to-date estate plan and addressing aspects like superannuation that fall outside the scope of a Will.

Some aren’t even aware of what an estate plan is. Briefly, you plan to deal with your assets, children, and your body after you pass.

Misunderstandings surrounding estate planning are widespread.

Estate planning holds significance for everyone, regardless of age or financial status. Our circumstances vary, and sometimes, this necessitates innovative and creative planning.

In my role as a professional in the field of estate planning, I frequently encounter certain prevalent misconceptions held by my clients regarding the distribution of their assets, money, and property once they pass away.

This article aims to clarify these misconceptions and unveil the truth behind commonly held estate planning myths.

1.   Only the elderly require an estate plan – FALSE!

Everyone, regardless of their age, level of income, level of business expertise, or other characteristics, should consider and implement an estate plan.

Your estate plan doesn't have to be very difficult. It does, however, need to be comprehensive. It must consider your unique circumstances, including your family and business arrangements, assets and debts, superannuation, and, of course, your preferences about the administration of your estate after your passing.

2.   I only need to create an estate plan once – TRUE but…!

Estate planning should evolve with life's changes. It's crucial to revisit your estate plan every few years to ensure it aligns with your current circumstances.

Various factors can impact your estate plan, including:

a.    Marriage: Recent marriages can affect existing Wills and you will need to consider your new spouse in your plan.

b.   Asset sales or devaluation: Selling a significant asset can affect your plan, potentially leading to unequal distributions.

c.    New beneficiaries: If you have new family members, your estate plan will need updating.

3.   A Will won’t do anything other than transfer your assets after death – FALSE!

In addition to passing assets to your selected beneficiaries, creating a unique estate plan can help you accomplish other objectives. Here are two instances:

Safeguarding the Future of Minor Children:

Meet Phil, a 30-year-old married man with a young son. He and his wife own their home with a mortgage, and they have a car fully paid off. Bob's financial situation is relatively uncomplicated, so he opts for a straightforward Will, leaving his entire estate to his wife in the event of his passing. However, Bob also includes a crucial guardianship clause in his Will, explicitly naming the individual he wants to serve as the guardian for his child, as well as any potential future children. Bob's wife prepares a similar Will. While their wealth may not be substantial, the primary objective of their estate plans is to designate a guardian for their children should the unforeseen occur.

Establishing a Testamentary Trust for Vulnerable Beneficiaries:

Consider John, a 55-year-old widower with an adult daughter who has struggled with gambling issues and a susceptibility to substance abuse. John is determined to ensure that his estate benefits his daughter, but he is concerned that she might quickly deplete the funds if given direct access. Seeking professional guidance, he decides to create a testamentary trust, appointing a close personal friend as the trustee. This trustee's primary responsibility is to ensure that, after John’s passing, his daughter's financial needs are met while also safeguarding the capital that constitutes the estate for her long-term well-being. If the trust is administered according to John’s intentions, it will provide his daughter with ongoing financial security.

These case studies vividly illustrate that estate plans can serve a wide range of objectives beyond the mere distribution of assets following one's demise.

4.   Challenges to your Will can arise posthumously – TRUE!

If your Will doesn't adequately provide for certain beneficiaries like dependents or a spouse, they can petition the court for additional provisions from your estate.

The specific rules and procedures for such applications may vary by state, so consulting with a specialist is recommended.

However, universally, it's essential to factor in your immediate family's needs and ensure your estate plan addresses them to reduce the risk of challenges.

5.   All I need is a Will; it takes care of everything – FALSE!

Your Will won't cover every aspect of your personal property. Some components of your estate are not covered by your Will and are not subject to its provisions.

Superannuation is only one illustration of the many items that are not covered by a Will. Everyone has it, but a lot of people don't know that they need to act (apart from creating a Will) to guarantee that their superannuation claim is distributed to the individuals they want when they pass away.

This widespread misperception is alarming when we consider that a large amount of our wealth is held in our super funds.

6.   Testamentary trusts are exclusively for the extremely affluent – FALSE!

Testamentary trusts serve as an excellent method for distributing your assets after your passing, and they are not limited to the wealthy alone. Some advantages of utilizing testamentary trusts encompass:

a.    Their effectiveness in scenarios involving blended families.

b.   The potential for tax advantages through distributions from testamentary trusts.

c.    Their suitability when dealing with beneficiaries who exhibit high-risk behavior or have disabilities, necessitating the oversight of assets or funds by a trustee (as demonstrated in the case study above).

Regularly reviewing your estate plan is essential to account for these changes and ensure your wishes are upheld after your passing.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2023.

Why you should include a Testamentary Trust in your Will.

This video details the importance of incorporating a Testamentary Trust in your Will. Discover how our Online Will Writing platform can assist you in efficiently and easily managing this crucial document. Your future well-being may hinge on it someday!

Function and obligations of an executor

Your estate planning decisions are among the most crucial ones you will ever make. Your executor plays a fundamental role in carrying out your estate plan. After you pass away, managing your estate can be difficult and time-consuming so you need the right person for the job.

You should choose an executor whom you think:

o   Is willing to act, who is of an age and resides in a place that will allow them to carry out the role capably;

o   Is trustworthy, well-organized, and possessing the level of business acumen required for the administration of the estate;

o   Is able to establish positive relationships with beneficiaries, promote family peace, and assist in mediating disputed matters; and

o   Is capable of performing the core duties of an executor, including adhering to the will and applicable laws.

In general, it's a good idea to talk to your potential executors before the Will is written so they may learn about their responsibilities and indicate whether or not they are open to accepting the position.

In cases where one executor is unable or unwilling to function, another person may be named to fill in for them. This group of persons is known as the substitute executor/s. You should nominate an executor in your Will, however they are free to decline the position when the time comes. To ensure that your estate is properly administered, it's imperative to name someone you have confidence in.

An executor may be required to perform the following duties:

o   Exercising diligence and care;

o   Preserving and gathering your assets;

o   Protecting the estate when it is the subject of legal action;

o   Contacting your estate's beneficiaries to inform them of their rights;

o   Collecting appraisals for your assets and protecting them (with insurance or as otherwise necessary);

o   Where appropriate, apply for a grant of probate from the Supreme Court;

o   Avoiding any conflicts of interest and operating in the beneficiaries' best interests;

o   Settling all obligations and debts, and keeping correct records of the estate accounts;

o   Keeping an asset and liability statement and making it available to beneficiaries upon request;

o   Administering the estate's assets or, in the event of continuing testamentary trusts, allocating estate assets under the Will.

Managing an estate is not always simple, and if something goes wrong, the executor could face legal action. You should choose an executor you can rely on to carry out not only your requests but also their responsibilities to the best of their abilities. 

HOW CAN WE HELP?

The Wills and Estates team at WebWills frequently collaborate to help clients with issues like these. We can give you enlightening and excellent advice by combining our expertise in this legal field.

If you need our help, please contact info@webwills.com.au or call (03) 9028 7603 for a free consultation.

Good grounds for creating a Will

In summary – it is strongly advised to conduct proper estate planning and maintain an up-to-date Will

Writing a legally binding Will, selecting qualified executors, and keeping your Will updated as your circumstances change should all be carefully considered.

No will or next of kin?

According to recent reports, the state may inherit the $40 million inheritance of a Holocaust survivor who passed away without a Will or any obvious survivors.

Consider how you will eventually distribute your assets

Intestate means that you pass away without making a Will. Many Australians pass away without a valid Will, which places them in an intestacy or partial intestacy situation. Every jurisdiction in Australia has a strict statutory system in place to handle succession in the event of intestacy. But rather than rely on the law of the state to decide who should handle your estate and receive your assets, wouldn’t you rather decide for yourself?

According to the law, the state is entitled to all of your assets if you pass away intestate and there are no suitable beneficiaries. Further, a lot of your money will be spent on legal fees to search for beneficiaries.

While everyone tries to avoid thinking about death, it is necessary to plan how your assets will be distributed after death. The majority of people dedicate their whole working lives to building wealth, but they rarely give any attention to how that wealth will be divided once they pass away.

If you have children, a business, or any other assets, you should make sure your will is legitimate and up to date and, if necessary, seek estate planning guidance.

When drafting your will, keep these five things in mind

1.       Your property

You are only ever permitted to leave in your Will what you individually own and are entitled to do so. As an illustration, since a trust asset is not your property, you cannot bequeath it in your Will.

Property held as tenants in common, the personal property you possess, such as a bank account or a car, and life insurance proceeds (where the estate is specifically named as the beneficiary) are all examples of assets that might be distributed by a will, or "estate" assets.

 Unless you have specifically stated in a nomination that superannuation belongs to your estate, it is not an asset.

2.       Providing for your loved ones

Who do you want to inherit your assets from you? Make sure you have enough money set aside for your partner or spouse, kids, extended or former family members, and friends.

Do you want to leave some money to a particular charity? Do you want to put any conditions on any of your legacies? Unless you specify an age at which you want your children to receive their inheritance, they will be entitled to receive it when they turn eighteen.

3.       Appointing an executor

The executor's duties include safeguarding estate assets, handling debts, and distributing the estate in line with the terms of your Will. They could be members of your family or close friends, or they could be seasoned experts like your lawyer or accountant. They must also arrange your funeral, so if you would like to be laid to rest relatively quickly, then it is best to appoint an executor to do this, rather than laying in a morgue for a prolonged period while the issue is resolved possibly through protracted legal battles.

Make sure the person you choose is knowledgeable about money matters. Don't forget to check if they are ready to serve as your executors in the event of your passing; otherwise, you run the danger of them declining the position and having to find someone else to handle your estate.

Keep in mind that there may be long-term obligations under the Will, particularly if your Will calls for the establishment of a trust, such as one for your children.

4.       Proper estate planning

When you pass away, what do you want to happen to any business interests you may have? Many people make the error of believing that assets that are legally controlled by family businesses and family trusts are likewise impacted by a will.

To secure assets, provide for beneficiaries, and provide tax advantages, testamentary trusts are beneficial and should be taken into account.

You can and if necessary should appoint a new Appointor to any trusts in which you have an interest, in your Will. The position of an appointor is very powerful as they appoint a trustee who can favor certain beneficiaries in a way that you do not intend.

5.       Reviewing your Will regularly

Your Will outlines your intentions at a specific moment. It is advised that you check your will periodically to ensure that it still appropriately reflects your preferences as your circumstances change.

You should review your Will if any of the following occur: you get married, you get divorced, you establish a de facto relationship, you have children or grandkids, your spouse passes away, or you retire.

Who can contest your Will

Last but not least, even while you have the freedom to leave your assets to anyone you choose, there are some situations where friends or family members who feel underrepresented in your Will may be able to fight it. A Family Provision Application (FPA) is one of the most popular methods.

An FPA is made by someone who has a specific relationship to the deceased and asks the court for a portion of the estate or a larger portion of the estate because the deceased did not make "adequate provision" for the applicant's maintenance, education, or advancement in life.

Given the possibility of such a claim, it is another matter you should take into account while drafting your will, especially if you want to exclude someone who was financially reliant on you during your lifetime.

Prepare your Will today and we’d be happy to assist. Call (03) 9028 7603 and speak with one of our specialists. 

Separated but not legally divorced? Even more so, it's important that you have a Will!

In summary – there is a huge danger if you do not have a Will in place during the time between separation and finalizing a divorce and property settlement.

Breakups in relationships are common. A former spouse's relationship can be in any state, ranging from amiable to hateful and all in between.

You should be aware of the risk present while your relationship is still in flux until a formal divorce and property division are resolved.

If I separate and don't have a Will, what happens to my estate?

The "intestacy provisions" will take effect if you pass away without a Will. Your jurisdiction's succession law includes intestacy laws that specify how an estate should be divided in the absence of a Will. Even though each state has its unique intestacy laws, most of them mandate that a husband and children (from a former relationship) receive the majority of an intestate estate's initial distribution. The spouse may receive everything.

If you separate and don't have kids, there is a higher chance that your estate won't pass to the people you want it to. This is because your estranged spouse will first be entitled to your entire estate.

What should I do if my spouse and I decide to divorce?

• Seek counsel and make a Will.

• If you already have a Will, update it as required, paying particular attention to any rights your ex-spouse may have.

• Finalize Family Court cases as soon as possible, especially those involving divorce and property division.

WEBWILLS is here to guide you through the estate planning process and to help you achieve your wishes. Please call us to consider if a Will would be beneficial to your circumstances on (03) 9028 7603.

Debunking Estate Planning Myths: A Comprehensive Guide

In summary - Irrespective of your situation, having an estate plan is essential.

Many individuals are unaware of the necessity of having an up-to-date estate plan and addressing aspects like superannuation that fall outside the scope of a Will.

Some aren’t even aware of what an estate plan is. Briefly, you plan to deal with your assets, children, and your body after you pass.

Misunderstandings surrounding estate planning are widespread.

Estate planning holds significance for everyone, regardless of age or financial status. Our circumstances vary, and sometimes, this necessitates innovative and creative planning.

In my role as a professional in the field of estate planning, I frequently encounter certain prevalent misconceptions held by my clients regarding the distribution of their assets, money, and property once they pass away.

This article aims to clarify these misconceptions and unveil the truth behind commonly held estate planning myths.

1.   Only the elderly require an estate plan – FALSE!

Everyone, regardless of their age, level of income, level of business expertise, or other characteristics, should consider and implement an estate plan.

Your estate plan doesn't have to be very difficult. It does, however, need to be comprehensive. It must consider your unique circumstances, including your family and business arrangements, assets and debts, superannuation, and, of course, your preferences about the administration of your estate after your passing.

2.   I only need to create an estate plan once – TRUE but…!

Estate planning should evolve with life's changes. It's crucial to revisit your estate plan every few years to ensure it aligns with your current circumstances.

Various factors can impact your estate plan, including:

a.    Marriage: Recent marriages can affect existing Wills and you will need to consider your new spouse in your plan.

b.   Asset sales or devaluation: Selling a significant asset can affect your plan, potentially leading to unequal distributions.

c.    New beneficiaries: If you have new family members, your estate plan will need updating.

3.   A Will won’t do anything other than transfer your assets after death – FALSE!

In addition to passing assets to your selected beneficiaries, creating a unique estate plan can help you accomplish other objectives. Here are two instances:

Safeguarding the Future of Minor Children:

Meet Bob, a 30-year-old married man with a young son. He and his wife own their home with a mortgage, and they have a car fully paid off. Bob's financial situation is relatively uncomplicated, so he opts for a straightforward Will, leaving his entire estate to his wife in the event of his passing. However, Bob also includes a crucial guardianship clause in his Will, explicitly naming the individual he wants to serve as the guardian for his child, as well as any potential future children. Bob's wife prepares a similar Will. While their wealth may not be substantial, the primary objective of their estate plans is to designate a guardian for their children should the unforeseen occur.

Establishing a Testamentary Trust for Vulnerable Beneficiaries:

Consider John, a 55-year-old widower with an adult daughter who has struggled with gambling issues and a susceptibility to substance abuse. John is determined to ensure that his estate benefits his daughter, but he is concerned that she might quickly deplete the funds if given direct access. Seeking professional guidance, he decides to create a testamentary trust, appointing a close personal friend as the trustee. This trustee's primary responsibility is to ensure that, after John’s passing, his daughter's financial needs are met while also safeguarding the capital that constitutes the estate for her long-term well-being. If the trust is administered according to John’s intentions, it will provide his daughter with ongoing financial security.

These case studies vividly illustrate that estate plans can serve a wide range of objectives beyond the mere distribution of assets following one's demise.

4.   Challenges to your Will can arise posthumously – TRUE!

If your Will doesn't adequately provide for certain beneficiaries like dependents or a spouse, they can petition the court for additional provisions from your estate.

The specific rules and procedures for such applications may vary by state, so consulting with a specialist is recommended.

However, universally, it's essential to factor in your immediate family's needs and ensure your estate plan addresses them to reduce the risk of challenges.

5.   All I need is a Will; it takes care of everything – FALSE!

Your Will won't cover every aspect of your personal property. Some components of your estate are not covered by your Will and are not subject to its provisions.

Superannuation is only one illustration of the many items that are not covered by a Will. Everyone has it, but a lot of people don't know that they need to act (apart from creating a Will) to guarantee that their superannuation claim is distributed to the individuals they want when they pass away.

This widespread misperception is alarming when we consider that a large amount of our wealth is held in our super funds.

6.   Testamentary trusts are exclusively for the extremely affluent – FALSE!

Testamentary trusts serve as an excellent method for distributing your assets after your passing, and they are not limited to the wealthy alone. Some advantages of utilizing testamentary trusts encompass:

a.    Their effectiveness in scenarios involving blended families.

b.   The potential for tax advantages through distributions from testamentary trusts.

c.    Their suitability when dealing with beneficiaries who exhibit high-risk behavior or have disabilities, necessitating the oversight of assets or funds by a trustee (as demonstrated in the case study above).

Regularly reviewing your estate plan is essential to account for these changes and ensure your wishes are upheld after your passing.

DISCLAIMER

This is a commentary published by HazeLegal for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2023.

Am I Entitled to a Copy of My Late Parent's Will?

In summary

Undoubtedly difficult and emotional, losing a parent is heartbreaking. Legal issues can frequently cause uncertainty and stress throughout the grieving process. One frequent concern in such circumstances is whether you, as a child or close relative, are entitled to a copy of your deceased parent's Will. In this blog, we'll explore the answer to this question, shedding light on the legal aspects and providing guidance on how to navigate this sensitive issue.

Understanding the Last Will and Testament

In Melbourne, as in the rest of Australia, a Will is a legally binding document that outlines how a person's assets and property should be distributed after their death. It also typically designates an executor, the person responsible for administering the estate and ensuring that the deceased person's wishes, as stated in the Will, are carried out.

The Executor's Role

The executor plays a pivotal role in managing the deceased person's estate and ensuring the assets are distributed according to the Will's instructions. Executors have legal obligations to notify beneficiaries and manage the estate's affairs, including paying off debts, and taxes, and distributing assets as specified in the Will.

Am I Entitled to a Copy of the Will?

Whether or not you are entitled to a copy of your late parent's Will depends on several factors, including the laws of the jurisdiction where the will is being administered and your relationship to the deceased person.

1.     Executor's Duty to Notify Beneficiaries: In many jurisdictions, the executor has a legal obligation to notify beneficiaries mentioned in the Will. This notice typically includes providing a copy of the Will to those named in it.

2.     Probate Process: The Will generally goes through a legal process called probate to validate its authenticity ensure it meets legal requirements and appoint the executor. During probate, the Will may become a matter of public record, which means that it can be accessed by interested parties, including heirs and beneficiaries.

3.     Beneficiary Status: If you are named as a beneficiary in the Will, you are usually entitled to a copy of the Will. Beneficiaries have a vested interest in the distribution of the estate and need to know the terms and conditions outlined in the Will.

4.     Legal Request: In some cases, if you are not named as a beneficiary but believe you have a legitimate interest in the estate, you may be able to request a copy of the Will through legal channels. However, this process can be more complicated and typically requires demonstrating a valid reason for access.

5.     Family Dynamics: It's important to remember that family dynamics can vary widely, and tensions can run high during estate matters. While you may be entitled to a copy of the Will, it's advisable to approach the situation with empathy and open communication to avoid unnecessary conflicts among family members, especially when emotions are already running high.

Conclusion

Dealing with the legal aspects of a loved one's passing can be complex and emotionally challenging. If you are wondering if you are entitled to a copy of your late parent's Will, the answer often depends on your relationship with the deceased, the laws of your jurisdiction, and the actions of the executor.

In most cases, beneficiaries have a legal right to access the Will, but it's essential to navigate these matters with sensitivity and, if necessary, seek legal advice to ensure your rights are protected. Remember that clear and respectful communication among family members can also help ease tensions during this difficult time.

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at www.webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2023.

Why need a Power of Attorney NOW

Please watch this short video which explains why you need a power of attorney, and how we can help you with our Online Will Writing platform, quickly and easily take care of this important document. Your life might depend on it one day!

Why it is SO important for your own health and financial future to appoint your choice of Power of Attorney

10 Reasons why you MUST update your Will on separation or Divorce.

Why you need to update or write a Will after divorce of separation.

Updating your will after a divorce or separation is an important step to ensure that your wishes are accurately reflected in your estate planning. In Australia, as in many other jurisdictions, divorce can have significant implications for your will. Here are 10 reasons why you should consider writing or updating your will after a divorce or separation:

1.       Changed Circumstances

 Divorce or separation often leads to changes in your personal, financial, and familial circumstances. Your will should reflect these new realities accurately.

In fact you should update your Will after any major life change

2.       Automatic Changes to your Will due to Divorce

In some jurisdictions, including parts of Australia, a divorce may automatically revoke certain provisions of your will that relate to your former spouse, preventing them from inheriting. However, this may not apply to all parts of the will, and it's essential to make explicit changes.

3.       Appointing New Beneficiaries

You may want to remove your former spouse as a beneficiary and designate new beneficiaries, such as your children, other family members, or friends.

It is common for a couple to leave all their assets to the other, then the kids. If you have divorced you will definitely want to change that.

4.       Protecting Children

If you have children from the marriage, you'll want to ensure that they are provided for in your will, either directly or through a trust, if necessary. A trust is best for young children who are unable to manage their money.

You cannot necessarily rely on your ex-spouse to take care of your children financially, so you should do so in your Will.

5.       Appointment of Executors

You might need to change the executor of your will if your former spouse was previously appointed or if you want to appoint someone else who better reflects your current circumstances.

If you die without a Will your former spouse can become the Executor of your estate if they are the other parent to your minor child/ren. Writing a will shuts this back door against your Ex gaining control over your estate and money.

6.       Guardianship of Minor children

If you have minor children, you may want to designate a guardian in case something happens to you. This becomes especially important if your former spouse is no longer the appropriate choice. Or if you ex-spouse dies before your children are of age.

Writing a Will is principally about protecting your family.

7.       Jointly Owned Assets

If you and your former spouse owned property or assets jointly, you might want to specify what should happen to these assets in your will, especially if you have not finalsied your property split.

You will also need to sever joint tenancy over any assets which could mean that your former spouse automatically becomes the owner of the property, therefore depriving your estate of that asset. Speak to one of our lawyers if you have any questions about how to deal with jointly owned assets.

8.       Avoiding Intestacy

Without a valid will, your assets might be distributed according to intestacy laws, which might not align with your wishes and could lead to complications for your loved ones.

It’s your money, you should decide who gets it. Your family will need to apply to the Supreme Court to sort out the mess that you leave by not taking care of things for them.

It’s also important to create certainty for your family left behind.

9.       Family Maintenance

You might have been paying or receiving alimony or maintenance payments. Your will could address how these financial arrangements should be handled in the event of your passing.

10.   Avoiding Conflicts

Updating your will can help prevent potential conflicts or legal disputes among your family members over your estate. Clearly outlining your intentions can help reduce the chances of disagreements later on.

Your death will be hard enough to manage for your loved ones, don’t make it worse by leaving a mess for them to clean up. The stress of estate challenges can be enormous. If you can prevent conflict through proper planning, you should.

Remember that laws can vary based on your location within Australia, so it's crucial to consult with a qualified legal professional who specializes in estate planning and is familiar with the laws in your jurisdiction. They can guide you through the process of updating your will to ensure your wishes are accurately reflected and legally binding.

You can also get an Online Will, at Webwills we offer the Best Online Will, as it is comprehensive, and tailored to you.

 Why not GET STARTED today, your family will thank you for it

DISCLAIMER

This is commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or for any specific situation or proposal, or alternatively get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.

© Webwills, Australia 2023.

Why it’s important to have a Power of Attorney

Introducing the Power of Attorney: Unlocking Peace of Mind
Are you prepared for unexpected situations that may leave you unable to make important decisions about your finances, healthcare, or legal matters? At Web Wills, we understand the importance of anticipating life's uncertainties, which is why we bring you the indispensable solution – the Power of Attorney.

Why is a Power of Attorney is a Necessary but small Expense?

1. Protecting your wishes:
Life can be unpredictable, with accidents and illnesses lurking around the corner. In such instances, it is crucial to have a legal representative who can make decisions aligned with your wishes. A Power of Attorney grants the authority to a trusted person or persons of your choice, ensuring that your preferences regarding healthcare, property, and finance are followed, even when you cannot express them directly.

2. Avoiding costly legal battles:
Without a Power of Attorney in place, your family members or loved ones may find themselves facing complex legal proceedings and court interventions to make decisions on your behalf. This often leads to significant financial burdens, prolonged processes, and emotional stress. By having a Power of Attorney, you minimize the risk of disputes and eliminate the need for legal battles, saving considerable time, money, and unnecessary grief.

3. Maintaining financial stability:
Imagine being temporarily incapacitated and unable to manage your financial affairs, pay bills, or access your bank accounts. This situation could leave you vulnerable to financial hardships, missed opportunities, and potential scams. By designating a trusted agent through a Power of Attorney, your personal finances can continue to be prudently managed, ensuring your bills are paid, investments are monitored, and assets are protected.

4. Medical decisions in line with your wishes:
When it comes to healthcare decisions, you deserve to have your voice heard – even if you are unable to express it yourself. A Power of Attorney for healthcare grants your chosen agent the authority to make medical decisions on your behalf, ensuring that your treatment preferences, end-of-life care, and medical interventions are executed as you desire. This critical document helps prevent confusion and ensures that your loved ones are not burdened with making difficult choices without guidance.

Why Choose Web Wills?

At Web Wills, we are committed to simplifying the process of creating a Power of Attorney, ensuring efficiency, affordability, and reliability. Here's what sets us apart:
1. User-friendly and secure platform: Our intuitive online platform allows you to create all the documents that you need at a fraction of the cost and in a fraction of the time.

2.Solicitor drafted: Our documents are solicitor drafted, to your individual needs.

3. Cost effective: our prices are super competitive.

4.We get the job done without all the fuss so you get on with more important matters, like your family.

REASONS PEOPLE PUT OFF WRITING THEIR WILL

1. People are uncomfortable thinking about death and the end of their life.  

Some people choose not to consider their own death. It can be painful to imagine your mortality. Making a Will for your children, especially if they are minors, may be much more difficult. Even though contemplating death and its implications might be difficult and plain sad, doing so can prevent major problems for your family in the future. 

It’s actually an act of love to feel the discomfort but do it any way. 

2. People may think it’s too expensive to write a Will.  

For the majority of people, hiring a lawyer to draft a Will may cost several thousand dollars in other law firms. It's crucial to find a fixed fee will writing service that discloses its fees up front. Also make sure that you know what you are getting. While it is an expense, there are certain advantages.  

Getting a Will done can actually save you and your family a lot of money in the long run, it’s like life insurance, except it’s a one-off payment. 

A reliable estate planning lawyer at WebWills can give you guidance on how to handle your assets so that you can potentially save money over time. A few hundred dollars spent getting the right planning advice will save thousands trying to fix a mess or poor planning. It’s important not to be penny wise and pound foolish in such an important aspect of life, after all once you pass you cannot fix your mistakes or try to put the right mechanisms in place. It’s just too late then. You will not be in a position to decide how your assets should be split or even the specifics of your funeral. 

3. People may think that writing a Will is too complicated and that they don’t know how to do it.

Working with WebWills estate planning lawyer can make the process quick and straightforward. They'll be able to let you know exactly what they need in order to help you make choices and finally draft a Will. That’s why you hire a lawyer, you advise them of the outcome that you want, and a good lawyer has the skills to make that happen, It’s not complicated at all. A Lawyer will guide you through the right questions so that you can apply your mind to the right questions and solutions, without over complicating it. 

4. People may think that they don’t have enough assets to justify writing a Will.  

You might not believe you own enough to warrant estate planning, but you might be pleasantly surprised. An excellent strategy to manage your tangible and intangible assets is to create an inventory.  

I have found that thinking about your estate planning is also an excellent way to think about your life goals. How much money do you want to leave behind for your family. How will you achieve that? 

A will can also deal with sentimental assets too. 

You are also probably far wealthier than you think. According to a report by Credit Suisse the median wealth in Australian in 2021 was $273,000. 

Your Will also directs what should happen to your body, so it is important to get a Will so that you can decide what happens to your body, and your funeral wishes. 

Your Will can also deal with your digital assets. 

These days, you need to consider more than just your physical assets. You also need to consider what will happen to your "digital assets" once you pass away. You don't actually own the content you (may have) purchased from Apple for hundreds of dollars. Yes, I am aware. Virtual products are owned virtually. You have purchased the right to rent their stuff until your passing. Please don't think that Apple or anybody else will unlock a phone, laptop, or release an account upon proof of a death certificate. They will not. Read more about how to leave a digital legacy here. Not even for the police, save in extremely rare circumstances—let's hope your death is NOT one of them. 

5. People may think that they’re too young to write a Will.  

In a word, NO. You can create a Will at any age. As soon as you acquire something, you should formally designate in your Will who will receive it upon your passing. Even if you aren't close to retirement age or showing signs of aging, it doesn't imply you have nothing to include in your Will. And, while it's not intended to be ominous, anything can happen. 

Without a Will, the law will select who gets to inherit your assets. The fact that the law might not split your possessions as you would have desired can be a bit of a shock to a family. If you don't want it to go to just one person, it's crucial to include anything you think other people would desire and what you want to happen to the remainder. 

6. People may be unsure of who should be the executor of their Will.  

In the probate procedure, an executor is essential. Before distributing the estate to the beneficiaries, they are in charge of administering it. Among their responsibilities are paying bills, consolidating assets, and managing the entire estate. 

We can advise you on the best choice of executor, but you should appoint someone that you trust. 

Therefore, the ease of the probate process will depend on who you select to carry out your will and final instructions. The knowledgeable legal lawyers at WebWills can support you during the probate procedure and ensure the care of your loved ones. We have handled probate cases before and can help you at every stage of the procedure. 

7. People may be unsure of who should inherit their assets.  

Somehow, people seem to fear that if they even consider writing a Will, it will be unlucky, and they will pass away. However, in reality, the majority of us feel better knowing that we have provided for the people and organizations we cherish and care about. 

It is also better to make some decision rather than no decision at all, leaving it to a stranger to decide is not what you want. 

8. People may have difficulty deciding how to divide their assets among their heirs.  

It can be difficult to divide your estate among your children. Do you recall what happened to King Lear from Shakespeare? The height of irresponsibility, though, is having no Will. You have to do the work. 

The obvious solution — a fair distribution of assets amongst your children and spouse — is the best option in many circumstances. Giving each child the same inheritance, though, could not make sense in some families. There is a distinction between leaving an equitable inheritance, in which each child receives what is fair given their circumstances, and leaving an equal inheritance, in which each child receives the same amount. 

9. People may be concerned about their wishes being challenged after their death.  

You will have to deal with a number of legal duties following the death of a loved one. One of the most important ones is the requirement to find the Will and administer the estate in accordance with its instructions. The majority of the time, this procedure is rather simple. Families are rarely particularly surprised by anything in a Will, and it is uncommon for someone who could have fairly expected a bequest to be completely left out. 

However, there are instances where family members disagree with a Will's provisions. This may be the case because the Will, in the family's opinion, does not reflect the wishes of the decedent at the time of his or her passing. Regardless of what the rest of the family thinks, it could also be because one family member feels they have received unfair treatment in the Will. 

If you feel that your Will could be challenged, please get in touch as we have a number of solutions to reduce the risk. 

Discuss with WebWills your odds of successfully challenging the Will as well as any other alternatives. 

10. People may not be aware of the importance of having a Will. 

The truth is, even while you might not be overly concerned about creating a Will, you should be. More assets than you may be aware of likely exist. It's not just the really wealthy who write Wills. Almost everyone has items they need to be making decisions around in the event they pass away. Your lack of preparation may have a huge negative effect on those close to you. It's unjust to leave loved ones in the dark about your possible desires. You put practically everything in the hands of someone else. If you have children, you will not have a voice in who will take care of them. You need to appoint a guardian for them in your Will. Your loved ones may quarrel over what you might have desired while dealing with their grief if all of this and more happens to you. 

Why Do People Avoid Creating a Will? 

Consult an estate planning lawyer. WebWills advises to make the process of creating a Will less intimidating. Failure to have a Will in place might have a serious effect on your surviving family members. Not only do you run the risk of giving your family the power to decide for you. You thus forfeit your right to self-determination and your voice in the process. Set up a consultation with WebWills right away to start preparing for your future and the future of your family. 

Why Do People Avoid Creating a Will? Mostly for reasons that don’t stack up.  Give us a call [(03) 9028 7603] today, we can help make the process easy!     

DISCLAIMER 

This is commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or for any specific situation or proposal, or alternatively get in touch with the writer at https://www.webwills.com.au/ before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.

© WebWills, Australia 2023.

Contesting A Will – What Information am I Required to Release?

Are thinking about challenging a will with a Family Provision Claim (FPC)? Rest assured that your lawyer can assess and prepare your case, but what information do they need? This article will provide an overview of the details required for an applicant to bring an FPC.

Setting out your case

The initiation of an FPC comes with the requirement to give the executor an affidavit. This affidavit is a written version of what would be said in court, it stands as your proof for any claims. Essentially, the document serves as a representation of oral evidence.

Eligibility

It is important to demonstrate your eligibility to bring a FPC when making a claim. To be eligible, you must be a spouse, de-facto spouse, child, step-child or a dependent of the deceased. You must also demonstrate that you do not receive adequate provision under the will (or on intestacy). Other people who may be eligible to bring an FPA include any other beneficiaries named in the will, or any of the deceased's next-of-kin, such as siblings or parents.

Who are the potential beneficiaries?

In addition, anyone with an interest in the deceased's estate, such as beneficiaries, should be disclosed in your affidavit. Along with providing your and your spouse's assets, liabilities, and sources of income, you should include documentary evidence, such as bank statements, share statements, title searches, and tax assessments. This Online will help ensure that your affidavit is comprehensive and accurate.

HazeLegal can help you prepare your affidavit. To ensure you have the best chance of success with your case, it is important to give your lawyer all the relevant information to draft your affidavit. This includes providing details such as:

• Details about your relationship with the deceased (including conduct by either party which could have affected the deceased’s views about that relationship);

• Evidence that you are an eligible applicant (e.g. birth certificate, marriage certificate or for de facto spouses, documents evidencing the relationship);

• Background information about the deceased’s family;

• Details of any contributions you have made to the building up of the deceased’s estate or to the welfare of the deceased (e.g. working in a family business for less than market rate, providing free labour to improve assets, assisting the deceased with chores which otherwise the deceased would have paid for etc);

• Your and your spouse’s financial position including details of your assets, liabilities and income;

• Your financial needs and obligations now and into the future (e.g. medical costs, housing costs etc);

• Your ability to meet your financial needs and obligations;

• Any physical, intellectual or mental conditions you or your family suffer from;

• Information about any competing claims (e.g. the financial position and circumstances of the beneficiaries); and

• By providing this information to your lawyer, they can ensure that your affidavit is accurate and complete, and that your case is properly prepared.

Getting good advice early on about bringing or defending a Family Provision Claim can make all the difference. Don't hesitate to call HazeLegal if you need advice on such matters – it could be the best decision you make.

Disclaimer:

The aforesaid is not legal advice and is only general in nature. Please obtain advice specific to your own circumstances, alternatively get in touch with the writer at http://hazelegal.com.au Please note that we do not endorse any of the services mentioned in this article, they merely serve as an example.

Do you have Children Living in a Foreign Country?

Do you have children living overseas? If so, have you discussed the potential tax and Foreign Investment Review Board (FIRB) impacts on your estate with your estate planning lawyer? It is important to ensure your estate is structured in a way that will minimize any potential tax or FIRB implications for your family. Taking the time to consider these potential impacts now can help you ensure that your family is best prepared for the future.

Tax Implications

Creating an estate plan should be a top priority for everyone, as it is important to ensure that the right assets are passed on to the right individuals at the right time - and in the most tax and cost-effective way possible. With this friendly reminder, let's make sure that our estate plans are up-to-date and in line with our wishes.

When dealing with a beneficiary who lives overseas, there are two key issues that should be considered: the Capital Gains Tax (CGT) event 'K3' and the FIRB regime. Fortunately, the simplest solution for both of these issues is the same - the best asset to give to a beneficiary living overseas is cash. This can be easily achieved in an estate, as long as all the necessary factors are taken into account.

Foreign Beneficiaries

Ensure your children living overseas can benefit from their share of your estate by providing them with flexibility. Give them the gift of choice and provide them with the freedom to decide how their inheritance is invested, used, and distributed in a way that works best for them. Make sure they can take advantage of the greatest assistance you can give them: the flexibility to make their own decisions about their future.

Types of Gifts

With your Online will, you can pass your estate to your beneficiaries in two ways:

1. Direct Gift - This is the traditional and most popular way to gift property or assets to a beneficiary. For example, "I give my shares in ABC Pty Ltd to Dean”.

2. Testamentary Discretionary Trust – For example, The Dean Estate Trust is a testamentary trust established under your will for the benefit of Dean and her family. For example “I give my shares in ABC Pty Ltd to the Dean Estate Trust”. This trust provides long-term financial security and peace of mind by protecting the primary beneficiary and their family's interests. With the Dean Estate Trust, you can be sure that your loved ones will be provided for both now and in the future.

Changing circumstances

It is impossible to know your children’s circumstances at the time of your death. Which of the above gifting options (i.e. direct gift or a testamentary discretionary trust) works best for your children will depend on the assets of the estate, the child’s living situation and personal circumstances at the relevant time. Often the key to future planning is flexibility.

CGT EVENT K3 – In summary, when an estate asset passes to a foreign resident, it is treated as a disposal and the estate is required to pay capital gains tax. If the estate is liable for this tax, there must be sufficient cash available to cover the liability. This should be taken into account when considering the estate's liabilities, both fortuitously and carefully.

FIRB ISSUES – There are a variety of solutions available to those looking to transfer property to a foreign resident beneficiary. These include applying for FIRB approval and paying the relevant application fee (which can be costly). Alternatives such as gifting other assets in place of the property, or selling the property and gifting the remaining cash (after tax) to the foreign resident beneficiary, can also be explored. Ultimately, the best solution depends on the agreement between the involved beneficiaries.

For foreign residents, the new regulations mean that acquiring an interest in Australian property gifted to them under a Will now requires FIRB approval. However, there are some specific exemptions that should be noted. Australian citizens, for example, do not need FIRB approval when acquiring Australian land but may require it for other property, such as businesses and entities. It is important to understand these exemptions and seek appropriate advice when making transactions involving foreign residents and Australian property.

For a FIRB application, the fee should typically be paid by the beneficiary receiving the property. There is, however, a chance that FIRB approval may not be granted. To ensure that all outcomes are taken into consideration, it is important to have a well-drafted Will in place. This will provide the necessary security for all parties involved.

What you can do

A Testamentary Trust can eliminate many of the issues that arise when faced with how to protect the assets for foreign beneficiaries, from Capital Gains Tax to foreign Death Duties or Taxes.

Download the FREE Guide to Testamentary Trusts and Why you Absolutely Need One to protect your family and hard earned assets. Why let the tax man get your money instead?

At Webwills, powered by HazeLegal, we provide our clients with greater flexibility in their estate plans through the use of testamentary discretionary trusts which have an ‘opt-out’ option. This means that the children of the estate, even if they are living overseas, are given the choice to either accept their share of the estate directly or through the trust or a combination of the two. With this, they can make an informed decision at the time of their inheritance.

Disclaimer:

The aforesaid is not legal advice and is only general in nature. Please obtain advice specific to your own circumstances, alternatively get in touch with the writer at http://hazelegal.com.au Please note that we do not endorse any of the services mentioned in this article, they merely serve as an example.

Why You Should Create a Power of Attorney Now!

Should you lack the capacity to make decisions, and no enduring power of attorney is in place, it will be impossible for you to designate someone to manage your financial and personal affairs. This could result in an individual you are not fond of, or even a complete stranger taking charge of your decisions.

Thus, it is essential to recognize what a power of attorney entails and why you should create one now, as you never know what the future holds.

What is a Power of Attorney?

Considering the authority of your chosen power of attorney over your matters and any possibility they may not always act in your favor, it is understandable that one would wonder what the benefit of setting up a power of attorney is.

In the case that you do not possess a power of attorney and become unable to make decisions for yourself, no one will have the necessary legal authority to take care of your financial affairs. With regards to health-related matters, the law allows some people to be named as "statutory health attorney"; however, this might not be someone you would like having control over your health care decisions. You may also want to create certainty with your family members as to who should be responsible for what decisions, and less the risk of family disputes over decision making, which could hinder the decision will making process and that would impact you, your finances and your health, and why would you want to risk that?

If you fail to appoint a Power of Attorney

Failing to create a power of attorney means that an application must be made to the Victorian Civil and Administrative Tribunal (VCAT) in order for them to appoint someone to handle financial or healthcare decisions. These persons may not necessarily be people with whom you would want making choices on your behalf. A law firm, trustee company, or other entity could be chosen, who would charge you considerable fees to do the job. And what’s worse, you would have a stranger appointed to make decisions about your life. You don’t let strangers decide for you now, so why let a stranger make important decisions for you when you are at your most vulnerable, and have to pay them for it too?

Applying to VCAT

Applying to VCAT can be a source of pressure and stress for those close to you. Supporting documents must be compiled, including medical reports, before appearing in the tribunal. To help with this procedure, people may wish to acquire legal advice; however, this would cost considerably more than a power of attorney would. Such costs will most fall on you as well.

During the VCAT proceedings, a certain amount of time may pass in which no one will be able to do anything on your behalf, and this could be damaging for you, and destressing for those who care about you.

A Power of Attorney is an inexpensive and underrated tool

Establishing a power of attorney beforehand can be beneficial for everybody involved. Doing this correctly will not only lessen the worry associated with making an application to VCAT, but also save costs and time, as well as prevent any dispute regarding who will make decisions on your behalf. Most importantly, it establishes what exactly you would like to happen in a way that is viewable by all.

WHY WEB WILLS?

Web Wills, powered by HazeLegal has a team available to answer any queries you might have about power of attorneys, or can help you draft one. Don't hesitate to get in touch for assistance with the process. We also offer fixed fees, so you know what it will cost before you even get started, no nasty hidden surprises.

Disclaimer:

The aforesaid is not legal advice and is only general in nature. Please obtain advice specific to your own circumstances, alternatively get in touch with the writer at http://hazelegal.com.au Please note that we do not endorse any of the services mentioned in this article, they merely serve as an example.

Factors to Consider Before Drafting Your Own Will

When planning your will, you may be tempted to wonder why you need a lawyer when you can do the job yourself. However, consider this: your last will and testament is probably the most crucial legal document that you'll ever sign. This paperwork distributes all of your assets at death, determines who takes care of minor children or pets after you're gone, and even specifies your funeral plans.  

Maybe then, instead of 'Why pay for a lawyer,' the better question would be 'why wouldn't I ensure my most important legal document is professionally prepared?' 

You won’t know if you have made a mistake until it’s too late 

Making a will with yourself may not always be the best decision for everyone. Even small errors can have huge implications, such as forgetting to appoint an executor or guardian of minor children, not dating the will, incorrect wording regarding gifts and leaving uncertain provisions. Everything you put time into making sure your estate and loved ones are taken care of could be undone in mere moments. Even a comma in the wrong place can have huge consequences. Mistakes can also cause your family further grief by having to rectify issues left behind after you are gone. Your passing will be difficult enough, so why make it even harder, more stressful, and potentially family destroying by not have a proper Will? Remember, lawyers train for many years to be able to offer the services that they do. 

Problems it will cause your family. 

Rather than leaving a do it yourself will behind, have you considered the problems it could bring to your family and friends? At a time when they are mourning your loss, do you really want them to be dealing with additional troubles as well? To answer this pivotal question, let us examine the difficulties that can arise from a do it yourself will. 

These issues may include: 

No Valid Will, No Peace Of Mind  

When there is no valid will, the intestacy laws take effect and can allocate your assets to family members or even a former spouse that you did not intend. This could be quite distressing for you and your dependents as it may take some time before any issues are resolved and money is made available to vulnerable members of your family for living expenses. 

No Will, No Plan  

When your will is not legally valid, it is essentially the same as not creating one at all. In this case, intestacy laws take precedence and control who receives your assets after you die. Unfortunately, those assets might end up with someone you didn't expect or even a former partner in some cases.

Processing Delay 

It may take a while to identify any issues with the will and unlock access to your assets. In the event that you have people depending on you, this could be an obstacle in their ability to acquire money for everyday living costs.

Download our FREE Guide to Testamentary Trusts, and why you absolutely need one.

Disclaimer:

The aforesaid is not legal advice and is only general in nature. Please obtain advice specific to your own circumstances, alternatively get in touch with the writer at http://hazelegal.com.au Please note that we do not endorse any of the services mentioned in this article, they merely serve as an example.

Who Inherits My Mum’s Estate, me or My Step-Dad?

The answer to this question depends on various factors such as the laws of your country or state, the existence of a valid will or trust, and the specific circumstances surrounding the inheritance.

Generally, if the deceased person (your biological parent) had a will or trust that specifies how their property should be distributed, then the terms of the will or trust would dictate who inherits what. If there is no will or trust, then the laws of intestacy in your country or state would govern who inherits. That is why it is important to decide for yourself and write your own Will, which can easily be done with our Online Will Writing platform.

In most cases, spouses and biological children are typically given priority over step-children or other non-blood relatives in matters of inheritance. However, this can vary depending on the specific laws of your jurisdiction. In Victoria for example, the partner receives the first almost $500,000 of the Estate, then an equal share of the balance along with the children. It's best to consult with a lawyer who specializes in inheritance and estate law in your area for a more specific answer to your situation, as well as the update to date entitlements of the spouse or de facto of the deceased. Please book in a time to discuss that with one of our lawyers via the following link.

If your parent is still alive, it really is best to have a discussion with them about their wishes, whether they have a Will, where it is, and if they don’t have one perhaps urge them to write one via the best Online will Writing platform, this is quick, easy and cost effective, and eliminates a lot of stress for everyone.

The most important thing to note is the location of the Will, we suggest you read our blog “What if Someone Hides the Will”

Disclaimer:

The aforesaid is not legal advice and is only general in nature. Please obtain advice specific to your own circumstances, alternatively get in touch with the writer at http://hazelegal.com.au Please note that we do not endorse any of the services mentioned in this article, they merely serve as an example.

What if Someone Hides the Will?

If someone hides a will, it can create a lot of problems for the beneficiaries and the executor of the estate. When a person passes away, their will is typically filed with the probate court in the jurisdiction where they resided. This is done to ensure that the will is valid and to initiate the process of distributing the assets in accordance with the deceased person's wishes.

If someone hides a will, it may delay the distribution of the estate and create uncertainty and confusion among the beneficiaries. In some cases, the hidden will may not be discovered at all, which can lead to an even more complicated situation.

If you suspect that someone has hidden a will, you should contact a solicitor, such as ourselves, via the following link who deals in estate planning and probate law. We can help you explore your legal options and take steps to try and locate the will. In some cases, it may be necessary to go to court to compel the person who is hiding the will to produce it.

Ultimately, it's important to remember that hiding a will is not a smart or ethical choice. It can create unnecessary stress and conflict for the family and can even lead to legal consequences for the person who is responsible for hiding the will.

Our solution to this is to use our Digital Vault, wherein all important documents can be uploaded, including the Will, and funeral wishes, last wishes, letters to loved one, list of assets and liabilities, titles, you name it.

You may also wish to read our blog post “How can I let me Family know where to find my Will?”

Disclaimer:

The aforesaid is not legal advice and is only general in nature. Please obtain advice specific to your own circumstances, alternatively get in touch with the writer at http://hazelegal.com.au Please note that we do not endorse any of the services mentioned in this article, they merely serve as an example.