General Estate Planning issues (Wills, PoA, AHDs)

[get me outta here]

What about if their bodies don’t actually produce any heirs and they might adopt - I wonder how that might fit in.

no we don’t have any at the moment, it is all couched in terms like “heirs of their bodies” or something like that.

 

[Flying mermaid]

What about if their bodies don’t actually produce any heirs and they might adopt - I wonder how that might fit in.

I think it is just a term for linear descendants and that adopted children count

 

[Buzzard]

You never know what can happen when.
A good friend of ours celebrated her 57th birthday in January, happy and healthy as. 3 days later she was on life support following a brain bleed. Last weekend life support was turned off.
A couple of years ago we had a discussion about wills. Her response was I must get around to it. Too late now.

 

[Pushka]

What about if their bodies don’t actually produce any heirs and they might adopt - I wonder how that might fit in.

Adoption bestows exactly the same rights as children ‘born’. I know this from actual experience.

 

[amaroo]

Don’t muck around with this stuff....

When we became a couple - sorted

When we had kids - sorted

When we started businesses - sorted

When we started to make some serious coin - sorted

No different to car or house insurance .... just get it sorted!

 

[Bundy Bear]

Just bumping this thread; was watching ABC 4 corners last night mentioning undertakers and it reminded me of this thread.

Where do you find a good solictor who won't cost to much.

A google search didn't really suggest where to download a do it yourself will.

 

[get me outta here]

Best to read the post above yours and then seek out a lawyer who specialises in Wills and the options they contain. Not a DIY. If you say which city, people may PM you recommendations.

Just bumping this thread; was watching ABC 4 corners last night mentioning undertakers and it reminded me of this thread.

Where do you find a good solictor who won't cost to much.

A google search didn't really suggest where to download a do it yourself will.

 

[Flying mermaid]

Just bumping this thread; was watching ABC 4 corners last night mentioning undertakers and it reminded me of this thread.

Where do you find a good solictor who won't cost to much.

A google search didn't really suggest where to download a do it yourself will.

If you have a really simple set of affairs any solicitor can draw up a will. The more assets you have and the more you want to specify things (e.g protecting inheritances from divorce situations), the more you need to go out a specialist in estate planning. If you leave a messy will behind for your children to deal with have you really saved money?

 

[get me outta here]

Accountants and financial advisers are potentially good referees too.

 

[VPS]

I was just talking to the solicitor about updating my will. He said they just love the DIY will kits because they make so much money out of sorting them out when things go t!ts up when they are trying to sort them out.

 

[ontheaisle]

He said they just love the DIY will kits because they make so much money out of sorting them out when things go t!ts up when they are trying to sort them out.

I don't know that I'd say I love it - I personally would prefer that people had properly drafted wills!

On that note, don't just go to any old solicitor but look for one that actually has a wills and estates practice or solid experience in the area. Even a simple will needs to tick certain boxes to make sure it reflects the testator’s wishes, properly disposes of all their assets, and gives the executor/trustee sufficient powers to deal with assets efficiently (especially if there is real estate involved).

I've had at least a half dozen wills in the past year or so that were drafted (incredibly poorly) by solicitors and a few even resulted in partial intestacy.

 

[VPS]

I don't know that I'd say I love it - I personally would prefer that people had properly drafted wills!

On that note, don't just go to any old solicitor but look for one that actually has a wills and estates practice or solid experience in the area. Even a simple will needs to tick certain boxes to make sure it reflects the testator’s wishes, properly disposes of all their assets, and gives the executor/trustee sufficient powers to deal with assets efficiently (especially if there is real estate involved).

I've had at least a half dozen wills in the past year or so that were drafted (incredibly poorly) by solicitors and a few even resulted in partial intestacy.

Mine is very simple and my cousin is one of the solicitor's PA and in they said use this guy - he's good.

 

[suze2000]

Just bumping this thread; was watching ABC 4 corners last night mentioning undertakers and it reminded me of this thread.

Where do you find a good solictor who won't cost to much.

A google search didn't really suggest where to download a do it yourself will.

@Bundy Bear , when my father died intestate I got a list of suggestions from the Citizens' Advice Bureau in Perth. But I used a guy called Rex George, he ran a one man office for simple things, and was very helpful over the phone when we called so we chose him. He did the things that were needed and told me how to do the things that he believed I could manage myself to save money. His number is 08 9240 7616. I don't know if he's still practicing though.

 

[mrsterryn]

I do keep reminding my son he needs a.new will now he is married
Husband and I need to do an update as grandson is now around .
Though ours is relatively simple. I plan on no cash in the bank allllll spent lol
Just our home

 

[Flying mermaid]

I do keep reminding my son he needs a.new will now he is married
Husband and I need to do an update as grandson is now around .
Though ours is relatively simple. I plan on no cash in the bank allllll spent lol
Just our home

That’s a good point - I need to nag the “kids” to make wills. They all have assets now.....

When we made new wills a few years ago to set up a testamentary trust, it catered for grand children as well, even though we didn’t have any.

 

[mrsterryn]

We are fortunate insofar as most of our income is from defined benefits . So whenever the last one of husband and I cark it . The money ends
There is unlikely to be an asset value to them (hoping we live quite a few more years )

 

[Hvr]

I do keep reminding my son he needs a.new will now he is married

It is vitally important because if he dies now he will be considered intestate with all of the resulting confusion and legal problems that causes. A will is declared void upon marriage.

 

[mrsterryn]

He is quite aware lol.
My mother though not.a lawyer was an expert on probate and convancying in NSW
At my wedding she had our wills and my son's will ready for signing
Son has redone his will since then as he does have some assets , however as you say issues if he dies intestate
On our assets I have to say I am pleased that it should be quite simple
Of course who knows if a nursing home bond is required which would stuff up all the planning

 

[get me outta here]

Good luck with the "plan" to perfectly balance the money to not be in credit at the time of the reaper.

I plan on no cash in the bank allllll spent lol
Just our home

 

[mrsterryn]

Good luck with the "plan" to perfectly balance the money to not be in credit at the time of the reaper.

Hey I am happy to be in debt lol
Son can pay it off