General Estate Planning issues (Wills, PoA, AHDs)

[Pushka]

In all the years I've had it, never received a thing. Neither has +1.

I get an email every week or so with an offer. Movie tickets, courses, discounts. Are you subscribed? This is the Seniors Card which also gives free public transport during certain hours.

 

[Buzzard]

I get an email every week or so with an offer. Movie tickets, courses, discounts. Are you subscribed? This is the Seniors Card which also gives free public transport during certain hours.

Correct, the card that gives free transport. Must have a look to see if we need to subscribe to something.

 

[mrsterryn]

Just pondering we need to update our wills. Last time we did then we didn't have a daughter in law nor two grandsons

 

[QF WP]

Definitely consider doing it if your assets or beneficaries have had a material change.

Don't worry, I have a Will dated 2003 in contemplation of marriage (tick) and future issue (yes, now have a 15 yo and a 12 yo). But it's still got relatively valid bequests and testamentary trust distributions.

 

[mrsterryn]

Definitely consider doing it if your assets or beneficaries have had a material change.

Don't worry, I have a Will dated 2003 in contemplation of marriage (tick) and future issue (yes, now have a 15 yo and a 12 yo). But it's still got relatively valid bequests and testamentary trust distributions.

Child did his will and POA prior to travelling overseas in 2015. Well that is now invalid as he is married with said two children lol

Husband and I didn't even think of grandbabies at the time

Will have to ensure there is no chance of his family (highly unlikely but you know families) contest leaving his estate to child (stepson )

 

[QF WP]

I presime you meant to type "her family" in the last paragraph, unless he has a male partner.

There are plenty of valid options that a skilled Will drafter can implement to defeat any testator family maintenance claims.

 

[mrsterryn]

I presime you meant to type "her family" in the last paragraph, unless he has a male partner.

There are plenty of valid options that a skilled Will drafter can implement to defeat any testator family maintenance claims.

Oops I meant husband is the wicked stepfather lol. No blood relationship with my son. Though under estate rulings he would more than likely be able to provide a parental relationship (schooling, support etc )
Husband's family could contest on that

 

[JohnK]

Just pondering we need to update our wills. Last time we did then we didn't have a daughter in law nor two grandsons

And we still haven't done anything.

I like the Thai system. The children inherit everything and no one can touch the assets until the child is 20 years old. So we're currently building a house in Thailand that will end up with my daughter if anything happens to us.

Meanwhile in Australia we may have death/inheritance taxes soon.

 

[Pushka]

Just pondering we need to update our wills. Last time we did then we didn't have a daughter in law nor two grandsons

Looked at ours before we left for UK, done 15 years ago. The lawyers made provision for future grandchildren. Will be revisiting it all shortly.

Post automatically merged: Jun 20, 2022

And we still haven't done anything.

I like the Thai system. The children inherit everything and no one can touch the assets until the child is 20 years old. So we're currently building a house in Thailand that will end up with my daughter if anything happens to us.

Meanwhile in Australia we may have death/inheritance taxes soon.

So how does the surviving spouse take care of any children until they turn 20 if they have no income? What happens if no children?

 

[JohnK]

So how does the surviving spouse take care of any children until they turn 20 if they have no income? What happens if no children?

I was referring if both of us are gone. I cannot own land in Thailand so if something happens to my wife my daughter will be the owner of the house. I cannot sell and court will more than likely not approve any sale until child reaches 21 years old.

If no dependents then I assume assets go to next of kin?

 

[mrsterryn]

Depends on whether their superannuation was a funded benefit (ie. the employer actually contributing to their superannuation fund) or it is an unfunded benefit (no defined contribution made, benefit coming from the public purse, ie. consolidated revenue). That difference also indicates whether its a tax free benefit or taxable (as in the case of unfunded benefits)

Being on a defined benefit my understanding is the current funds in whichever Super scheme funds this.

Notwithstanding that defined benefits were no longer offered to new employers in Fed Gob....probable 20 plus years ago.
Defined benefits because of the nature can (?) End up paying tax

 

[OZDUCK]

Being on a defined benefit my understanding is the current funds in whichever Super scheme funds this.

Notwithstanding that defined benefits were no longer offered to new employers in Fed Gob....probable 20 plus years ago.
Defined benefits because of the nature can (?) End up paying tax

The Commonwealth Superannuation Scheme (CSS) closed to new members on 30 June 1990. I was in that scheme and when it closed we were offered the choice to go to the then new Public Sector Scheme (PSS). It was still a Defined Benefits Scheme but in my circumstances, over 15 years of employment, not as desirable as the CSS. The PSS itself was closed on 30 June 2005.

There are all sorts of permutations regarding untaxed and taxed components but I do pay tax on my income from the CSS at my marginal rate but with a 10% offset.

If you want a read then - https://csc.sitecorecontenthub.cloud/api/public/content/567195f0cd5544deab236b1f3e35820b?v=dfebf1b3

 

[mrsterryn]

The Commonwealth Superannuation Scheme (CSS) closed to new members on 30 June 1990. I was in that scheme and when it closed we were offered the choice to go to the then new Public Sector Scheme (PSS). It was still a Defined Benefits Scheme but in my circumstances, over 15 years of employment, not as desirable as the CSS. The PSS itself was closed on 30 June 2005.

There are all sorts of permutations regarding untaxed and taxed components but I do pay tax on my income from the CSS at my marginal rate but with a 10% offset.

If you want a read then - https://csc.sitecorecontenthub.cloud/api/public/content/567195f0cd5544deab236b1f3e35820b?v=dfebf1b3

Geez didn't realise that long ago. My public service time started in 1984

 

[OZDUCK]

Geez didn't realise that long ago. My public service time started in 1984

Whippersnapper - 1972 for me and ended in 2009.

 

[mrsterryn]

Whippersnapper - 1972 for me and ended in 2009.

My career actually started promptly after son. Needed a job, had the infamous Saturday public service test and got in

 

[Bundy Bear]

Interesting story from abc

Expert says the way the Public Trustee office managed Luka's inheritance was 'unforgivable'

Queensland's Public Trustee office faces accusations of excessive charges and fees for no service, while others say its business model contains an inherent conflict of interest.

www.abc.net.au

 

[mrsterryn]

In my last job there was significant contact with various states Public Trustees.
I would never ever recommend having Public Trustees as administrators of an estate or of a incapacitated person.
This is not in regards to one or two cases but numerous.

 

[QF WP]

Interesting story from abc

Expert says the way the Public Trustee office managed Luka's inheritance was 'unforgivable'

Queensland's Public Trustee office faces accusations of excessive charges and fees for no service, while others say its business model contains an inherent conflict of interest.

www.abc.net.au

I subscribe to a solicitor who does a regular email discussing cases through the Court. Plus friends with another solicitor who posts via LinkedIn. Both are always a good read.

 

[JohnK]

In my last job there was significant contact with various states Public Trustees.
I would never ever recommend having Public Trustees as administrators of an estate or of a incapacitated person.
This is not in regards to one or two cases but numerous.

Shouldn't the question be why are they allowed to keep doing it? Or simply a case of no one cares and just move on?

My thoughts are the service should be there to help those who did not plan properly and they should be able to cover costs. It should be non profit. It should be efficient not there to cause more stress on the victims.

As a society we should do more. Aged care is another that has been neglected for so long.

 

[Hvr]

Aged care is another that has been neglected for so long.

I would argue that aged care has had a lot of attention paid to it. The vultures have been ripping it off for years under the guise of privatisation.