General Estate Planning issues (Wills, PoA, AHDs)

[cove]

Having joint executors or joint power of attorneys can be a problem if these people are not in the same state especially when dealing with banks.
My wife and sister in law had to both attend a bank together which was difficult when one was working full time. Then getting funds transferred after 2.30 pm was not possible to another bank when the appointment made was after 2.30 pm. Well that was Westpac a few months ago and my wife is a director of a middle markets business based at that branch. I had to call to give that banker a pep talk even though I was not a nominated party.

 

[Pushka]

Having joint executors or joint power of attorneys can be a problem if these people are not in the same state especially when dealing with banks.
My wife and sister in law had to both attend a bank together which was difficult when one was working full time. Then getting funds transferred after 2.30 pm was not possible to another bank when the appointment made was after 2.30 pm. Well that was Westpac a few months ago and my wife is a director of a middle markets business based at that branch. I had to call to give that banker a pep talk even though I was not a nominated party.

Totaly agree but unless we cut one son out entirely we have no choice. I guess being in different states is almost as bad as different country. It's the emergency stuff that's the issue. We could have had a clause that had one son not being required if they were overseas but then that makes the joint PofA pointless. Seems to me that as we did three real estate purchases and sales without seeing anyone, all done online, that banks can get their act together better.

 

[Brissy1]

POA
Horrible experience caused by joint.

If it doesn't need to be joint, don't do it.

If it does need to be joint, don't do it...it can end up with the public trustee.

 

[serfty]

POA
Horrible experience caused by joint.

If it doesn't need to be joint, don't do it.

If it does need to be joint, don't do it...it can end up with the public trustee.

I agree, joint is asking for trouble. Best to name in a clear order of precedence, and list as many as considered capable.

It was two decades ago but when my Father passed he was living in Paynesville. He had named joint Executors in his will, being older sister and older brother. Only trouble was older brother was living in Africa and older sister was off with the fairies in her commune era literally 6 hous away living near Port Fairy. (They have come to a more standardised sense of reality these days.)

Africa brother basically left it in Sister's hand who seems to have placed responsibility into Dad's Bairnsdale solicitor but could not seem to be bothered dealing with requests from said solicitor. They did not mean any harm, it was just not a thing they were "interested" in. Plants grown in the Otways were more fascinating to her.

It took 18 months before, at the increasing urging of us younger siblings, older brother decided to investigate what was happening during a trip back to Oz. He eventually managed to get things under way but due to the joint appointments had issues getting documentation complete.

All up it took 40 months before the estate was settled.

 

[Brissy1]

All up it took 40 months before the estate was settled.

Lucky you, that would actually be nice; 5 years and properties still not sold, letters currently between competing solicitors over the most trifling of irrelevant matters.

Don't go Joint.

 

[CaptJCool]

Inheritance

Found this interesting tidbit

Given the complexities of managing an inheritance, we wanted to find out what Australian beneficiaries are doing with the money they receive. We surveyed 3,000 people as part of our “What do you care about?” project.

The most popular way to use an inheritance was to

invest it – preferred by 30% of respondents, followed by
paying of the mortgage (28%), then
sharing it with family at 19%.
Rounding out the top six was

buying a car,
putting it in a term deposit and
going on a holiday.

Using these insights and our experience, we have addressed six financial questions you may need to consider when receiving an inheritance of a million dollars or more

 

[JohnK]

Some time in the past 3 weeks shifting from one hospital to another my dad has lost his Medicare card that both he and mum use.

Do you think we can call up and request new card?

FFS, he is 86 years old with very little English and zero computer skills. He cannot create a myGov account, link Medicare and request a replacement card.

Why no telephone support? I'm waiting to speak to someone about myGov. It should be much simpler for those who are computer challenged. I should be able to call and request old Medicare to be cancelled and new one issued? That would make way too much sense.

 

[DejaBrew]

@JohnK - have you considered/explored Enduring Power of Attorney? Might make sense under the circumstances.

 

[MARTINE]

Some time in the past 3 weeks shifting from one hospital to another my dad has lost his Medicare card that both he and mum use.

Do you think we can call up and request new card?

FFS, he is 86 years old with very little English and zero computer skills. He cannot create a myGov account, link Medicare and request a replacement card.

Why no telephone support? I'm waiting to speak to someone about myGov. It should be much simpler for those who are computer challenged. I should be able to call and request old Medicare to be cancelled and new one issued? That would make way too much sense.

A few things may help and I have done all in similar circumstances:
1- you could set up the myGov account for him online quickly ( get a new card which is instantaneous). If you turn up to an office or telephone they will need to speak to him directly……not as easy
2- get your father/mother to sign you as contact for myGov for all comms going forward so you can speak on his behalf
3 - having a medical and enduring power of attorney is critical for ageing parents for whom you will be the interface with agencies/you do not have to have it for (2) but I recommend you get one for future in any case
4- if all else fails email local member (federal) with your concerns. You will get a reply within 24 hours

Good luck John - its a hard situation

 

[JohnK]

@DejaBrew that just came up in the follow up call to Medicare. Maybe that's the way to go but that doesn't help with this issue.

They need to identify dad. He can't speak English and he is hard of hearing.

We'll get an interpreter. Dad can't hear on the phone.

She's laughing at me. How did we let society get to this point where we can't do anything? My brother will try calling them and if no luck then I'll call again and pretend I'm dad.

 

[MARTINE]

@DejaBrew that just came up in the follow up call to Medicare. Maybe that's the way to go but that doesn't help with this issue.

They need to identify dad. He can't speak English and he is hard of hearing.

We'll get an interpreter. Dad can't hear on the phone.

She's laughing at me. How did we let society get to this point where we can't do anything? My brother will try calling them and if no luck then I'll call again and pretend I'm dad.

Best you set it up online….

 

[Pushka]

@JohnK - have you considered/explored Enduring Power of Attorney? Might make sense under the circumstances.

We have set up such legal documents for us and we are only in our sixties because doing it later is too late when it's really needed. I was PofA for my MIL for many years from her fifties. I didn't enact it until her sixties when she became terminal. But all the banks had been pre advised and I was instructed by her on everything. She died at 66.

 

[prozac]

We have set up such legal documents for us and we are only in our sixties because doing it later is too late when it's really needed. I was PofA for my MIL for many years from her fifties. I didn't enact it until her sixties when she became terminal. But all the banks had been pre advised and I was instructed by her on everything. She died at 66.

When I fell ill I contacted my accountant and asked about estate planning. I worry that when I die assets will be sold and the dollar amount might not be as useful for my children as the income stream they generate. The income enables borrowing which leverages anything they might want to buy.

 

[DejaBrew]

We have set up such legal documents for us and we are only in our sixties because doing it later is too late when it's really needed. I was PofA for my MIL for many years from her fifties. I didn't enact it until her sixties when she became terminal. But all the banks had been pre advised and I was instructed by her on everything. She died at 66.

It's not something that anyone wants to think about, but it's incredibly important (with the caveat being that you do require complete trust in those to whom PofA is being granted). I've witnessed/experienced the challenges of not having it (one grandparent, which resulted in PofA being rapidly organised for the other ), but thankfully have everything in place and ready if/when needed for my remaining parent. Hopefully will never be truly required, but huge peace of mind should the time come.

 

[Pushka]

It's not something that anyone wants to think about, but it's incredibly important (with the caveat being that you do require complete trust in those to whom PofA is being granted). I've witnessed/experienced the challenges of not having it (one grandparent, which resulted in PofA being rapidly organised for the other ), but thankfully have everything in place and ready if/when needed for my remaining parent. Hopefully will never be truly required, but huge peace of mind should the time come.

Both sets of parents set up the PofA for us kids so we have done the same for our kids.

We never thought we'd really need it for Mum but when we contacted our lawyer a couple of days before we knew she would pass, her advice re using it in a particular way saved us so much stress. Lawyer never charged us.

agree. Need to trust the people concerned. It costs money. It's a bit like travel insurance that isn't taken out then who then have an accident then set up a go fund me exercise. People who travel overseas then expect others to help them really CMO.

 

[MARTINE]

Both sets of parents set up the PofA for us kids so we have done the same for our kids.

We never thought we'd really need it for Mum but when we contacted our lawyer a couple of days before we knew she would pass, her advice re using it in a particular way saved us so much stress. Lawyer never charged us.

agree. Need to trust the people concerned. It costs money. It's a bit like travel insurance that isn't taken out then who then have an accident then set up a go fund me exercise. People who travel overseas then expect others to help them really CMO.

Agreed
We had all in place before we were married.
As did our parents.
We set up will/PoA for our daughter as soon as she turned 18 and including her capacity to act on our behalf when we are overseas (if necessary with sensible aunt as a cosignatory).
Now 30 - and an only child - happy to report she did not send us broke!!!
So many died in our family young and /or suddenly that we discuss these contingencies as a matter of course