General Estate Planning issues (Wills, PoA, AHDs)

[clazman]

Public Trustee has to be the most incompetent government department I have ever come across with the added bonus of over charging for the lack of service. Mum decided to have her will managed by the public trustee, against the family advice and despite it being very simple thye took months to action it.

In my opinion a will and power of attorney should be mandatory

 

[Milboo]

Thanks for the Barefoot Investor list! I have downloaded it and sent it to my sister, for her to put in place with our parents.

The comment above re Robert Holmes A'Court - lawyers are actually some of the worst at having wills in place! Bit like doctors are bad at seeking medical advice etc.!

 

[Bodie]

My dad has a strong box at home plus the family (dad, sister, Mrs Bodie and I) use the same financial advisor and accountant.

Mrs Bodie and I have recently updated our wills and done our death nomination on our super. Ours is pretty simple.

I can sympathise with John K - trying to estate plan for child's welfare for 28yrs (til 30 ) when she may be growing up and educated oveseas. My uneducated guess that it may require long term trust fund that includeds both australian and thai management.

 

[QF WP]

Well, husband and two sons know. That’s all.

We have our own business so there’s accounting and taxation and gst and all that kind of cough information.

So here’s a thought. How far ‘down’ the family do you go? Son and DIL are thinking children. So?...

Speaking of warring family when it comes to children; we have stated in our will that both children must agree with the process of liquidating assets and should there be any disagreement then the lawyer gets the final word. Likely both will end up unhappy which I think is better than one happy and the other one not

You may want the considered opinion of accountant as well - the financial aspects cannot be ignored. Few decisions, at the worst possible time emotionally, should be contemplated by beneficiaries. All in the fullness of time with the right professional advice.

 

[Pushka]

You may want the considered opinion of accountant as well - the financial aspects cannot be ignored. Few decisions, at the worst possible time emotionally, should be contemplated by beneficiaries. All in the fullness of time.

Sure thing. I’ve put his name on the list in the firebox. I wouldn’t really use him to advise on financial matters though other than taxation matters for the business. He does know the mechanism of all the trusts though but not as though they have a lot of assets in them. We’ve tended not to use them other than for any business dividends. Property etc is owned directly.

 

[Katie]

Making an appointment to see our solicitor and get wills drawn up …

What an informative thread.

 

[get me outta here]

I have my will original and the house deed in the bank and those that need it are nominated to access the envelope. It costs me $50 a year and gives me a warm fuzzy feeling.

 

[Pushka]

I have my will original and the house deed in the bank and those that need it are nominated to access the envelope. It costs me $50 a year and gives me a warm fuzzy feeling.

Do you know that paper titles aren’t used much anymore? It’s all in computer land these days. Kind of sad really but people kept losing their titles although they were always only copies anyway. Land titles kept the real ones. Our original wills are with the solicitor and we just have the copies here.

 

[get me outta here]

Interesting. Also in the envelope is all the good jewels.

Yes, the old couple lost their title and what a pain to get it replaced.

Do you know that paper titles aren’t used much anymore? It’s all in computer land these days. Kind of sad really but people kept losing their titles although they were always only copies anyway. Land titles kept the real ones. Our original wills are with the solicitor and we just have the copies here.

 

[Buzzard]

The last thing I would do is buy a Will Kit from a newsagent or Post Office.
I know lawyers that love them

 

[cove]

My mother was a mathetician and she went 3 sons and 7 grandchildren. Sons each received a quarter and the grandchildren each a one twenty eighth. I handled the estate wind up and kept everyone informed. Always good to have no family arguments over money.
It can be a problem when your trusted advisors start retiring and you keep going.

 

[TonyHancock]

Biggest problem I have is to whom I bequeath my signed photographs of Sid Field, oh and my unbroken hardback run of Wisden's 1939-present. Nobody seems to want them.

 

[Pushka]

Biggest problem I have is to whom I bequeath my signed photographs of Sid Field, oh and my unbroken hardback run of Wisden's 1939-present. Nobody seems to want them.

Those Wisdens do take up a lot of space. Not exactly coffee table items either.

 

[TonyHancock]

Those Wisdens do take up a lot of space. Not exactly coffee table items either.

Yes, but those war year Wisden Hardbacks, slim but not many out there.

 

[Pushka]

Yes, but those war year Wisden Hardbacks, slim but not many out there.

Could you sell them in an auction or something?

 

[TonyHancock]

Sell?

Ye Gods no! Sacrilege. My biggest regret was not buying a mint condition 1916 for $5k.

 

[Pushka]

Ye Gods no! Sacrilege. My biggest regret was not buying a mint condition 1916 for $5k.

Fair enuf. I’m into decluttering at moment. The basic premise is only keep those items that bring you joy. Guess you can keep them then.

 

[Milboo]

My grandmother went through a process of gifting her 5 sons (and the 13 grandchildren) a specific item she choose for them when she downsized (Poppa was already in care).

Each granddaughter got a piece of jewellery - mine was a sapphire ring.

My father, being the eldest, was given the oil portrait of a relative done by a very famous NZ portrait artist. It is still hanging at her place, and I suspect it will be loaned to the National Gallery on her passing.

 

[Fifa]

Testamentary Trusts are excellent vehicles for safeguarding assets from others and for various reasons.

We set up a testamentary trust a few years ago. I highly recommend getting in touch with an estate planning lawyer as their expertise is invaluable.

 

[JohnK]

Does anyone have a cost on what it costs to produce a will?

"Here is how I want my assets split and this is the person I appoint to execute the will!".

And why couldn't you do this yourself?