General Estate Planning issues (Wills, PoA, AHDs)

[get me outta here]

The apostrophe in this thread title is incorrect. Could it be erased please?

 

[get me outta here]

I was reading about about a, “Spendthift Trust” to manage the inheritance going to those deemed not to be capable or trusted to manage an inheritance properly. Sounds like a good vehicle for some where necessary.

 

[JohnK]

We have failed to overcome a lifetime of penny pinching and the kids inheritance continues to grow.. not good...

I find gambling helps fulfill that wish....

 

[Pushka]

I’ll just leave this here. No will in place.

Banking ‘vultures’ slammed after widowed single mum loses house

 

[love_the_life]

I’ll just leave this here. No will in place.

Banking ‘vultures’ slammed after widowed single mum loses house

Absolutely disgusting and unconscionable behaviour. And they have the cheek to admit they didn’t treat her very well! But haven’t done anything to redress the situation.

 

[Bundy Bear]

The news.com.au new story just hit Facebook feed, and thought of Johnk.

And these 2 were married.

Always things you can do after the fact.

Pay the house loan repayments.

 

[get me outta here]

cough banks. I hope BW is forced to recompense her with interest, admin fees, etc etc. Is it likely, and will this sort of reprehensible behaviour be covered on the Banking Royal Commission that we have to thank the whistleblower for?

The news.com.au new story just hit Facebook feed, and thought of Johnk.

And these 2 were married.

Always things you can do after the fact.

Pay the house loan repayments.

Banking ‘vultures’ slammed after widowed single mum loses house

 

[get me outta here]

I messaged BW about that story and waited 20 mins for an answer which repeated the pathetic , ‘we’ll try harder” line. And, that some of the Current Affair story is incorrect.

 

[love_the_life]

I messaged BW about that story and waited 20 mins for an answer which repeated the pathetic , ‘we’ll try harder” line. And, that some of the Current Affair story is incorrect.

It may well be incorrect in some points though I think the overall gist is probably correct. If not, they would've been kicking up a song and dance about it.

 

[OscarW]

It may well be incorrect in some points though I think the overall gist is probably correct. If not, they would've been kicking up a song and dance about it.

I’m pretty sure BW would have a fleet of lawyers ready to jump on any unsubstantiated claims made by A Current Affair.......

Remember: “where there is smoke, there is (invariably) fire”.


NB. I deal with banks and insurance companies all day every day and the BS gets worse and worse every year. Whatever is thrown at the banks and insurance companies is (invariably) well deserved. It’s about time most of these organizations backed up their actions and statements with quality service, products and personnel. The clients (and advisers) are getting royally screwed.

Sorry......went on a rant, but my point is that there NO WAY IN HELL that I would have any confidence in the Public Trust or Superannuation/Insurance Trustees to look after the genuine beneficiaries of an estate without everything signed in triplicate and blood.

I listen to numerous lies every single day. If you think HUACA is necessary with airline call centres, try dealing with Insurance/Superannuation and banks for your entire Financial wellbeing and protection. The morons on the front line make decisions on a daily basis that completely destroy lives with nil care or responsibility taken.

 

[OscarW]

No will at all.

Which leads to other issue. What if something happens to me? Wife doesn't want to stay here. There are points in her QFF account. Need to explain how she can book an economy award flight to go back to Thailand.

Give her my details, I’ll show her how to book First Class suites (via London) and she can drink champagne all the way home. Lol

 

[mrsterryn]

My mother did estate law for many many years
At my wedding reception to my husband almost 20 years ago my mother had my will,my husband's will and my son's will all prepared and to be signed post wedding service and pre wedding breakfast.
We are a small family, now with a grandchild, and our wills from our wedding are still appropriate
Once my husband retires we shall be changing our house title so we can leave our respective shares to my son (my husband has no children he is the wicked stepfather)
Our estate currently goes only to up to grandchildren level
Like many others here we are spending up .
My son already received quite a substantial inheritance from my parents at my request
However this also means he is getting an empty bank account , a house, a few bits and pieces when husband and I both die
Also if I die and my husband remarried I have protected a portion of my estate as I am leaving it directly to my son
I have heard many many horror stories of wills poorly prepared.
As you can see so many things can go awry even with a simple inheritance of cash and property
I do hope you are able to sort yours out simply @JohnK

 

[JohnK]

I have heard many many horror stories of wills poorly prepared.
As you can see so many things can go awry even with a simple inheritance of cash and property
I do hope you are able to sort yours out simply @JohnK

In theory it's simple but not sure that's how it will work out in reality.

Need to somehow get everything to daughter bypassing wife as well otherwise that creates a new headache as wife then needs a will too and I don't want her having too many headaches and she won't be here to manage these headaches.

 

[Pushka]

In theory it's simple but not sure that's how it will work out in reality.

Need to somehow get everything to daughter bypassing wife as well otherwise that creates a new headache as wife then needs a will too and I don't want her having too many headaches and she won't be here to manage these headaches.

If you don’t have a will it won’t bypass your wife.

 

[get me outta here]

Your will can say whatever you like ... and so far you are convinced that your circumstances are completly unusual and as you don’t see how it can be done. If you just spoke to a competent lawyer in this area you would find out how it could be done. It would possibly give you a peace of mind that is heretofore unknown to you.

It is not unusual what you want to do. You just need to talk it over and see how it can be done. A lightbulb will go on for you. The alternative is a world of pain for them all. You can also discuss how your wife’s will or not can happen.

In theory it's simple but not sure that's how it will work out in reality.

Need to somehow get everything to daughter bypassing wife as well otherwise that creates a new headache as wife then needs a will too and I don't want her having too many headaches and she won't be here to manage these headaches.

 

[love_the_life]

Even with a will, bypassing your wife could leave it open for her to challenge - she is classed as an eligible person. Most married couples have a will each, often drawn up at the same time. Cutting your wife out of the process seems somewhat odd to me. If you don’t have a will, it will go to her anyway.

 

[get me outta here]

I was thinking a compromise perhaps something like a trust that pays somebody who actually lives back in Thailand a suitable stipend. If there are potentially the ‘spend thrift’ relos, that can be part of the arrangement to cover that concern.

Even with a will, bypassing your wife could leave it open for her to challenge - she is classed as an eligible person. Most married couples have a will each, often drawn up at the same time. Cutting your wife out of the process seems somewhat odd to me. If you don’t have a will, it will go to her anyway.

 

[Hvr]

otherwise that creates a new headache as wife then needs a will too

She already needs a will. Please see a professional and discuss these matters. There is too much at risk.

 

[JohnK]

Even with a will, bypassing your wife could leave it open for her to challenge - she is classed as an eligible person. Most married couples have a will each, often drawn up at the same time. Cutting your wife out of the process seems somewhat odd to me. If you don’t have a will, it will go to her anyway.

Not cutting anyone out. Not diddling anyone. This has been discussed with wife. We leave everything to daughter. Wife will not contest. The crux of the matter is I don't want anyone in Thailand with the ability to claim anything from what I have worked hard to achieve. Assets must stay in Australia. We can work on some sort of regular income stream.

Note these issues are not that simple. Perhaps trusts are the way to go. I'm not yet prepared to spend thousands on lawyers. Maybe a free visit to a lawyer, if that's possible, with my thoughts and a quote on what it will cost then we decide further.

 

[love_the_life]

Not cutting anyone out. Not diddling anyone. This has been discussed with wife. We leave everything to daughter. Wife will not contest. The crux of the matter is I don't want anyone in Thailand with the ability to claim anything from what I have worked hard to achieve. Assets must stay in Australia. We can work on some sort of regular income stream.

Note these issues are not that simple. Perhaps trusts are the way to go. I'm not yet prepared to spend thousands on lawyers. Maybe a free visit to a lawyer, if that's possible, with my thoughts and a quote on what it will cost then we decide further.

I was aware that you do intend to look after your wife and weren't cutting her out as such, though it sounds like you don't want her to have her own will. Do you not have any joint assets or she have her own? These need to be considered.