General Estate Planning issues (Wills, PoA, AHDs)

[cove]

Many of our legal and accounting colleagues are retiring so we do need to find someone about 30 or 40 years younger.

 

[tgh]

So how does one select such important assistance ?
My one experience with a (high flying well regarded) finance management operator was that they were selling snake oil.

 

[cove]

There are quite a few snake oil sales folks in every industry. I would go with a referral rather than a random pick.For us we can see the next decade or so will be more challenging health wise and we see some of our older friends struggling.

 

[cove]

Today I picked up 3 days of mail. A letter from the financial planner was there and it included details of the pending increases of the RAD which is the Refundable Accommodation Deposit.In WA it is likely to jump from $550,000 to $750,000 around July 1st,2025 for the most common ones.
That is quite a jump.

 

[Brissy1]

Today I picked up 3 days of mail. A letter from the financial planner was there and it included details of the pending increases of the RAD which is the Refundable Accommodation Deposit.In WA it is likely to jump from $550,000 to $750,000 around July 1st,2025 for the most common ones.
That is quite a jump.

So about a 50% increase. And the alternative, MPIR payment, has more than doubled from about 4% to over 8%

April 2021 $550,[email protected]% = $22,385pa
Jan 2025 $750,[email protected]% = $62,859

Surely I'm wrong here.

 

[cove]

A little bit ugly @Brissy1.
Inflation can be a bit of a cough.

 

[There'sOnlyOneJimmy]

I think the difference in the MPIR is mostly explained by the change in the RBA Cash Rate over the same time.

In April 2021, the Cash Rate was 0.10%
In Jan 2025, the Cash Rate will be 4.35%
That’s a difference of 4.25%

The difference in the MPIR shown above is also roughly round about 4.25%…

 

[MEL_Traveller]

An employee in the Public Trustee SA gave my Aunt good, honest, advice... strongly suggested she use a solicitor as it would be much much cheaper.

So the rules are slightly different in Victoria now…not sure about other states… but basically there’s legislation now which determines who gets what in the event someone dies intestate. Basically it’s surviving spouse first, then kids, etc. The list is defined, no questions. And after a death, all handled simply by a solicitor lodging some forms with the relevant court.

This means the State Trustees have somewhat less of a job to do. No more months of waiting while the state trustees get their act into gear, and no more heft pay fees to them.

Reflecting the downturn in business… the state trustees seemed to have pivoted and now advise on wills!

$300 and they give you advice based on their years of experience. They - of course - have an option for you to nominate them as your executor, but this isn’t pushed at all. They run through all the other options first.

They prepare the will for you and send it, you just have to get it signed and return it to them.

For the price I was really happy with the service. They conducted the hour-long interview by phone. Draft will sent to me a couple days later. They do whatever they do and hold a copy in their system.

 

[Pushka]

A little bit ugly @Brissy1.
Inflation can be a bit of a cough.

Inflation can be a bit of an excuse.

 

[Flyfrequently]

So the rules are slightly different in Victoria now…not sure about other states… but basically there’s legislation now which determines who gets what in the event someone dies intestate. Basically it’s surviving spouse first, then kids, etc. The list is defined, no questions. And after a death, all handled simply by a solicitor lodging some forms with the relevant court.

This is good to hear @MEL_Traveller

 

[serfty]

This means the State Trustees have somewhat less of a job to do. No more months of waiting while the state trustees get their act into gear, and no more heft pay fees to them.

Reflecting the downturn in business… the state trustees seemed to have pivoted and now advise on wills!

Some 30 years ago State Trustees had a promotion and drafted willsfor me and SWMBO at no cost. It did involve a meeting.

When we realised they would appoint themselves executor we gave them a miss.