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25.01.2022 Dementia. We have all been touched by it in some way. I didn't realise that it is the second leading cause of death in Australia and there are an estimated 459,000 people who have Dementia at the moment here in Australia. What I am concerned about is the amount of people without a Will and Estate Plan (nearly half of the adults in Australia). With Dementia there will come a point where they can no longer create an Estate Plan and sign off on their Will as it can be argued th...ey were not of sound mind. If you see behaviour changes in any of your loved ones, maybe urge them to think about if their Will and Estate is up to date and how they would like things done. #427Estate http://ed.gr/clalk
25.01.2022 My top 10 Estate Planning Mistakes #1 Ignoring competency issues Firstly you think this is about your personal competency in understanding the process but it is not. It involves you talking about your values and documenting what you want to happen if you were to die or become mentally incapacitated. Areas such as appointing a power of attorney (medical and financial), advanced care directives and guardianship for your children should be included in estate planning. ... #427Estate See more
23.01.2022 Updating your Will online is a growing trend (especially at the moment as you would imagine) and I think something that more of us will expect to do in the future as well. As a financial advisor I can help you update your Will on line through my 427 Estate software. So if it is on your to do list, just get in contact with me. Book a Zoom call here: http://ed.gr/ctqb3 http://ed.gr/ctqb4
22.01.2022 Heath Ledger died suddenly and as a young man it was unexpected. We all have stories of people we know have been taken too soon. While Heath had a Will it wasn't up to date as it didn't provision for his daughter and as a successful actor he had been fast accumulating wealth. So it could have been bad for Michelle Williams and his daughter. But in true Australian form Heath's family gifted everything to his daughter Matilda. ... Does this make you think "if you were to die today, are your financial assets and children taken care of the way that you want?" Get in touch, I can help you update your Will, Powers of Attorney and Guardianship details. Book a time with me here >>> http://ed.gr/ctqbz
21.01.2022 Did you know that Shakespeare wrote 'King Lear', 'Macbeth' and 'Antony and Cleopatra' when he was in quarantine during the 1605-1606 plague. Just another reminder of the innovations and creative thinking that can occur when we are forced to think and see things from a new perspective.
21.01.2022 My top 10 Estate Planning Mistakes - #6 Not leaving provision for dependants This is one of the tricky areas of doing up your Will as it is important to consider who may challenge your Will. There are laws in place to protect dependants so if you want to leave someone out of your Will, check in with your lawyer to work out what you need to do in your circumstances. They may suggest preparing supplementary material to explain why you are not providing for them or to include a... reference to that particular beneficiary being left out and confirming you are aware they can challenge but chose to still exclude them. This will not preclude that person from lodging a claim, but it means that they cannot argue that they have simply been forgotten. Many people don't realise that on divorce, your ex-spouse is not automatically disinherited (although they are generally removed from your Will as a beneficiary via legislation), especially if your ex-spouse is financially dependent on you. They may still have a right to claim on your estate. Getting professional advice around dependants is always a good rule of thumb to help prevent your Will being contested. #427Estate
19.01.2022 My top 10 Estate Planning Mistakes - #10 Forgetting tax planning Tax is a consideration that is often overlooked. There are a number of tax considerations that will impact how much beneficiaries end up receiving from an estate such as income tax, capital gains tax (CGT) and land tax. In most instances, any assets owned at the time of death can be transferred to beneficiaries without having to pay capital gains tax at that time (though it may be payable when each asset is ev...entually sold by the beneficiary). One of the most effective ways to minimise tax on income, particularly when leaving assets to minor beneficiaries, can be to establish a Testamentary Trust. A Testamentary Trust is simply a trust set up via a Will that can be used to protect a beneficiary’s inheritance and tax-effectively distribute income. These are all things you should seek advice from your accountant or financial adviser. #427Estate
19.01.2022 [Why we don't do things that we identify as important]. I am sure we all can relate to this! What should we do and by when. Some things we just have to do out of necessity such as buying groceries or getting the kids to school. But there are important things that we also have to do that many of us just don't prioritise such as life insurance and estate planning. I found this article and it immediately got my attention with the motorbike analogy. The article essentially high...lights some of the science behind putting important things off. The fact is people make excuses because they are procrastinating. We all know having the right insurances in place and documenting our wishes in a formal estate plan is important but we just keep putting it off. Why? Protect what matters the most to you. Have a read of this article it is really interesting. http://ed.gr/ckex4
19.01.2022 It’s estimated that almost half of Australians die without a Will. This is more than I would have thought and I guess it is that job that we keep putting off either doing in the first place or updating when circumstances change. This is a good article as it explains what happens if you die without a Will but the two most important are you don't get to choose who gets what and you leave a big mess around for your loved ones to sort out. http://ed.gr/ctqb1
15.01.2022 [Have you discussed your Will and Estate Plan with your family?] This new research from Perpetual reveals "that over half of Australians (56%) do not currently have a Will in place and more than half of parents (53%) have not discussed their Will and legacy with their children, despite the nation gearing up to face the largest intergenerational wealth transfer in history". I was shocked by these numbers and encourage you to have the conversation with your family.
14.01.2022 Why don’t we in Australia talk more openly about death and dying? There are many cultures the world over that celebrate death with celebrations like the Day of the Dead. But for Australians we don't seem to want to talk about it. I think we have a "she will be right mate", "nothing is going to happen to me" type of outlook on life. This goes some way in explaining why there are only half of all adult Australian with a Will in place. Death happens to all of us and capturing our wishes and leaving instructions is the right thing to do for our families. If getting a Will or having your Will updated is on your mind, just get in touch with me and we can work out together what needs to be done (no cost to work out the plan) and then you can go from there. Easy. Book a time with me here to discuss http://ed.gr/ctqby.
13.01.2022 Our younger generation are the group least likely to have a Will in place and that is because they don't think they need one and a lot of the time don't realise they have assets that are worth protecting. "Anna Hacker, principal at Australian Unity Trustees Legal Services, said Young people don’t think they have anything but they probably have more assets than they think, even if it’s just a car, and then you can also add on their super and insurance, she said. Help me ensu...re more Australian's are protected by having a Will in place by having a conversation with our younger generation about the importance of putting a Will in place now. http://ed.gr/crx8u See more
11.01.2022 70 people were asked "What do you want to be remembered for?" It is interesting the perspective different people have on what they want to be remembered for. Some are just happy if they are considered a good friend, a good mother or successful business man. Then there are those that want to be remembered for helping and inspiring a lot of people or even to completely alter the course of history. What I enjoyed about this video is how the answers changed the more years that h...ad been lived - starting with where anything is possible to a reflection on the human values that really matter the most to each individual. http://ed.gr/ck80u See more
10.01.2022 What do you think about these? Are they disrespectful or is it just the Australian way? [Kicked the bucket] This phrase is thought to be the inspiration for the term the bucket list. I have a lot of things I want to check off my bucket list before I kick the bucket. [Pushing up daisies]... Daisies often grow above burial plots. So if you’re dead, and daisies are growing on your grave, you are pushing up daisies. [Sleeping with the fishes] This term is used to refer to a murder and burial at sea. He double-crossed the boss, so now he sleeps with the fishes. [Taking a dirt nap] This irreverent way of referring to a dead person buried underground dates back to the early 1980s. [Pining for the fjords] Monty Python’s classic Dead Parrot sketch is packed with euphemisms for death. This one was coined specifically for the scene. [Kicked the oxygen habit] While you should let go of your bad habits, you don’t want to jettison the ones that keep you alive. [Became worm food] Worms, with their indiscriminate appetites, can dispatch of all types of organic material. This could even include bodies that have been buried. [Playing the great gig in the sky] Prog rockers Pink Floyd released a song in 1973 called The Great Gig in the Sky about a band playing after death. [Carked it] This Australian idiom is possibly derived from shortening the word carcass. [Bit the dust] This euphemism isn’t just about death. It can refer to any kind of loss or failure. [Riding on a sin wagon] Just like the Dixie Chicks, I aspire to arrive to my afterlife riding on a sin wagon.
09.01.2022 My top 10 Estate Planning Mistakes - #7 Not specifying debts to be paid This is something that is often overlooked! If you do not specify that debts are to be paid out before distribution of your assets, certain beneficiaries might be unintentionally lumbered with the debt. Let me give you an example... A father left his son life insurance proceeds of $400,000 and his daughter an investment portfolio that was also worth $400,000. On the surface, it was an equal distribution ...to his two children but the investment portfolio had borrowings of $100,000 - thus his daughter actually only received $300,000. #427Estate See more
08.01.2022 Really? Most adult Australian's don't have a Will. Are you one of them? http://ed.gr/ctqbx
07.01.2022 Have you been thinking about getting your Will updated but are worried about how much it will cost? I can help you get it done through an online process that offer a payment plan of up to 12 months. I just want to see more Australian's have a Will in place. Simply book a time with me here >>> http://ed.gr/ctqb0
07.01.2022 It is interesting how we in Australia talk about death and dying. It feels sometimes we take it a little bit too far and there is a fine line between what becomes quite disrespectful. This is an interesting article about the Euphemisms we use with the question "are they helpful or harmful? What do you think?" http://ed.gr/cjizg
07.01.2022 Let me introduce you to Adam who is a lawyer. He and I work together to create Wills and Estate Plans for people. What I like about Adam is that we are both aligned on the importance of working holistically to bring together financial planning insights within a legal framework to ensure Estate Plans are flexible and secure. It really is a simple process, so if you have been thinking about getting your Will and Estate Plan done just get in touch. Email me at: [email protected] http://ed.gr/clahy
06.01.2022 My top 10 Estate Planning Mistakes - #5 Not signing the Will Yes this does happen! I have had clients organise the updates to their Will but for some reason they take time to sign it and send the original document back to their lawyer for safe keeping. Nothing will hold up in court unless it is signed. One case that went through the courts revolved around the simple fact that a young man had not finalised the signing of his new Will. His estranged spouse was therefore, the b...eneficiary of his entire estate while his parents, who he intended to benefit received nothing. So my advise is don't let too much time lapse between the signing of your new Will and getting it back to your lawyer. #427Estate
06.01.2022 How to pick a Power of Attorney? These are 8 key points to consider. Characteristics they should have: 1. Someone who is trustworthy - not only do you need to have known them for a little while you are also empowering them with important work to do around your Estate. Trust your gut on this you will 'know' if someone is trustworthy.... 2. Someone who lives nearby - ideally this should be someone who lives in Australia and even your state to make it just easier to deal with in local timezones. 3. Someone who can be assertive - there are critical decisions that will need to be made with your Estate and so you need someone who is decisive and will get the job done. 4. Someone who owns a Business (if you also own a business) - they will have an understanding of how to wrap up / exit business / succession plan your business on your behalf. This would also allow them the importance of introducing the right consultants to bring in when needed. 5. Someone who is articulate - (calm, works well under pressure) - if they understand the real meaning of diplomacy, not taking sides just getting the job done for you, this is important. 6. Someone who is not to old - this is not an ageist consideration, it is important that you have the right person who can fulfil this role for you for say the next 10-15 years. 7. Someone who understands any medical conditions you may have or special needs circumstances within your immediate family. 8. Someone who is ethically minded and fair - this is important that the attorney will do the right things at the right times that will be fair for everyone and their circumstances. #427Estate See more
05.01.2022 What to do if you have no kids or heirs to leave your estate to. For me this is your chance to leave a legacy by outlining which groups, charities or even research organisations you can leave your estate proceeds to. It is important that you have this spelt out in a Will and Estate Plan. #427Estate http://ed.gr/ck8uc
05.01.2022 [What are the steps I need to take to get a Will?] It really can be a simple and easy process so if you are thinking about getting you Will and Estate Plan updated just do it! To get started with me and 427 Estate - book in a time on this link: http://ed.gr/cjxp1 You just need 20-30 mins.... In our discussion we go through 12 simple questions that allow us to understand your circumstances enough to give you a quote and scope for what you need to consider. We send it through to your (or our lawyer) to review and then the work can be done. It would generally involve a phone call or zoom call with the lawyer who will clarify any complexities identified. If you are worried about the upfront costs we have payment plan options available. Don't be one of the 50% of Australians without a valid Will. #427Estate
03.01.2022 What does dying intestate mean and could you be at risk of that happening to you? It simply means you die without a Will or Estate Plan in place and your assets are worth more than the debts you have. "This is something that I have discussed with clients for the last 20 years, it isn't the worst thing to have happen to have public trustees manage your estate, but is that what you really want? They don't know anything about you and your wishes. You have a choice, so putt...ing in place a Will and Estate Plan in place is an easy process and I believe something every Australian should have". http://ed.gr/ckex3
02.01.2022 My top 10 Estate Planning Mistakes - #9 Not keeping things up-to-date An Estate Plan is not a ‘set and forget’ approach. It should be reviewed 2-3 years as a minimum, or whenever there is a significant change to your personal or financial affairs. Regular reviews make sure a Will is still current and that the beneficiaries along with assets left are still correct. A few questions to ask when you are updating your Will and Estate. ... 1. Has the total value of my estate changed much since my last Will? 2. Have I distributed any assets in my Will that I don't actually own? 3. Are these assets detailed in my Estate Plan? Such as jointly held property, superannuation, proceeds of life insurance policies, assets held in trust or any company assets. #427Estate See more
