Draw up a Wills

Or a will may leave it to a charitable entity as the final beneficiary.

 

Indeed. Of course, the Will can be reviewed at a later stage or when life circumstances dictate.

 

Started the process of updating our wills today. Will be interested to see how much it ends up costing!

 

We just got an estate in yesterday with a will that was done in a will kit. The estate is very small as in <$10k and wouldn't normally need a lawyer as the cash in each account is less than the threshold to require probate.

But the will is not valid.

It is going to cost $3k for a Supreme Court application to resolve. Cheap will kit just got very expensive.

 

Also don't forget to get a power of attorney (or enduring POA) while you are at it.

I used to work in a bank and dealing with accounts of deceased (and not quite deceased) individuals can get very complicated and difficult.
Joint accounts are meant to be frozen when the bank is aware that one of the parties is deceased (as cash is now owned by the estate of).
As if losing a loved one isn't enough. Having all your bank accounts frozen at the same time certainally adds to the 'moment'.

Blacky

 

If you have no will, you get a grant by way of letters of administration. If you you have a will you get a grant by way of probate. You can deal with real property and most small balances in financial institutions with a will and a death certificate.

In this instance, the financial institution that holds the largest balance won't release without getting the LOA.

 

Largest amount as in more than 50k?

 

What was it about being from a will kit that made this will not valid?

 

Curious about this too.

 

Im taking being a joke of a legal instrument would have been a factor

 

One recent case involved a will that was witnessed by 2 people but the testator never signed it.

 

Not sure I agree with this. For simple estates, filled out properly according to the detailed instructions, I think a will kit would be fine.

 

you're welcome to disagree, i happen to think it's a fools errand

 

The wording in the gift and residue sections are ambiguous, so the wishes of the testator are not sufficiently clear.

 

Hi All,

Thanks for all the information. Now I have to understand these ...

1. Wills Vs Estate Planning ?
2. Do we need a POA ?
3. "Joint bank accounts are meant to be frozen" So what do we need?
4. How Super Fund and my life insurance can access?
5. Do I need a trust?


As

 

a will is one aspect of estate planning - other aspects are deciding what name to buy in, deciding whether to sell, powers of attorney, super etc

None is needed, but it may help when you lose capacity. I have a client who came to see me about a POA a few years ago. Now she is in a bad way and her son needs to sell her property so he can do this as the attorney.

This will depend on the bank and the state.

At what point? Super can be accessed if you have met a condition of release such as a terminal illness - you just have to apply. Life insurance will be paid after your dead - consider where it should be paid.

Impossible to answer.

 

Yes estate planning should not be done casually. Look at your circumstances and those immediate family. Just ensure you review every few years to keep affairs up to date. Pay for advice. Don't ask friends for tips. Each person is different in terms of life stage. Recommend @Terry_w

 

Hi All,

Very helpful tips in this link

Create an Estate Plan | Estate Planning Guide

MI

 

That is american!