General Estate Planning issues (Wills, PoA, AHDs)

Discussion in 'Playground' started by JohnK, Jan 14, 2019.

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  1. JohnK

    JohnK Veteran Member

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    #1 JohnK, Jan 14, 2019
    Last edited by a moderator: Jan 16, 2019
    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.
     

  2. Pushka

    Pushka Enthusiast

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    #2 Pushka, Jan 14, 2019
    Last edited: Jan 14, 2019
    You cannot be serious. You need a will. Today. You also need to check your superannuation policy as to who will get the funds.
     
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  3. get me outta here

    get me outta here Senior Member

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    And, certain / all super funds have a form for you to fill out to say who are your "nominated beneficiaries". This form ensures that no one else other than your (I assume), wife and daughter can get their hands on yr super money. A bkg to Thailand is the least of yr concerns.

     
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  4. Pushka

    Pushka Enthusiast

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    You can nominate beneficiaries online with some funds. I’ve just made sure MrP has nominated me! :D
     
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  5. Hvr

    Hvr Senior Member

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    Your points are the real issue. She needs to know that it is essential to get your points in her account before anybody knows your dead.

    You need to set out a document that lists all of your passwords etc that can only be accessed when you're dead and sets out all your wishes regards the accounts etc.

    Get a will done now and keep it updated. Your wife also needs one just in case of tragedy. The absolute last thing either of you would need at that time is dealing with intestacy.
     
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  6. suze2000

    suze2000 Member

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    @JohnK please don't be offended by what I'm about to say, but YOU ARE A FATHER and as the sole breadwinner, your wife and daughter need YOU to provide the security of a clear inheritance should you die unexpectedly. It's all very well to say your wife would go back to Thailand if you died, but she will need money even there.

    And if at all possible, for the same reason, you really need to buy life insurance if you have none (I realise you have health issues, but if you want your girl to get that good education you are saving for if you are not there, she will need a nest egg, so even if it's expensive, you should do it).

    PS My father died intestate and it was a nightmare. Don't do it to your loved ones.
     
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  7. JohnK

    JohnK Veteran Member

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    I have never felt that a Will is a must do item. Do we have inheritance tax?

    @get me outta here I think mum and dad are beneficiaries of my superannuation. I will update to include daughter instead although I need to think about that one and what it would cost as I don't want my daughter accessing any money before she is 30. I want her to work and learn about life instead of having the ability to throw money away because she has more than enough.
     
  8. get me outta here

    get me outta here Senior Member

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    As it’s likely that yr parents will die before you, you can write your will to include a trust that has provisions for who gets what when. You really need good advice on this especially as your money can could pass on to someone you didn’t intend it to. And, those that you did intend it to, will not get it. For example, do,you have siblings; are your parent’s wills properly prepared etc etc.

     
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  9. Pushka

    Pushka Enthusiast

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    In SA, the Public Trustee will take over distribution of assets. And this is to be avoided at all costs. Every state is different.
     
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  10. JohnK

    JohnK Veteran Member

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    This is a huge issue and not that simple to an outsider. I trust my parents. I trust my brother. Everything my parents have and everything my brother has will end up with my daughter. I know for a fact that it's too much for a young person to handle.

    With regards to taking care of my wife after I have gone there a plans already in motion in Thailand. It is an extremely sensitive area as my daughter cannot own any property in Thailand until she is 20 and there is no way I am leaving any money to the relatives and hangers on in Thailand. Not easy.
     
  11. get me outta here

    get me outta here Senior Member

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    Don’t worry too much @JohnK. All those circumstances can be handled in the will to protect your family and your money IF you get a good specialist lawyer. It will be a huge relief to you once it is water tight.
     
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  12. Pushka

    Pushka Enthusiast

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    So it’s maybe too personal but you are taking care of your wife also?
     
  13. Hvr

    Hvr Senior Member

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    It is absolutely essential.

    If you die intestate your possessions are divided according to a specific formula and your desires are ignored. You introduce another level of complexity by living between Sydney and Brisbane. Where is your primary residence? Lawyers love to argue these points at your expense.

    The state trustees are the last people you ever want to distribute your money.

    Their only concern is how much money they can keep for themselves. State trustee lawyers are pond scum excrement.

    As noted elsewhere in this thread, get a good lawyer to make a will and state your desires for your wife and child and the age at which your daughter can access funds and the limited circumstances she can access them earlier.
     
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  14. love_the_life

    love_the_life Established Member

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    My experience is to stay away from the public trustee at all costs. FIL didn’t believe in using a solicitor and went to trustee. It was a nightmare for MrLtL and his sister- took years and all that needed distributing was the house. They took out heaps as ongoing fees. Brother in law died intestate suddenly and again somehow it ended up with the trustee - nightmare again. MtLtL put in a complaint with the ombudsman over the sheer incompetence. It costs to have a solicitor draw up the wills but it is worth it. Whilst you trust your parents and brother JK, if something happened to you and everything went to parents then after them, brother, there is absolutely no guarantee that your wife and daughter would receive anything. Cousins had that when uncle remarried after the death of first wife. It all went to second wife and from there to her family.
     
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  15. get me outta here

    get me outta here Senior Member

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    #15 get me outta here, Jan 14, 2019
    Last edited: Jan 14, 2019
    My father died intestate purposely to enjoy the chaos in his older age that he knew would it create. It took 6 years and multiple lawyers to sort out. To maintain sanity I reconciled myself to giving it all up to lawyers. Don’t do that to your relos and heirs. @JohnK.

    PS, dying intestate means dying with no will.

     
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  16. get me outta here

    get me outta here Senior Member

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    Plus, there was some ‘dealing’ within the ACT Trustees where a $1 million was stolen form people’s accounts.

     
  17. love_the_life

    love_the_life Established Member

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    Agree though FIL and BIL were both in Victoria.
     
  18. drron

    drron Enthusiast

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    And a personal account.My Great Grandfather on my mother's side died intestate in the early 1900s.He owned a lot of Geelong's CBD with an estate of over 1 million pounds.The estate was taken over by the Public Trustees of Victoria.In the early 80s the estate was wound up with each of the 13 grandchildren getting a little over $2000 each.
    Don't let it happen John/
     
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  19. JohnK

    JohnK Veteran Member

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    Wife is being taken care of in a number of ways. It's not personal. We have some money in Thailand and continuing to save. We will eventually build a house in Thailand. Land is in wifes name as I cannot own anything other than condos as a foreigner and daughter is too young.

    Life insurance could be a good idea but I haven't researched much. I still don't know how life insurance works and how life insurance companies make money. Everyone dies right? If I take out a $250,000 policy right now the premiums are ~$110/month. Do the premiums increase as you get older?
     
  20. Pushka

    Pushka Enthusiast

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    They can do. Depends on the cover. Also think about how your family will cope if you suffer a debilitating illness (cancer or stroke) and are out of work for a time with no income.
     
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