General Estate Planning issues (Wills, PoA, AHDs)

[cove]

Having joint executors or joint power of attorneys can be a problem if these people are not in the same state especially when dealing with banks.
My wife and sister in law had to both attend a bank together which was difficult when one was working full time. Then getting funds transferred after 2.30 pm was not possible to another bank when the appointment made was after 2.30 pm. Well that was Westpac a few months ago and my wife is a director of a middle markets business based at that branch. I had to call to give that banker a pep talk even though I was not a nominated party.

 

[Pushka]

Having joint executors or joint power of attorneys can be a problem if these people are not in the same state especially when dealing with banks.
My wife and sister in law had to both attend a bank together which was difficult when one was working full time. Then getting funds transferred after 2.30 pm was not possible to another bank when the appointment made was after 2.30 pm. Well that was Westpac a few months ago and my wife is a director of a middle markets business based at that branch. I had to call to give that banker a pep talk even though I was not a nominated party.

Totaly agree but unless we cut one son out entirely we have no choice. I guess being in different states is almost as bad as different country. It's the emergency stuff that's the issue. We could have had a clause that had one son not being required if they were overseas but then that makes the joint PofA pointless. Seems to me that as we did three real estate purchases and sales without seeing anyone, all done online, that banks can get their act together better.

 

[Brissy1]

POA
Horrible experience caused by joint.

If it doesn't need to be joint, don't do it.

If it does need to be joint, don't do it...it can end up with the public trustee.

 

[serfty]

POA
Horrible experience caused by joint.

If it doesn't need to be joint, don't do it.

If it does need to be joint, don't do it...it can end up with the public trustee.

I agree, joint is asking for trouble. Best to name in a clear order of precedence, and list as many as considered capable.

It was two decades ago but when my Father passed he was living in Paynesville. He had named joint Executors in his will, being older sister and older brother. Only trouble was older brother was living in Africa and older sister was off with the fairies in her commune era literally 6 hous away living near Port Fairy. (They have come to a more standardised sense of reality these days.)

Africa brother basically left it in Sister's hand who seems to have placed responsibility into Dad's Bairnsdale solicitor but could not seem to be bothered dealing with requests from said solicitor. They did not mean any harm, it was just not a thing they were "interested" in. Plants grown in the Otways were more fascinating to her.

It took 18 months before, at the increasing urging of us younger siblings, older brother decided to investigate what was happening during a trip back to Oz. He eventually managed to get things under way but due to the joint appointments had issues getting documentation complete.

All up it took 40 months before the estate was settled.

 

[Brissy1]

All up it took 40 months before the estate was settled.

Lucky you, that would actually be nice; 5 years and properties still not sold, letters currently between competing solicitors over the most trifling of irrelevant matters.

Don't go Joint.

 

[CaptJCool]

Inheritance

Found this interesting tidbit

Given the complexities of managing an inheritance, we wanted to find out what Australian beneficiaries are doing with the money they receive. We surveyed 3,000 people as part of our “What do you care about?” project.

The most popular way to use an inheritance was to

invest it – preferred by 30% of respondents, followed by
paying of the mortgage (28%), then
sharing it with family at 19%.
Rounding out the top six was

buying a car,
putting it in a term deposit and
going on a holiday.

Using these insights and our experience, we have addressed six financial questions you may need to consider when receiving an inheritance of a million dollars or more