In case of death...

[Pushka]

My kids know pretty much everything they need to without the specifics.
More important is for people to know what you want if you become incapacitated. That is where the 'fun' really begins.
I have had three generations of women living into their '90's and into Nursing homes. My great grandmother, and grandmother, lived into their nineties. Rare in those days. My mother is 87. I plan on being the first not to end in a Nursing Home. I loathe them. From visiting my great grandmother in one through to visiting my mother which is sad. I find them awful places.
For me the issue is not when I die but what happens in the elderly years beforehand given longevity in our women.

 

[Buzzard]

With a family member in the funeral industry, +1 already knows to stay clear of the Bob and Dolly Room and to ask for a factory second and save a few bucks. There are a couple available at the moment but the timing is wrong.

Dont tell QF, VA et al that I have departed until all points are used/transferred. This could take some time but be patient.

Don't let my friend Gravel anywhere near my grog, he won't appreciate it unless it's around 40% alcohol.

On a more serious note, both our wills and authorities are up to date and given +1 is a nurse all the medical directives are taken care of too. I've also paid for my spot in the Rose Garden at Rookwood.

 

[get me outta here]

Great tip - ask for a 2nd coffin. In fact, why not buy them when they are available and use them to store the grog until they are required.

I think there is some auto way that QF marries up the deaths with the members as my mate's points disappeared before anyone was able to move them. So, suggest all points get moved before the event if possible.

With a family member in the funeral industry, +1 already knows to stay clear of the Bob and Dolly Room and to ask for a factory second and save a few bucks. There are a couple available at the moment but the timing is wrong.

Dont tell QF, VA et al that I have departed until all points are used/transferred. This could take some time but be patient.

Don't let my friend Gravel anywhere near my grog, he won't appreciate it unless it's around 40% alcohol.

On a more serious note, both our wills and authorities are up to date and given +1 is a nurse all the medical directives are taken care of too. I've also paid for my spot in the Rose Garden at Rookwood.

 

[Dr Ralph]

You might be surprised by the number of people who don't have a Will. It can cause enormous difficulties for relatives, including extra stress, uncertainty and financial penalty in the administration of the estate.

 

[Freq Flier 2013]

You might be surprised by the number of people who don't have a Will. It can cause enormous difficulties for relatives, including extra stress, uncertainty and financial penalty in the administration of the estate.

I can understand that. However if a husband or wife passes away does it everything go to the other spouse anyway? And if both go then to the kids?

If that is the default and people are ok with it - do they still need a will in place?
--- I know this is moving away from the original thread.

 

[cove]

Having a retail value of points/miles of six figures does mean the discussion with family members was needed. All pins are known. Will done and financial discussions held regularly with family members.
Mrscove knows if we are overseas and my use by date expires I don't need my body to get sent back to Western Australia. Hopefully some useful body parts can be made available for others and go cremation.

 

[Pushka]

Mrscove knows if we are overseas and my use by date expires I don't need my body to get sent back to Western Australia. Hopefully some useful body parts can be made available for others and go cremation.

Really? So you wont be travelling back in F but in a bucket in the hold?

 

[Dr Ralph]

I can understand that. However if a husband or wife passes away does it everything go to the other spouse anyway? And if both go then to the kids?

If that is the default and people are ok with it - do they still need a will in place?
--- I know this is moving away from the original thread.

It's not that simple. There are various statutory formulas to work out how to distribute assests. Very basically close relatives will get the bulk of the estate, but a distribution could also be made to a wider pool of persons including ex partners and children from former relationships. It will also cost a lot more money to administer the estate and take a lot more time. Court challenges are also more frequent. The Supreme Court has jurisdiction to hear these matters. Fees to appear in that court and have a lawyer can be $10,000 a day or more.

Note:

'Your assets will be distributed according to a pre-determined formula with certain family members receiving a defined percentage of your assets despite what you may have wished.'

http://www.tag.nsw.gov.au/intestacy-faq-virtual.html

http://www.schweizer.com.au/articles/Who_gets_your_estate_if_you_die_without_a_Will_(SK00127201).pdf

I've seen simple estates cost up to $10,000 in fees to administer. All because a person failed to make a Will.

In short the best way to ensure your assets go to who you want is to have a well drafted Will (which you should NEVER write yourself).

 

[cove]

We have signed wills and advanced health directives.

 

[GarrettM]

I'm working on the theory (the hope) that I will never die.

So far it's panning out.

 

[Pushka]

I'm working on the theory (the hope) that I will never die.

So far it's panning out.

And you will never know when it doesnt.

 

[Buzzard]

It's not that simple. There are various statutory formulas to work out how to distribute asssests. Very basically close relatives will get the bulk of the estate, but a distribution could also be made to a wider pool of persons including ex partners.

In short the only way to ensure your assets go to who you want is to have a well drafted Will (which you should NEVER write yourself).

My daughter and her husband are both lawyers. They love those do it yourself will kits as they are a nice income stream.

 

[Dr Ralph]

My daughter and her husband are both lawyers. They love those do it yourself will kits as they are a nice income stream.

On behalf of clients I've challenged several Wills made under these kits. They always contain simple mistakes. And it takes just one simple mistake to potentially invalidate an entire Will. As I've said before, I've never lost a case. And these are very easy cases to win for any lawyer.

 

[Dr Ralph]

I'm working on the theory (the hope) that I will never die.

So far it's panning out.

Have same plan and current success with it

PS. I need to make it to at least 107 just to drink my wine stockpile!

 

[JohnK]

As my husband reminds me, "Hon. We are under no obligation to leave anything to anyone".

How to time it right though?

 

[Dr Ralph]

Interesting to hold a quick poll amongst our friends (mid to late 60s) and find an astonishing number have not revisited their wills (or more amazingly don't have one!)

It's this type of activity (or rather lack of it) that keeps many lawyers living in luxury.

 

[Pushka]

How to time it right though?

You know the older I get the more I would like to know when that day comes. Would help a lot with super fund planning etc etc. . And maybe I could stop worrying about whether I had enough super or am checking out early.

 

[Julesmac]

How to time it right though?

My husband is of the view that if there is any money left it will only be through the greatest miscalculation!
And the other thing he says is - where there's a will there's a family....I do think some people are of the opinion if they write a will they'll immediately cark it. However it's so much easier to get a simple will written than leave things in the hands of others.

 

[Deleted member]

I can understand that. However if a husband or wife passes away does it everything go to the other spouse anyway? And if both go then to the kids?

If that is the default and people are ok with it - do they still need a will in place?
--- I know this is moving away from the original thread.

If you die intestate, only certain assets flow to the spouse ( generally speaking) where they are "joint tenants" if your kids are young, in my experience the rules tend to go 2/3 kids 1/3 spouse, then there are a host of permutations depending on age and need of said kids. If there is a lawyer reading his , he/she may correct anything I have wrong here. But in essence I believe having a will is preferable to not having a will.

 

[cove]

Everyone should have a will drawn up by an experienced lawyer. Then if you are choosing harsh treatment for a beneficiary I believe there should be a letter explaining why. In many cases a child may have received a loan and never bothered to pay it back to the parent. One child failed to support his own children and did a bunk to Asia to avoid responsibility. He was cut out.
My worst moment in my previous professional life was turning up at a hospital with a will that would have changed everything to find the person was "unable to sign". I checked with the hospital matron and she said NO.
Sign your will when you are healthy.