Organising a Will - Where do I start?

jade on 05/12/2016 - 15:11

Dear fellow Ozbargainers,

I am a planning to organise a will, and I don't know where to start. My partner and I are in our 30s and have a 5-month old and properties/savings between my partner and I, in our own names. From my reading, appointing a public trustee is not an ideal way to go and usually this is considered if I do not have anyone I can trust to execute the will. I do have close siblings I can count on (one in Australia and one in US). Online or DIY wills are also only good for extremely straightforward wills but I would not want to miss any important scenarios.

What are the things do I need to consider? Here are some questions I have:

  • appointing a guardian (can I appoint someone overseas?, do I need to appoint a backup in case the person I appointed also pass away eg. in a family trip),
  • all possible scenarios eg. if myself or both myself and partner pass away,
  • where to store the will (is it in hard copy only where one stores in an old fashion safe, or available in an electronic document these days)
  • how much does it generally cost to organise the will
  • what if the beneficiaries also pass away (eg. my parents - is there a hierarchy of beneficiaries).
  • should my partner and I also organise an Enduring Power of Attorney, and is it separate to the will? Should I look at them separately eg. Medical vs. Financial Power of Attorneys etc

I would appreciate some advice. Any recommendations of a good lawyer in Melbourne will also be appreciated.

Thanks!

Financial

Comments

  • retiredfeline on 05/12/2016 - 15:21
    +1

    I can only comment on your last question. Yes, EPoA and Advance Care Directive are separate things.

  • spackbace on 05/12/2016 - 15:23
    +4

    Where there's a will, there's a way…

    • [Deactivated] on 05/12/2016 - 16:00

      Or so they say……

  • robbyjones on 05/12/2016 - 18:14
    +1

    You can appoint guardians in your will however they are not legally binding, if contested then things may change. Of course your wishes hold a lot of weight.

    You mention your parents as beneficiaries, I am not privy to your assets however you legally have to provide for your dependants until they are adults so you might want to consider a trust/ee.

    It is recommended that any executer not be a beneficiary.
    It is not hard to do this yourself, there are kits that you can buy that have most scenarios and how to write them.
    I keep mine in the filing cabinet.

    • jade on 09/12/2016 - 10:17

      Hi robbyjones, thanks for your response.
      I just want to make sure that my parents are not left stranded when I passed away.

  • Dr Prepper on 07/12/2016 - 16:28
    +3

    1) Speak to your family/ loved ones let them know what you want. Don't surprise anyone;
    2) Appoint alternative executors, attorneys ,enduring guardians who are the same age as you or younger e.g. trustworthy siblings. Don't appoint parents unless you have nobody else.
    3)Don't be too specific or restrictive or the executors will not have enough elbow room to perform their duties in a way that is efficient or sensible. Generally it is better to avoid listing assets individually in case you sell them and buy others or they cease to exist e.g.Then you have to keep redrafting new Wills. Your lawyers will love you.Don't name kids individually either in case you have more.
    4) Leave some $$$ in an accessible account your executor knows about until probate goes through.
    5) Enduring Power of Attorney & Enduring Guardianship docs are recommended. These docs are separate from Will. The Will is for when you Cark it. The POA and Enduring Guardianship docs are for when you can't look after yourself anymore i.e. dementia, disability.
    6) Only keep a copy of the Docs at home and leave the original at lawyers' or bank. Keep all docs together e.g. title to property, certificates make your executor's job easy.
    7) cost depends on complexity and you get what you pay for.
    8) I love DYI wills. Esp .when the testators witness their own signatures ,appoint themselves to be their own executors or omit appointing an executor at altogether.
    9) after spouses, kids, parents, bros/sis your estate basically goes into the government coffers

    • jade on 09/12/2016 - 10:19

      Hi Dr Prepper,

      Thanks for responding to my post. In regards to point number 4), I presume the $$$ acts like emergency funds just in case there are delays with probate, or will there be costs getting the probate?

  • Skramit on 07/12/2016 - 16:58
    +1

    Are you and your partner married? If not and you intend to get married at some point, dont bother will a will until you are married because marriage renders existing wills null and void and you have to make a new one.

    In my experience, go to a lawyer who specialises in wills / family affairs and get it done properly.

  • jade on 09/12/2016 - 10:22

    How does the executor (for me, the executor will be a trusted relative) get things moving when I pass away? Does one need a probate, how do you get one, and are there costs incurred with time delays?
    I was told that a living trust (if there is such thing in Australia) is better than a will, as it can be updated regularly, rather than going through the lawyers each time.

    • retiredfeline on 09/12/2016 - 13:23

      Here's one result a search turned up:

      http://www.supremecourt.justice.nsw.gov.au/Pages/sco2_probat…

    • canyoudoitcheaper on 20/01/2017 - 16:46
      +1

      If real estate, a registered vehicle or greater than $20,000 cash forms part of your estate, then they will need probate. Granting probate can take up to 6 months depending on the complexity of your will and the stuff that you own. The court will publish your probate notice so that anyone you borrowed money from has a chance to put a claim on your estate.

      The forms are fairly complex and probate applications have several stages, so your executor should probably seek legal advice unless they have a lot of time on their hands.

      Probate filing fees depend on the value of your estate, and are currently around $1500 at the highest end of the scale.

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