Life is busy and as we go through each day multitasking in order to achieve all that is packed into our daily schedule, we often don’t take the time to reflect what our legacy be. It’s too big to ponder… it’s a question for another day. As an Estate Planning and Probate lawyer, Legacy is something that I am immersed in often.

I am in the privileged position that my job allows me to work with people in putting a legacy in place for their loved ones by assisting them with putting in place their Will and Estate Planning. The other side of the coin is that I also assist loved ones left behind when they are gone. One thing I have discovered is that those left behind love legacies that their departed loved one has left behind, no matter how small or insignificant they may be.

It’s often not until someone has gone that we realise that there is so much we didn’t know about them. We all have so much within ourselves that we can leave behind for future generations to cherish, we all have stories to share and often we may be the sole or one of the few custodians of those stories. Here are some lovely ways that you can capture cherished memories and information for loved ones and leave a legacy.

One thing many people struggle with when putting a Will in place is determining who to appoint as the guardian of their minor children, if something happens to them. Often people put the decision in the too hard basket, but with a little thought and guidance there are ways to navigate this conundrum so that you comfortably appoint someone who you feel is the best fit for the very important role of taking care of your children.

Someone Your Children Know

It’s important to appoint someone that your children know well and have a fantastic relationship with. Placing them in an environment with someone they have a strong relationship with will provide them with comfort and ongoing security. You only need to think of the anguish they will feel, no longer having you in their life – their sense of loss and despair. You want to make things gentle and supportive for them as they navigate their new world without you. If your children are loving school, have strong and closely connected friendship groups and a wonderful sense of community around them, would sending them to the other side of the country where your sister resides so she can care for them and raise them as their guardian really be the right thing to do? Or would they be better of remaining in the community where they feel connected and supported so they can continue to thrive?

You don’t have to choose a family member

Often people feel inclined to appoint a family member to be their children’s guardian. You shouldn’t be inclined to feel this way. It’s an important role and you should consider the most appropriate person to undertake this role, and this may not necessarily be a family member. I have clients who elect not to appoint siblings as their children’s guardian because their values are not aligned and they have chosen a guardian whose values aligned with their own.

Many people come unstuck thinking that you can make provision for all of your assets in a Will – you can’t. A Will only allows you to make provision for assets that you own in your own individual name.

Superannuation

Superannuation is an asset that catches many people unaware, as they think they can make provision for this asset in their Will, and we often see Will kits that make provision for super. The thing is, superannuation is a trust asset that is held on trust by the Trustee of your superannuation fund until you reach the age that you can access your superannuation or you die. Given that for many of you, your superannuation will be one of your biggest assets, you need to ensure you make adequate provision for where this ends up. You can do this by putting in place a Binding Death Nomination or a Non-Lapsing Binding Death Nomination. These forms can be downloaded from your superannuation fund’s website and allow you to stipulate where you would like your superannuation to be paid if something happened to you. By providing the Trustee of your superannuation fund with a direction of where you would like your superannuation paid, you will have peace of mind that your superannuation will end up with those you would like to receive it. It is also important to consider the tax implications of paying superannuation to dependents and non-dependents when putting your Binding Death Nomination or Non-Lapsing Binding Death Nomination in place and your superannuation should be looked at holistically with your Will, when considering who you would like to receive your assets upon your death.

Life throws us curveballs when we least expect it - one moment we’re living our normal everyday life and the next we could be incapacitated, as a result of an accident, stroke or another unexpected medical event.  We live in a society where we are living longer, however as a result of having an aging population, there is a growing epidemic of people living with Dementia or Alzheimer’s and as this disease progresses you may no longer be able to make your own decisions. Many of us don’t plan for such a prospect and don’t stop to think intimately about this.

Who would care for you and decide where you lived?

Who would pay your household bills? 

Who would pay for your care?

If you operate a business who will take care of this for you?

Who will look after your investments and other financial interests?

We often think we are immune to this, that it happens to others, but the reality is that it can happen to anyone, normal people like you and me. It’s important to put in place the appropriate Power of Attorney documents to ensure that you are covered for such an eventuality. Think you only have to put these documents in place when you get older? You are wrong. Many young people end up incapacitated, their lives changed forever, the unimaginable can happen to both you and your family, so it pays to be prepared, just in case it does happen to you.

So, let’s take a look at the important document that everyone over the age of eighteen should have in place.

Spring is usually a busy time in Melbourne for those thinking of selling or buying

In order to make the process as smooth as possible here are some things you can do to get ready to sell your property in Spring.

Make your House Picture Perfect

First impressions count, so start packing and decluttering as soon as you can. You want your house to look as attractive as possible for prospective buyers. Cluttered houses often look smaller than they really are, so decluttering creates an illusion of space making your house feel larger. If this seems too overwhelming, ask for help. There are many service providers that can assist with getting your house prepared for sale. Property stylists, packing and decluttering services, landscape gardeners and real estate agents can provide tips that may be beneficial in preparing your house for sale. It’s also an opportune time to have a working bee with family and friends, and perhaps even a garage sale to get rid of unwanted clutter.

The role of an executor is a crucial one to consider when putting your estate plan in place. In appointing someone as the executor of your will you are giving them the keys to all that you own and control. That’s big. You therefore need to appoint someone you trust implicitly to undertake this role. You need to appoint your trusted ally. To ensure that you appoint the right executor, let’s take a look at the most common mistakes people make in choosing their executor.

Let your executor know

The role as an executor can be cumbersome and demanding one, so it is important to chat with your executor regarding your intention to appoint them as your executor of your Will and ask if they would be willing to accept the role. Failing to have this discussion with your executor could result in them refusing to undertake the role of executor upon your death, which may result in someone who you would not have chosen administering your estate. By having an informed chat with your executor, it provides you with an opportunity to convey any specific wishes you may have and as well as providing them with an overview of your affairs. You can advise them where important documents are kept, discuss your asset structure and important information pertaining to your business operations. The more information that you can communicate to your executor the better equipped they will be to perform the role as your executor.

Let’s face it the thought of downsizing can be daunting!  However, for many different reasons it may now be the right decision for you. So here are some tips to help you start your downsizing journey.

Get Financial Advice

Once you have made the decision and discussed with family and friends, as required, it is extremely important to work with your financial advisor to seek the appropriate advice around how downsizing will financially affect you. If you do not have a financial advisor, ask around with family and friends or speak with your legal advisor for a referral.

When a loved one passes away, it is an overwhelming and emotional time in your life. This is particularly the case if it is the first time that you have experienced loss and have no idea of the legal requirements going forward.  Aside from saying your final goodbyes, organising a farewell or a celebration of life, there is the often arduous task of dealing with your loved one’s belongings and assets.

Buying your first home is one of the most exciting and significant moments you can experience in your own life. It’s big! Before you get the keys to your first home there are a few things you need to consider when purchasing your property - let’s face it, buying your property is possibly the biggest financial investment that you will ever make in your life. Here are some tips to get you on your way.

Find a Broker or Banker you can work with, ensure your finances are in order and you know how much you can borrow

This should be your first step even before you start looking at homes and attending open inspections. Spend time finding a banker or broker that you feel comfortable with and is receptive to working with you. It can be tempting to start attending open for inspections before you find a banker or broker however it’s always best to have those initial discussions to ensure your finances are in order and most importantly work out a budget. You don’t want to find your dream home, to find out it’s not within your budget.

We are delighted to announce that we are finalists in the 2023 Australian Law Awards in the Regional/Suburban Law Firm of the year category.

The national awards program is the pinnacle event for recognising talent in the Australian legal industry, so we feel very proud to be listed as a finalist.

Legacy means different things to so many different people. To some it may mean spending their life working hard to create something of significance to them to leave behind.

We all have the opportunity to create an amazing legacy, to make a difference and leave the world a better place. It is up to each of us individually if we wish to do so.

Putting your Estate Plan in place provides an opportunity for you to review your current insurances to check whether they are adequate for your current circumstances. Those of you who have a financial advisor would most likely go through this process on a regular basis as part of their service offering.

During our lifetime many of us rely on the counsel of trusted advisors whether they be accountants, financial advisors, lawyers, stock brokers, business coaches or insurance agents. For some of us, we may formulate a strong relationship with one or more trusted advisor over many years and therefore our advisors may possess intimate knowledge in respect to a specific area of your business and personal matters.

I am a little excited to announce that I am a finalist in the 2022 Australian Law Awards in the Regional/Suburban Lawyer of the year category.

The national awards program is the pinnacle event for recognising talent in the Australian legal industry, so I feel very honoured to be listed as a finalist.

Deposit Releases can be a paramount topic when buying and selling property. Many sellers are of the school of thought that once your house is sold and the deposit is paid by the purchaser into the real estate agent's that the deposit is automatically released to you. Unfortunately it is not that simple.

Creating a “When I die” file can make things easier for your executor and loved ones. If you can leave your affairs in as pristine order as possible your executors and loved ones will be immensely thankful. Here’s a look at what to include and who to tell about your list.

These days it is extremely common to own assets that are not held in Australia, that is, the assets are held overseas, and hence are overseas assets. It has become increasingly common for people to enquire whether they can make provision in their Australian will for assets owned in an international jurisdiction.

Pets have become an integral part of our lives with many more families becoming pet-owners during COVID lockdowns. And in my experience as an estate planning lawyer, clients have even confided that they sometimes like their pets more than their children.

So, like other family members, it’s important to ensure you make provision for them in your will. Let’s take a look at some of the things you should consider.

To ensure your interests are taken care of after you are gone, there are many documents and provisions you need to put in place. Here is a brief business owner’s guide to estate planning.

To most people, their children are their most precious asset.

Deciding who will care for your minor children if you are no longer here is something that a lot of people struggle with when putting their Will in place.

So, let’s help you along and share some tips of what you should consider when appointing a guardian for your children.