Educate me about Wills please.

[bobnrob]

**Standard disclaimer**
Anything written in this thread is of a personal opinion, & in no way, shape or form to be taken as legal advice

Never had a need to give 'em much of a thought, but now I'm getting older - not that I have much - I thinks it's time I started giving one some serious thought.
The only thing I know about Wills are, they're a way of making sure your family gets everything you own, instead of the Government of the day getting most - I think 

Give me your knowledge & steer me in the right direction please?

[GU Rich]

We took out one when our kids were born, we went to a solicitor.

[staghornflat]

x2

[Mace]

x2

x3, especially if kids not 18, they need a guardian (who you nominate via the will process).

 If you get on well with your solicitor, make him/her the executor if you dont have any other close family members to act for you.

Bear in mind, accidents where both parents are deceased do occurr.

Peace of mind.

 

[Duchess]

Here is my (very) personal experience...(for any one who is a lot smarter/professional/whatever than me, please don't judge me, this is just the circumstance I found myself in...I did not in any way ask for it.)

We had never thought about nor written a will. The only thing even semi related was that my husbands super fund had me as the next of kin.

My husband was suddenly/shockingly/unexpectedly killed in an aircraft accident whilst at work.

We had not a will between us.

I was probably lucky in that I was the primary card holder for our credit cards, I was the family financial controller and had access to all our accounts, the car was in my name only, as was the scooter. Only the bike was in my husbands name.

There was no one else to contest or demand anything of my husbands. I think I got very very lucky here. Either that or it is just one of those things that it was accepted that I as next of kin would just have everything of his. No one, not even a family member asked for anything of his to be given to them. It seems that I have just "inherited" all of his possessions.

The only grief I got over things was the Workers Compensation payout but that is a whole other story and not relevant in regards to Wills. Whilst I am more than happy to talk about my experience in regards to Workers Comp death payouts, I won't talk public about it, so if you feel the need to know, please ask me privately.

So, in light of a death in the family, I have probably got away pretty lucky and didn't have many or any issues with things. Everything was very straight forward and simple. Even my bank was awesome to deal with and they were very supportive. Not at all like what my own MIL went through when her husband died and the bank cut up her credit cards in front of her...bastards.

Well, slap me down if you must but I still have not written a will. I guess I just accept that when I go, everything will go to my son. What he decides to do with my stuff once I'm gone, I probably don't really care about because I won't be here to be worrying about it anyway. Some may think what an attitude that is but well...really, is it that important? I won't have any huge debts for him to have to deal with, so its not like its going to be a bad inheritance for him. I think that if there is anything specific I really want him to do, then I will just write a note and let him know. Knowing him, he'll probably be quite happy to oblige anyway. Other than that...I really won't be worrying about my stuff once I'm gone!

[Mace]

If interested, these are the current Victorian Intestacy provisions:

http://www.statetrustees.com.au/uploads/content/133-IntestacyChart_WhatHappens_web0610.pdf

 

[Geoffwin]

If you die intestate you potentially expose your family to a lot more grief.

You can write your own will but you need to ensure that your intentions are clear and good witnesses are used

We had solicitor draw ours up as well as guardianship powers and powers of attorney in case we both cop it at the same time.

Eventualities can be written in eg everything to child but if child predeceases then everything to parents (eg).

The issues will only really happen if someone decides they wish to contest the will or distribution and this is where a well written will help everyone.

IMO

[LJs GU]

Firstly... re-read bobnrob's first post re disclaimer... (I'm a financial advisor not solicitor)

Now, some issues I've learnt along the way

• You don't actually appoint a guardian for your kids.  It's not binding, it's only a guide for the courts.
• Don't use a will kit, there's too many potential traps and pit falls. Solicitors love them for this reason!
• Dying without a will (intestate) means that you have a few extra court appearances to make to get things sorted.  Will's make things easier.
• Your super doesn't form part of your estate.  However you can nominate your super to go to your estate/LPR (legal Personal representative) and then have your will handle the distribution of the money/assets.
• Solicitors will try to tie themselves into the will as executors.  This is a great idea as they know what needs to be done, but be wary of the fees/% of the estate they will charge to do so. State Trustees are good at this!
• You can appoint an advisory executor (family/trusted friend) to help the solicitor executor.
• Anyone can contest a will.  Don't think that it won't happen to you because you have the best family in the world.  I've seen Brady Bunch type families go feral over 'dad's estate'.
• Don't forget to get enduring power of attorneys made up, both financial and medical. They are only for when you are alive though.  They have nothing to do with your death.

Lastly... re-read bobnrob's first post re disclaimer... (I'm a financial advisor not solicitor)

[Crookedpete]

We took out one when our kids were born, we went to a solicitor.

X4

Dont forget the power of attorney's, advanced health directives etc.

Very important to update these if your circumstances change. For instance,another kid

[LJs GU]

I guess I just accept that when I go, everything will go to my son.

Duchess,
the only thing I'd say is, your probably right, your son will get your estate, but having a will, will make things easier for him as he may not get the same 'relatively easy' (sorry not the best choice of words) experience that you had.
At such a tragic time, do you really want to make things harder for your loved ones?
LJ (Condolences about your husband as well. No 'slapping' intended).

[Duchess]

All good, LJ...I have appreciated reading your comments on this matter.

Its always a timely reminder to have a will written and I totally accept, that I, of all people should have one. I am not in any way saying that people should just be like me, rather, they should seriously get their wills sorted. As I should too. However, it is really just one of those things that we always put off, thinking "One day."

Well, "one day" did happen to me and yep, I did get lucky. Meanwhile, "one day" did also happen to another friend in town, the same year as me and she went through probate hell in comparison.

So, whilst I am surprised that I never went through any of that pain...I would strongly recommend that people do investigate a proper will.

Meanwhile, I do have an idea of what is the biggest put off to getting one done...one would have to be the cost of engaging a solicitor and two would have to be the just the whole foreign aspect to writing one. All kudos to bobnrob for asking the questions to what is a very important and often misunderstood subject. 

[Mace]

Meanwhile, I do have an idea of what is the biggest put off to getting one done...one would have to be the cost of engaging a solicitor and two would have to be the just the whole foreign aspect to writing one

I hear where youre coming from Duchess, however there are good solicitors out there, you just have to get to know them or be referred to one.

Ours, who has acted for our family for three generations,  does not charge for will preparation for regular customers and has a set fee (agreed to in advance) for undertaking tasks associated with finalization of estates.

Very glad you had no issues.

Mace

[Nomad]

Have a read of this information.

http://www.pt.qld.gov.au/wills-week/myths.html

Regards
PB

[LJs GU]

I hear where youre coming from Duchess, however there are good solicitors out there, you just have to get to know them or be referred to one.

Mace

Wise words Mace... If anyone wants a referall just shoot me a PM.  The old guy we use offers good value for money and gets the job done. We don't get any kickbacks in case your wondering... just trying to be of help. 
LJ

[JCOJ]

Definately get a solicitor to draw one up - there are so many things that a lay person wouldn't even think of that they know so they are worth every cent.

Our lawyer had a clause put in saying if the property market was crap then the executors were able to hang onto it until the market was booming, and therefore get more for it.  Little things like this could be worth ten times more than what a solicitor costs to draw it up.

[morcon]

As a real estate agent I see lots of deceased estates and lots of disputes. My summary is; 1) definitely get a solicitor to draw a will up. 2)Make specific mention of any particular item that is to go to a certain person 3)Choose your executor wisely (personally I don't think solicitors make good executors) - I have seen some real fools handling very large estates and make a real mess of it 4)If you are a joint beneficiary of an estate, keep your spouse out of it, this is where most disagreements start 5)If you are a beneficiary, you don't have to be the winner - be prepared to give and take. 6)If you have multiple beneficiaries and they are old enough; make one of them the executor with instructions to divide the estate into equal portions and the executor gets last pick of the portions; this will ensure an even split. 7)Don't put it off - get a will drawn up by your solicitor - the cost is minimal. That's my 2 cents worth

[LJs GU]

2)Make specific mention of any particular item that is to go to a certain person

...known as a wish list.  It's a seperate document that the will refers to (so make sure you get the solicitor to write that into it).
You can update the wish list at your leisure and not affect the validity of the will.

Remember with the will not to write on it nor staple anything to it (eg the wish list) as two innocent staple holes can cause many problems down the track.

3)Choose your executor wisely (personally I don't think solicitors make good executors) - I have seen some real fools handling very large estates and make a real mess of it

We'll have to agree to disagree on that Morcon.  'Unbiased' 3rd party executors will/should act as the referee if and when beneficiaries start acting childish with 'I want more, they shouldn't get any...' etc.
LJ

[Crisp Image]

Our wills are done through the union solicitor. Cost nothing for a "standard simple will"
Anything other than that there is a cost.
Regards
Crisp Image

[bobnrob]

Thanks folks, I see it doesn't appear to be too complicated. Best to let those trained do the scribing 
Not that we have much, but our last trip got me thinking about it, mostly seen as it was just me & the minister if some clown choose a particular moment to show us what a terrible driver he/she was     :'(
Our boys know the details to get into our bank account, but there's a couple of investments & the wife's super etc that I'd hate to see them lose, & a couple of personal items I want to go to specific boys...of course, anything left of the camper under the above scenario, will go with me 

    

[dazzler]

Wife and I both have wills that were done up by a solicitor.

We also wrote up individual letters for each of the kids outlining what they have meant to us and special things that we did together.  Simple things like how our 5yo would always stand on the seat next to me and put her elbow on my head, cross hear legs over like she was having a beer at the Cloncurry Hotel.  Stuff that most kids wouldnt remember but did have an impact.  (All good stuff - no excuse crap that should be said in person)



We have copies in the house and copies with a family friend.

Best of luck.