Articles | Genders and Partners

7 Financial Things Retirees Need To Know About Estate Planning

COVID has been scary and frustrating for most of us, and the future remains uncertain.

But if you were looking for a silver lining in all this, I can maybe offer two observations:

1. People have had to learn how to connect digitally a lot more efficiently, so we are all a lot more familiar with zoom meetings now.

This will hopefully mean that we stay connected a bit better from now on, no matter how busy the world gets again.

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Errors I have seen in DIY Wills (just in the last 6 months!)

I’ve been trying to educate people for years that trying to DIY the most important legal document in your life is a really bad idea.

Wills and estates are specialised areas of law, and when you don’t know what you’re doing, it is very easy to make critical errors trying to do this yourself.

Any mistakes you make won’t become apparent until you die, and it’s too late for you to fix them, so it will be your family who has the stress and cost of dealing with it all.

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What sort of parachute do you want?

I did a test today, and researched the cost of buying a parachute.

The prices varied between $200 for a used army surplus item, through to $10,000 for a brand new high performance competition model.

In between I found a few reputable Australian manufacturers with decades of specialist experience, quality assurance, compliance with safety certification, and transparent in-depth information about the company and their staff and processes on their website.

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What you need to know about superannuation death benefits

Superannuation has grown to become the largest or second-largest asset for the majority of Australians.

The combined total of superannuation accounts in Australia means that this country has the third largest pension fund assets in the world (behind only USA and UK with their much larger populations).

It is a surprise to most Australians to learn that their retirement savings are held in trust, and a shock for them to discover that the terms of that trust frequently reserves discretionary powers to the trustee(s) of that trust.

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Dealing with Chronic Illness and Planning Your Estate

Estate planning requires some tough conversations and occasionally involves thinking about worst-case scenarios for you or your loved ones.

That’s why a lot of people treat it like the dentist, something that they know they ought to do but they keep putting it off.

Planning your estate and the more difficult aspects that come with it can be made even harder by dealing with a chronic illness, whether it’s your own or your spouse’s.

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Socially Distanced Execution of Estate Planning Documents in South Australia

During these unique and unprecedented times, we at Genders and Partners are still working hard to help our clients and their families create and update their estate plans efficiently, while also focusing on keeping everyone safe through social distancing practices.

We take very seriously the need to protect you and our staff.

As part of a client’s estate plan signings, we review all documents that our clients will be signing in-depth with them and discuss their overall plan before any documents are signed.

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Coronavirus Legal Advice: Get Your Estate Plan in Order Now

Estate planning lawyers are getting mobbed with questions. So, here is some timely advice on what families should be doing to prepare in case the unimaginable happens.

The economy and job market has recently been in a free fall. The world has not experienced this level of fear since the days of the polio epidemic in the 1940s and 1950s.

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What’s Your Excuse?

I get it. I’m not a kid any more, and I’m supposed to be grown-up and ‘responsible’. It’s time to “put my affairs in order”.

Thinking about making a Will just isn’t fun. No-one wants to confront their own mortality. And talking to a lawyer is boring – and expensive – right?

Plus I’d have to take time-off work to drive across town to the lawyer’s office. Finding a carpark is always a pain.

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COVID-19 Information

The offices of Genders and Partners remain open, and we continue to monitor the COVID-19 outbreak closely as it evolves.

We receive frequent briefings and alerts from the Law Society of South Australia, the Law Council of Australia and the international Society of Trust and Estate Practitioners.

The South Australian and Federal Governments, as well as the World Health Organisation, are providing ongoing directions on the temporary closure of non-essential activities and businesses to help slow the spread of COVID-19.

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The 7 Deadly Sins of DIY Wills

Trying to DIY the most important legal document in your life is a bad idea. This is a specialised area of law, and when you don’t know what you’re doing, it is very easy to make critical errors trying to do this yourself. Any mistakes you make won’t become apparent until you die, and it’s too late for you to fix them, so it will be your family who has the stress and cost of dealing with it all.

Here are 7 of the most common errors people make with DIY Wills:

No Advice. While DIY Will-kits and online services might provide you with a document that looks like a Will, appearances can be deceptive. What you are paying a lawyer for is the advice they provide you along with the Will. It is illegal for anyone other than a licensed lawyer to provide legal advice for a fee, whether that means answering questions or making planning suggestions for how to accomplish goals. So the companies that offer DIY Wills or kits or online documents are always careful to tell you that they are not giving you legal advice, and they ALWAYS recommend that you consult a lawyer if you have questions.

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