Genders and Partners

Wills and Estate Planning Adelaide: Maintenance for Your Estate Plan

Maintenance for Your Estate Plan

The documents in your estate plan are excellent tools, and like the tools in your shed, they need to be kept sharp to maximise their effectiveness. Preventative Maintenance is essential. It’s the same for most important things in life.

Take your car for example. If you are doing what you should, you change your car’s oil every year or 10,000 kms.

You invest in maintenance and preventative care throughout the life of your vehicle, to keep it reliable and running well. You might belong to some form of roadside assistance club such as the RAA, to rescue you in times of trouble.

You will have automatic third-party insurance as part of the annual registration, and chances are that you probably have comprehensive insurance as well, just in case. That’s a multi-layered protection plan, to guard against bad things happening to you & others you care about because of your car.

Wills and Estate Planning Adelaide: The Best New Year Resolution, Update Your Will and Estate Plan

The big New Year’s Eve party is just a fuzzy memory, Christmas is over for another year.  The presents have gone from beneath the tree, the over-full rubbish bin has been emptied and the last of the ham and turkey has finally disappeared from the fridge.

Now is the time when we start to reflect upon those New Year Resolutions we traditionally make early each year. So what should we resolve to do? Lose weight? Exercise? Make some savings?

While thinking about the next year, why not think about plans for the rest of your life? The best thing to do is to get your affairs in order and update your estate plan. This is especially important with all that is happening at the moment

Wills and Estate Planning Adelaide: Estate Planning In Adelaide For Same-Sex Couples

Estate planning is one of many legal issues facing lesbian and gay couples. Increasing numbers of LGBT parents are raising children.

Estate Planning In Adelaide For Same-Sex Couples

In the law, there are recognised categories of parenthood, including biological (genetic), gestational, surrogate, and social.
Children raised by same-sex parents may be the product of adoption, artificial insemination, surrogate birth, or biological parenthood, yet in most cases only one partner is recognised as the legal parent, with the other parent remaining a legal stranger to the child.

The phrase “nuclear family” has traditionally referred to a married heterosexual couple raising their own biological children. Nowadays, more children are living in non-traditional families than ever before. This can lead to tricky legal issues if the couple ends their relationship and the non–legally recognised parent tries to maintain contact with the child.

Genders and Partners

Wills and Estate Planning Adelaide: More Adelaide Pet Owners Include Animals in Their Wills

More Adelaide Pet Owners Include Animals in Their Wills

Growing numbers of pet owners in Adelaide are including their pets in their Wills through trusts or other means, according to a senior lawyer specialising in estate planning and Wills in Adelaide.

Rod Genders from Genders and Partners, the oldest law firm in South Australia, says that state law does not permit animals to be direct beneficiaries of a Will, as the law regards the animals themselves as property. However, caring pet owners can leave money for their pets in pet trusts with provisions for how it is to be spent on the pet.

As our population ages and fewer couples have children, there has been an attitude shift where many people have come to view their animals less as pets and more as members of the family. For this reason, many people intend to make sure that the future of their beloved pet is already taken-care-of through pet trusts.

How to Include Your Pets in Your Will?

A pet trust is a fund left for an animal’s care when its owner dies. A guardian of the owner’s choice can access the fund, and pet owners can also assign trustees to hold the money and monitor the guardian’s spending.

Rod Genders says that most of his pet-trust clients will leave about $1,000 for veterinary bills and food per year per pet, but it varies according to the pet’s age, health and specific requirements.

Genders and Partners

Wills and Estate Planning Adelaide: The Right Advice Can Make All the Difference

Wills-and-Estate-Planning-Adelaide-The-Right -Advice-Can-Make-All-the-Difference

Many people mistakenly believe that having a simple legal Will covers all their needs, yet it’s only one piece of the legal protection puzzle. Without proper estate planning, you’re leaving your wealth and assets quite vulnerable and unprotected.

In some circumstances, it can mean the difference between having your wealth distributed the way you want, or having it given to those you don’t want anything to do with anymore. Or it may even be the difference between losing your home and keeping it, when unexpected events arise, like an accident that leaves you alive but incapacitated.

Even if you have a legal Will, that’s only one piece of the puzzle to protect you, your family and your assets. Without an integrated and up-to-date estate plan, you are gambling with your future.