Wills and Estate Planning Adelaide: Estate Planning to Show Your Family You Love Them

Estate Planning to Show Your Family You Love Them

How can you show your love for your family even after you are gone? None of us knows what the future holds. My godfather died in his 20’s and he left his young wife with a 3 month old baby to take care of. It doesn’t matter what stage of life you are in, you need to be prepared.

Here are a few practical steps to help you be prepared from a financial and administrative perspective.

1. Create a legal Will and keep it up to date.

Even if you don’t think you have a lot of assets, you need to have a Will because you don’t want the government to dictate what happens to your property after you are gone. It will save your family a lot of time and grief, because getting an estate in order after someone has died without a Will can take a lot of time and money.  You may be surprised by how many possessions you own … Super, life insurance, a car … it all adds up.

It is important to discuss who will care for your children if something should happen to both parents. It is certainly a hard decision and there are many factors to consider.

Don’t risk a DIY Will-kit. They are little more than expensive pieces of stationery, and offer no backup or support. They even say on those kits that they are not intended as a substitute for legal advice!  They are the cause of a growth-area in estate-litigation, because so many people make mistakes with them. The problems will only show up after you’re dead and gone.  Then it’s your family & loved ones who have to wear the cost and all the delay and heartache to try to fix it all afterwards.

Elder Law and Retirement Planning: The BIG Estate Planning Issues

Elder Law and Retirement Planning - The BIG Estate Planning Issues

Elder Law and Retirement Planning are areas of estate planning relating to government benefits such as veterans’ pensions, Medicare & Centrelink, as well as to accommodation issues specific to seniors, such as retirement village contracts.  Other issues might include the need for long term care planning, solving disputes with family members, providing for powers of attorney, medical care planning or guardianship.

Elder Law is a growing specialty of estate planning that helps the elderly deal with many of the problems unique to their circumstances as retirees:

  • Preservation or transfer of assets seeking to avoid spousal impoverishment when one spouse enters a nursing home;
  •  Medicare claims and appeals; qualification and application; planning strategies;
  • Centrelink (formerly department of social security) pensions and disability claims and appeals;
  • Private health insurance issues;
  • Superannuation and life insurance issues;
  • Disability planning, including use of durable powers of attorney, discretionary trusts, advanced directives & “living wills,” for financial management and health care decisions, and other means of delegating management and decision-making to another in case of incompetency or incapacity;
  •  Guardianships;
  • Estate planning, including planning for the management of one’s estate during life and its disposition on death through the use of trusts, Wills and other planning documents;
  • Probate;
  • Administration and management of trusts and estates;
  • Long term care placements in nursing home and life care communities;
  • Nursing home issues including questions of capacity, patients’ rights and nursing home quality;
  • Elder abuse and fraud recovery cases;
  • Housing issues, including discrimination and home equity conversions (reverse mortgage);
  • Age discrimination in employment;
  • Retirement, including public and private retirement benefits, survivor benefits and pension benefits;
  • Mental health issues, especially regarding capacity and ability to live independently;

Wills and Estate Planning Adelaide: Planning an Enduring Legacy

Planning an Enduring Legacy

What do you want to be remembered for, after you’re gone?

Traditional Wills describe the worldly possessions you want your loved ones to have. This sort of document is the oldest and best known component in estate planning.

In addition to the Will there are additional types of documents that are now widely recommended as part of modern integrated estate planning. These include Advance Medical Directives which may be used to express your wishes with regard to medical preferences in case you subsequently find yourself in a situation where you can’t make your own decisions. This sort of “Living Will” can address issues relating to end-of-life decisions such as life support and to define the extent of use of artificial means to keep you alive if there is no hope of recovery.  There are also all sorts of other documents which allow you to delegate control and decision-making, such as various categories of Powers-of-Attorney.