5 Common Estate Planning Mistakes

5 Common Estate Planning Mistakes

Estate Planning, Probate & Estate Administration
5 Common Estate Planning Mistakes

Winston Churchill famously said “Those who fail to learn from history are doomed to repeat it”.

As the oldest law firm in South Australia, and specialising in Trusts, Wills, Estate Planning and Administration of Deceased Estates, we frequently encounter examples of people failing to take the proper steps to create an estate plan that will work properly when the time comes. Some people allow their families to learn the hard way, and fail to shield their families from costly legal messes.

who-gets-the-jewellery

Who gets the jewellery?

Estate Planning, Wills, Wills and Estate Planning
who-gets-the-jewellery

When administering a deceased estate, love and law can intersect in the context of grief, causing problems for those left behind. Small things can set-off major family feuds.

For most families, a desire for personal effects is less about what they are worth and more about their sentimental value. Medals, jewellery and personal items are often the subject of strong feelings.

People in grief can behave irrationally, and their high emotions can create powerful symbols out of ordinary objects – a grandfather’s watch, a necklace, the rings mother wore – and in their minds the items become confused with how much the deceased loved them, rather than the market value of the items in question.

Genders and Partners

GST likely to rise – I told you so

Deceased Estates, Estate Planning, Probate & Estate Administration
GST likely to rise – I told you so

On 20th July 2015 South Australian premier Jay Weatherill provided conditional support for the call from New South Wales Premier Mike Baird for GST to be increased to 15 per cent.

The increasing cost of healthcare in the context of an ageing population, is a precipitating factor in this debate. The substantially reduced tax collections from mining revenues and the overall depressed economy, especially in South Australia, are critical elements.