Make your wills

And keep them up to date, and be on your guard against ‘acquaintances’ who make themselves your best mates when you’re in the cancer ward and then offer to ‘help you out’ with updating your will when you haven’t got long left. Oh, and while you’re doing all this, be really damn sure to keep very clearly separate your personal property and the property of any organisations you happen to run.

Cos otherwise after your death your nearest and dearest will break their damn hearts trying to make sure your legacy is carried on, and they’ll weep in frustration that someone they loved could have left such a nightmarish mess to clean up. Don’t make paperwork, legal fees, sleepless nights and anguish your last gift to the people who care about you.

I feel you HM. Went through something similar.

Wise words.
Been living that type of drama for 5 years now. One of four beneficiaries of an ambiguous will with a lazy, self serving, somewhat narcissistic executor.

Here, take my HECs debt. It’s all I have to give.

In superannuation use a binding death nomination. Basically uncontestable in court.

Here, take my HECs debt. It's all I have to give.

Throw in mine?

I feel you HM. Went through something similar.

You seem so ‘alive’.

Thanks for the reminder, HM.

Sent me down the “how to make a will” rabbit warren. From what I can ascertain, here in Tassie the Public Trustee charges 2.2% of the estate to administer my final wishes:

“If you have solely-owned assets which are classed as ‘matrimonial assets’ and which are transferred to your surviving spouse or defacto partner – for example the family home, motor vehicle, household effects and furniture …2.2%”

So if my estate totals $600,000, for arguments sake, they charge $13,200 to administer the will. Seems excessive to me. Is this cost typical?

I feel you HM. Went through something similar.

You seem so ‘alive’.

It’s the portable coffee brewery he carries around.

Thanks for the reminder, HM.

Sent me down the “how to make a will” rabbit warren. From what I can ascertain, here in Tassie the Public Trustee charges 2.2% of the estate to administer my final wishes:

“If you have solely-owned assets which are classed as ‘matrimonial assets’ and which are transferred to your surviving spouse or defacto partner – for example the family home, motor vehicle, household effects and furniture …2.2%”

So if my estate totals $600,000, for arguments sake, they charge $13,200 to administer the will. Seems excessive to me. Is this cost typical?

In my experience, typical.

I thought this was going to be a “Noonan is coming to get you” thread.

HM if I ever die then you can have all my stuff

I thought this was going to be a "Noonan is coming to get you" thread.

You’ll be first, sunshine. Now where did I put that scythe, and I don’t care if you ate the salmon mousse or not.

I think State Trustees is just a name, not really anything to do with the government or having the appearance of being any better than any other option. Not that there’s anything wrong with that, just that it’s a bit misleading

Even if you have all your wishes written out clearly, if you die without a will, your family will probably have to go through the court process to settle things. Better to save them the heartache when they’re already having to deal with losing you.

And if you get married, any will you had previously is invalidated (unless you’ve made your will with it clearly stating it’s done with an upcoming marriage being considered). So remember to get a new will!

It’s definitely something the wife and I have talked about, probably for close to 5 years, when she fell pregnant first time around.

I don’t know what it is that holds things up. It’s not like it’s that complicated for us:
1 house with mortgage
Two kids
Our super
My life insurance and income protection

You would think these sorts of things are fairly easy to sort out. The most complicated scenario I can see is if both the wife and I passed away and custody of the kids is up in the air. This is probably the biggest motivating factor to get it done, but like I said, five years later…

I think it’s called Mortality Denial Syndrome … if it isn’t, I just invented a name for it.

We can fly so high…never gonna die…

It's definitely something the wife and I have talked about, probably for close to 5 years, when she fell pregnant first time around.

I don’t know what it is that holds things up. It’s not like it’s that complicated for us:
1 house with mortgage
Two kids
Our super
My life insurance and income protection

You would think these sorts of things are fairly easy to sort out. The most complicated scenario I can see is if both the wife and I passed away and custody of the kids is up in the air. This is probably the biggest motivating factor to get it done, but like I said, five years later…

A client once said that when they filled it all out and submitted forms about who the insurance gets paid to, it felt awful. Talking about it is one thing, writing it down is almost like confirmation.

It’s not just a matter of putting down who you want to leave things too. I’ll give this example.

Parent wants to leave the house equally to three kids. One of the three kids is the executor (has no preference what to do with house), one wants to sell the house (needs money for excessive debts), one wants to live in it (doesn’t want to sell childhood home).

What’s the executor to do?

In the above scenario it ruined the siblings relationship and left the executor with a fair bit of guilt. Parent never let the kids know their intentions which meant after the parent passed on, only then did the kids discuss what they wanted to actually do with the house.

Make sure you also talk to those you are going to leave your major assets to as well!