Key takeaways:
- Errors, oversights or unintended consequences which may arise in a Will can be resolved quite easily when there is common agreement.
- It is important to review your Will regularly to ensure it reflects your current circumstances.
Sometimes people die with a Will that broadly reflects their wishes but that doesn’t account for a change in circumstances since the Will was made. The Executors and family are left seeking to administer a Will that is “not quite right” or that all involved agree is unfair.
Examples of this might include:
- The unexpected prior death of an adult child and there being no provision for their children to receive their share in substitution.
- The sale or disposal of specific gifts or properties to persons mentioned in the Will.
- The Will makes provision to named grandchildren that were living when the Will was made but does not account for grandchildren born after the making of that Will.
- A beneficiary under the Will received significant financial assistance during the deceased’s lifetime but the Will is not updated to record this as an advance against their future inheritance, resulting in an unintended double-dipping.
We hear a lot about challenges to Wills, but sometimes there is no significant dispute. In some cases, all (or most) family members and beneficiaries broadly agree that there is something that needs to be corrected to give effect to the true intentions of the deceased.
In our experience, most errors, mistakes, oversights, or changes in circumstances with unintended consequences that can arise in a Will can be resolved quite easily and inexpensively if all those affected can agree on a solution.
Often this involves preparing a document called a Deed of Family Arrangement, where variations to the Will can be recorded and agreed by all those affected. If you are administering an Estate where everyone (or even most beneficiaries) would likely agree to a variation, talk to us about options to remedy this.
Tailored to your circumstances
If you have any concerns about recent life events altering the effect of your Will and whether it remains fit for purpose, please contact us to arrange a review meeting. If changes are required, we will provide you with a fixed upfront quote to consider.
If you are an executor or beneficiary of an estate where something is “not quite right”, please email us at info@willsandwealth.com or call us on 9592 1177.
Are you preparing to sell a property?
Key takeaways:
- There are many legal and practical considerations when selling property in Victoria.
- The first step is the preparation of a compliant and accurate Section 32 Statement.
- Our experienced property team is ready to assist with your next purchase or sale.
Whether you are selling your family home to downsize, assisting an elderly family member, or considering selling an investment or other property, Wills & Wealth can answer your legal questions and assist you through the sale process.
Once you have made the decision to sell, you’ll need a Section 32 Statement which is compliant with the Sale of Land Act (Vic). You would be surprised how often we see a Section 32 Statement (also referred to as a Vendor Statement) containing out of date information or which is deficient in other areas. Failure to provide a compliant Section 32Statement, disclosing all material facts, may entitle a purchaser to void the Contract at any time up until settlement and, in a worst case scenario, claim damages and other losses from a vendor.
Additional disclosure obligations and practical considerations may arise if:
- you are selling a commercial property (GST, margin scheme, leases etc);
- there is an Owners Corporation (yes, you have obligations even if it is self-managed or “inactive”!);
- you are non-resident for tax purposes;
- you have undertaken any renovations;
- there is a tenant in the property under a Residential Tenancy Agreement; or
- the terms of the sale create what could be considered a terms contract, even if unintentional.
Once you have decided on the method of sale and the selling agent, we aim to provide documents without delay so that they can be reviewed by any prospective purchasers during the sale campaign.
After the property has sold, we will assist you through to settlement to ensure a smooth and stress free transaction. We have security processes and protocols in place when dealing with your sale proceeds or deposit, and we are highly proficient in using the PEXA platform for electronic settlements.
While most aspects of conveyancing can now be completed electronically (verification of identity, signing of documents etc), we are in the office and available for appointments should you wish to come in to sign documents or ask any questions relating to the sale.
Our conveyancing fees and expected disbursements are quoted before you engage us to proceed.
Whether you are buying, selling, or requiring assistance with any other type of property transaction, please call us to discuss your needs or email info@willsandwealth.com.
Why everyone should have a Power of Attorney in place
Key takeaways:
- Having a power of attorney means that you get to choose who will make decisions for you if you have lost capacity.
- The best time to create one is before you need it— doing it when you are in hospital might be too late.
- A power of attorney protects you and your loved ones from confusion, delays, and uncertainty.
A power of attorney is a legal document where you authorise someone to act on your behalf in personal, financial, or medical matters. It’s especially vital if you ever become temporarily or permanently unable to manage your affairs. Contrary to what some may believe, a power of attorney isn’t just for the elderly or seriously ill – anyone at any stage of life can benefit from this safeguard.
Life doesn’t always go as planned. Unexpected illness, injury, or absence can suddenly leave us unable to make crucial decisions. That’s where a power of attorney becomes not just helpful, but essential. Having a power of attorney in place is one of the most responsible and empowering legal steps you can take.
Peace of Mind in Uncertain Times
Perhaps the most immediate benefit of a power of attorney is peace of mind. Knowing that someone you trust is legally empowered with a duty to act in your best interests makes future uncertainty a little easier to bear. Without a power of attorney, families often face stressful legal hurdles just to get the authority needed to handle basic decisions, from paying bills to discussing medical treatment with doctors.
Protecting You and Your Loved Ones
In the absence of a designated attorney, family members may need to go through a time-consuming and expensive administration or guardianship process be able to manage your affairs.
This legal burden during already difficult times can be avoided entirely with a power of attorney in place. It also reduces the risk of family disagreements by making your wishes clear and giving specific authority to the person you trust most.
Tailored to Your Life
Powers of attorney are flexible. For example, you can appoint different people for different roles:
- Financial matters include paying your bills, but also managing your investments and signing legal documents on your behalf;
- Personal matters are decisions about where you live and what lifestyle services you receive;
- Medical treatment decisions extend to physical treatments including pharmaceuticals, surgery, dental care and mental health treatment.
We can help
If you would like to book an appointment with us to discuss powers of attorney or other estate planning requirements, please email us at info@willsandwealth.com or call us on 9592 1177.