Ep15 Kieran Hoare - Merthyr Law

Australians don’t like to talk about death and dying. She’ll be right mate tends to be the catchphrase…. And that’s probably why over 60% of Australians are dying without a will. That number includes people who have incorrect wills as well as those who don’t have a will at all. Although managing these details can seem daunting, and even depressing, Estate planning is essential for seniors and for their family members to be prepared in the event of a loved one’s illness or passing.

So if you or an aging loved one, have been putting off estate planning, stick around for today's episode, as Kieran Hoare of Merthyr Law gives us all why’s, what for’s, why not’s, and how to’s. You’ll see that with adequate understanding and planning, the focus will be taken off the negative, and shifted to the positive benefits of Estate Planning.

COMMON MYTHS

Myth 1: All “my assets” will be treated in accordance with my will Myth 2: My superannuation will be treated in accordance with my will Myth 3: If I die without a will, things will all work out Myth 4: I’ll just leave my estate to my spouse and they’ll leave their estate to me and it will all work out

NEW PARTNERS & DE FACTO ENTITLEMENTS

• rules around entitlement … what if already separated/divorced but still in the will

• How long being together before entitled to a stake in the will

TESTAMENTARY TRUSTS

EXECUTORS- the most important person

• dos and dont's of selection (all the more reason to keep it updated)

• What happens if the executor doesn’t want the role

• Is an executor entitled to payment

BENEFICIARIES

• debts must be paid before beneficiaries can claim

• Don’t choose based on emotions (whose been nice to you - being suspicious is healthy)

ELDER ABUSE AND THE WILL

Q) what constitutes an undue influence?

Q) are we right to be suspicious of outsiders who get too close