Are you over 60?
Do You Have a Will?
There are many reasons to have a Will, primarily to ensure your wishes are honoured and clearly outlined to minimise potential disputes after your death. Having a Will:
- Ensures your assets are dealt with in accordance with your wishes.
- Minimises any potential family disputes
- Allows you to choose an executor(s) who will manage your estate to ensure your wishes are carried out
- Allows you to appoint a guardian of any minor children in the event of your death
You can update or alter your Will at any time to keep it current and in line with your wishes.
Inheritances
A Will is the primary method of distributing assets. There is no inheritance tax, but beneficiaries may face capital gains tax when selling inherited assets. Income-producing assets also incur income tax.
If you are navigating separation or divorce, and you have received or expect to receive an inheritance, it is important to understand the best way to handle it.
Some common thoughts from someone in this situation:
- You might wonder if the inheritance will get divided in the divorce?
- If your ex can claim a part of it after divorce?
- Or if the inheritance can impact spousal maintenance?
Seek professional legal advice for managing your personal situation
Where Should I Nominate Beneficiaries?
Some common places where beneficiaries are nominated include:
- Corporate shares
- Real Estate
- Trusts
- Financial Accounts including superannuation and life insurance
Do You Need Powers of Attorney for Medical and Finances?
A Power of Attorney is a legal document that allows you to appoint someone to make decisions on your behalf regarding financial, legal or medical matters, especially when you are unable to do so yourself. Information on the right option for you:
- Your Rights: Office of the Public Advocate Victoria: Your rights - Office of the Public Advocate
- Appointing a Medical Treatment Decision Maker - Appointing a medical treatment decision maker - Office of the Public Advocate
- Enduring Power of Attorney: Planning ahead - Office of the Public Advocate
- General Non-Enduring Power of Attorney: General non-enduring power of attorney - Office of the Public Advocate
Advance Care Planning
Advance Care Planning involves discussing and documenting your healthcare preferences in case you become seriously ill or unable to express your wishes regarding medical treatment and decisions. The process is crucial for ensuring your loved ones and healthcare providers understand your desires regarding medical treatment. Having these conversations can significantly reduce stress and confusion for your family during difficult times. How to begin:
- Do Some Research: Take time to look for information about creating an Advance Care Plan. Some good sites are:
- Myvalues.org.au – helps you frame the language to identify, consider and communicate your wishes about medical treatment
- Advancecareplanning.org.au – Advance Care Planning Australia provides information on how to plan for your future health and create your advance care plan. This site provides resources, education and advice
- Start the Conversation:
- Discuss your values and preferences with family members or loved ones to help them understand your wishes and prepare them for future decisions
- If you are not comfortable to begin a conversation with your family, speak with your doctor or legal representative.
- Document Your Wishes: complete an advance care directive and ensure it reflects your preferences accurately. Discuss with your doctor or legal representative for additional guidance if needed.
- Review and Update: It is recommended you review your advance care directive every two years or when significant life changes or events occur, e.g. health changes, moving to a new State, etc.
- Share Your Plan: provide copies of your advance care directive with appropriate family members, your healthcare provider, your legal representative and your powers of attorney (if you have appointed them).