Murnane Legal - Mobile Wills and Estates

Freaky Friday thought: If you gifted someone $100k in a Will made in 2013, today $100k only buys the equivalent of $75k in 2013.

Another reason to frequently revise your Will?

When is a good time to make a Will or update your Will? — Murnane Legal Marriage, divorce, child birth and other changes to your personal circumstances may require you to update your Will.

Testamentary Trust Wills have become our most popular choice of Will this month, so we thought it might be a good idea to remind people of the benefits!

It's an investment which could potentially save your loved ones tens of thousands of dollars.

Setting up in your Will a Testamentary Trust that commences after your death, may provide significant tax savings on your beneficiaries’ inheritance through savings on:

💰income tax on income earned on their inheritance; and

💰Capital Gains Tax and Stamp Duty on assets they inherit.

MORE: https://www.murnanelegal.com.au/testamentary-trust-will

There are 12 million Australians who do not have a will, and 60 per cent have never given a thought to estate planning.

That’s a serious situation – and a signal that many people are unaware of the troublesome complexities that can devastate families if proper estate planning is not undertaken.

Considered advice from Money columnist, Noel Whittaker:

Three things to keep in mind when planning your will Twelve million Australians do not have a will, and 60 per cent have never given a thought to estate planning. That’s a serious situation.

In Australia, whoever has possession or control of the Will must provide a copy to those considered an ‘entitled person’. The person in possession or control of the Will may include the Executor, the deceased’s next of kin, a lawyer or trustee.

An entitled person may include:

- A person referred to or named in any previous versions of the Will

- A person named in the latest Will (as a beneficiary or otherwise)

- A spouse, de facto partner or surviving children of the deceased/Will-maker

- A parent or guardian of the deceased/Will-maker

- Any person who would be entitled to part of the estate if the deceased/Will-maker died without a Will

- Any person who may have a claim against the estate.

It’s been wonderful to meet new clients in Port Melbourne since moving to Bay Street.🌴
Thank you, Natalie, for your kind review.
We are enjoying hosting clients in our “new” office, but continue to provide appointments via Zoom or at your home.

There are many reasons why you should consider updating your Will. They include major life events, such as:

1. Marriage, separation or divorce
2. Having children
3. When you buy a new home or your assets change
4. When you retire
5. If you become ill (we hope you don’t leave it until this point)

A Will is never a static document. It should be regularly updated to reflect your current circumstances and wishes. In doing so, you stay in control of your estate and ensure peace of mind for your loved ones.

If in doubt, speak to an expert. Wills & Estate lawyer Mark Murnane is available for a free chat to answer your questions (no matter how complicated they may be!) and talk about what documents you might need. https://www.murnanelegal.com.au/contact

A Will generally needs these things to be valid: https://www.murnanelegal.com.au/blog/what-are-legal-requirements-for-formal-will

The front page of today's Herald Sun.

A major concern is the increase for Estates worth $250k-$500k. A high percentage of estates fall into this category.

A great afternoon at Werribee for another Community Wills day with Stewart Orchard at The Salvation Army.

The Salvos offer a community service where solicitors volunteer to prepare simple Wills in return for a modest contribution to The Salvation Army. Payments received from the Wills Days help to support important local community programmes.

More info here: https://www.salvationarmy.org.au/donate/wills-and-bequests/community-wills-days/

Elder abuse comes in many forms, including financial abuse, e.g. using someone’s money, property or other assets illegally or improperly or forcing someone to change their Will or sign documents.

Today Victoria Police have announced they are seeing cost of living pressures contribute to an increase in reports of financial abuse.

Today is World Elder Abuse Awareness Day. If you or someone you know may need support, Seniors Rights Victoria works to prevent elder abuse from occurring by offering free legal advice and information as well a range of educational and advocacy activities.

More information can be found here: https://seniorsrights.org.au/elder-abuse/

When a lawyer takes instructions to draft a Will, they know what signs of undue influence on the Will-maker to look for.

A lawyer will have a discussion with the Will-maker and ask questions to rule out any prospect of undue influence before the Will-maker signs their Will.

Alternatively, when online Wills and Will kits are used by a Will-maker and a lawyer is not involved in the ex*****on of the Will, the prospects of the Will-maker being pressured by others to make a Will drastically increase.

If there has been any undue influence on the Will-maker, the Will will be deemed invalid.

The same concerns will arise when an Enduring Power of Attorney or Appointment of Medical Treatment Decision Maker is executed when a lawyer is not present. The prospects of these appointments being deemed invalid because of undue influence increase.

To avoid the prospects of elder abuse and undue influence when signing your Wills, Enduring Power of Attorney and Appointment of Medical Treatment Decision Maker, always instruct a lawyer to draft the documents and be present when signing the documents.

If you're unsure of where to start with your Will, get in touch and we can arrange a time to have a free chat about what you are looking for and answer your questions: Call 0439 106 816 or email [email protected]

Quite often, people suddenly become ill unexpectedly and are unable to make medical decisions for themselves.

If the ill person has appointed a Medical Treatment Decision Maker, the Medical Treatment Decision Maker will make medical decisions based on the ill person’s values and medical preferences.

However, what happens if no Medical Treatment Decision Maker is appointed?

If no one has been appointed, the medical practitioner will ask the following people to make medical treatment decisions, in the following order: https://www.murnanelegal.com.au/blog/what-happens-if-i-have-not-appointed-a-medical-treatment-decision-maker

What do reviews do for small businesses like us? Well, a lot. It helps other people find us and builds trust for those who don't know us. Not to mention, it makes me feel proud to run a small business. For me, it’s all about making every client feel educated and empowered, giving them the peace of mind that professional Estate Planning can provide. Thank you, Rose.

We’re not the only Wills & Estates lawyer in the neighbourhood!👀

ABC TV + iview FISK filming this week.🎥

Helen Tudor-Fisk from Gruber and Associates has visited various locations in Albert Park, including Lenny 3206.

When someone dies, it is important that loved ones left behind know where to quickly locate the deceased’s original Will. It is important the original Will is quickly found so the appointed Executors can receive the appropriate legal advice, if required.

The deceased’s most recent original Will is also needed if a grant of Probate is required. Without the original Will, your Estate may have to spend extra money on legal fees to have Probate granted by the Supreme Court.

When you make a Will with a law firm, the law firm usually offers a safe custody service free of charge to store your original Will. When a law firm drafts a Will, they place their contact details on the front page of the Will.

When you make a Will, here are a few tips to make it easier to locate your Will quickly after your death:

👉Advise your appointed Executor/s you have made a Will and have appointed them as an Executor.
👉Provide them with a copy of your Will if necessary; and,
👉Keep a copy of your Will in your home with your other important documents.

To release the original Will after the Will-maker’s death, most law firms at a minimum will require a certified copy of the Will-maker’s death certificate and to sight the Executor’s identification.

"And in a typically eccentric move, Mitchell directed that many of his belongings should be divided between Stuart and Amanda “in equal shares by flipping a coin” to decide who gets first pick".

Choosing who gets first choice of the deceased’s personal items is always a difficult decision when Estate Planning.

A Will-maker does not want to upset their loved ones by having a defined order of those choosing personal items for fear of it being seen as a ranking of importance in their lives.

There are a number of ways a Will-maker can have an order of loved ones choosing from their personal items, however, these orders should be made with caution. Quite often they are not clear in the Will and create more confusion.

Tossing a coin certainly is a novel way of deciding!

Revealed: Who gets a slice of media mogul’s $60m fortune Media mogul and humanitarian Harold Mitchell’s children are the main beneficiaries of his near $60m fortune – but they will have to flip a coin for many of his belongings.

Another question that regularly gets asked is - what effect does divorce have on my Will? Many find the answer surprising: https://www.murnanelegal.com.au/blog/what-effect-does-divorce-have-on-my-will

When it comes to making a Will - you don’t know, what you don’t know.

If you make a ‘quick and easy’ Will, you maybe leaving a legal mess for your loved ones or leaving them without the possibility of asset protection or tax minimisation on their inheritance, all because a lawyer was not involved in advising and drafting of your Will.

Don’t fall for the trap of a ‘quick and easy’ Will. Spend an hour or so with a lawyer and do your Will properly.

Your loved ones will appreciate it after you have gone.

Inheritance: avoid this will to protect your family You’ve got to understand what you’re giving up when you sign a simple will – and how there are better ways to protect your loved ones.

A Will provides several significant benefits, including:

Asset Distribution: A Will allows you to specify how your assets, including real estate, money, personal belongings, and investments, should be distributed among your chosen beneficiaries. Without a Will, the distribution of your assets will be determined by intestacy laws, which may not align with your wishes.

Executor Appointment: You can nominate an executor in your Will, someone you trust to manage your estate and ensure that your wishes are carried out. This person will handle tasks such as paying debts, filing taxes, and distributing assets.

Guardian for Minors: If you have children under the age of 18, a Will is essential for naming a guardian who will be responsible for their care in case both parents pass away. This ensures your children are cared for by someone you trust.

Avoiding Family Disputes: A well-drafted Will can help minimise the potential for disputes among family members over asset distribution. It provides clear instructions that can reduce confusion and disagreements.

Tax Planning: A Will can be used for basic tax planning, such as leaving assets to beneficiaries in a tax-efficient manner. This can help minimise the tax burden on your estate and your beneficiaries.

Charitable Giving: If you wish to leave a portion of your estate to a charity or non-profit organisation, a Will allows you to do so, supporting causes that are important to you.

Personalisation: Your Will reflects your unique wishes and intentions. It allows you to make specific bequests, such as sentimental items, to specific individuals or organisations.

A professionally drafted Will is invaluable

Estate Planning is all we do. We can ensure your Will is properly drafted and legally valid in Australia.

We can help you navigate the legal requirements, draft a Will that accurately reflects your wishes, and ensure that it complies with Australian laws, which can vary by state and territory.

Keeping your Will up-to-date is also essential, especially when significant life events such as marriage, divorce, the birth of children, or changes in your financial situation occur.

New office!📸
Murnane Legal is now based by the bay, in Port Melbourne.🌴
We’re still offering mobile and online services, but you’re also welcome to meet with us in person at 304/120 Bay Street.

People making a Will sometimes ask me: Who can view their Will after they die?

After the death of the Will maker and prior to the granting of Probate, there is a limited class of people who can obtain a copy of the Will: https://www.murnanelegal.com.au/blog/who-can-obtain-a-copy-of-my-will-after-i-die

Murnane Legal is on the move! Can you guess where our new office is? The clues are in the emojis… 🌴☕️🌊
We will still offer the same mobile Wills and Estate Planning service, but if you come to us we will have plenty of great coffee options nearby…

A review from the heart.🩶

These are the steps we go through with our clients to make their Will: https://www.murnanelegal.com.au/our-process

Most people presume that when a married couple separate, any claims to each other’s Estate cease at the time of separation. However, this presumption is incorrect: https://www.murnanelegal.com.au/blog/if-i-separate-from-my-spouse-but-do-not-divorce-them-do-they-receive-anything-if-i-die-without-a-will

Reviews like this make our day.🙏

It’s uncommon for a Will-maker to leave something to an ex-girlfriend/boyfriend or spouse, however, it does happen…

….maybe more often than most people would assume!

Friends star Matthew Perry lists ex-girlfriend in shock $US1 million gift following death The actor dated some big names, including Julia Roberts, Cameron Diaz and Gwyneth Paltrow.

Do you want to increase the number of gifts in Wills your charity receives?🤍

Over the weekend, while drafting Wills for clients, I was reminded that there are still charities making the same mistake that could potentially be costing their charity millions of dollars in gifts each year.

First of all, this is not me ‘having a go’ at charities, I understand charities have plenty of charitable work to do. One of the enjoyable aspects of being an Estate Planning Lawyer is seeing clients who can, leave gifts in their Wills to charities.

However, it surprises me the number of charities who do not have their charity’s details on their website for lawyers acting for Will-makers intending on leaving a gift in Will to the charity.

It is important for lawyers when drafting Wills with charitable gifts in Wills, they clearly identify your charity. This is done so after the Will-maker dies and the Executors distribute the Will-maker’s Estate, there is no confusion of which charity is to receive the gift. The last thing charities need or want is a protracted dispute over which charity the gift in Will was intended for.

I suggest, a simple ‘How to leave a gift in your Will to us’ landing page on the charity’s website that outlines:

1. The name of your charity you wish to receive gifts in Wills (i.e. Springfield General Hospital Foundation).

2. The street address of your charity (i.e. 100 Shelbyville Road, Springfield, Victoria 3000).

3. The Australian Business Number of your charity (i.e. ABN 21 123 456 789).

When a charity does not have these details on its website, it usually means the lawyer drafting the Will, has to telephone or email the charity requesting the above details. Occasionally, it can take weeks for charities to respond to these requests, causing delays to the Will-maker finalising their Will. In rare instances, the Will-maker may become frustrated with the delays and instruct their lawyer to gift the share of the Estate your charity would have received to another charity. These delays can be avoided by having your charity’s details clearly outlined on your website.

If your charity wants to go ‘all out’, it could also add:

1. Suggested wording in the Will for the specific clause when gifting to your charity.

2. A few words outlining the differences between a specific gift and residuary gift.

3. An explanation of what a residuary of an Estate is.

4. Ask the Will-maker to notify your charity of the gift in their Will so you can thank them.

The number and value of charitable gifts in Wills is growing rapidly. If your charity, no matter how big or small, is wanting to receive charitable gifts in Wills, it needs to ensure that it has a ‘How to leave a gift in your Will to us’ webpage that clearly outlines your charity’s details for lawyers and Will-makers.

Three things you cannot do if you die without a Will: https://www.murnanelegal.com.au/blog/3-things-you-cannot-do-if-you-die-without-a-will

DISCLAIMER: This article is provided for general information purposes only. It does not constitute specific legal advice or opinion. Although our aim is to provide you with as accurate information as possible, you should not act or rely upon the information in this article without seeking the advice of an experienced lawyer who specialises in the particular area of law relevant to your inquiry. Please do not to hesitate to contact Murnane Legal to make further inquiries or to make an appointment to discuss the specifics of your situation.

A great article in today’s West Australian.

There is so much more to your Will than making sure it is valid.

A properly drafted Will by a lawyer can set your loved ones up for generations.