With millions of Australians yet to put a will in place, estate planning often gets postponed. This delay can lead to unintended complications for loved ones, especially if there are blended families, international assets, or intricate financial setups involved. Planning your will doesn’t have to be overwhelming. With some basic steps, you can set up a solid framework to safeguard your family’s future and prevent potential legal headaches. Here are three essential factors to keep in mind.
1. Be Mindful About Notifying Banks and Super Funds After a Death
When someone passes, families often feel an urgency to inform financial institutions. However, contacting banks or superannuation funds too quickly can sometimes freeze critical accounts, potentially delaying access to funds needed for immediate expenses, like funeral costs. This is particularly relevant when the deceased’s main income source was a superannuation-based pension. Early notification to the super fund can suspend payments immediately, which may cause an unexpected gap in cash flow for surviving spouses or dependents. Always speak with your executor or legal advisor about the best time to notify financial institutions, ensuring you have the funds you need.
2. Understand the Scope and Limits of Enduring Powers of Attorney
An Enduring Power of Attorney (EPA) is a valuable legal tool, allowing a trusted person to make financial or property decisions on your behalf if you lose capacity. But it’s important to know that an EPA becomes void upon the donor’s death. At that moment, the role of the executor of the will begins, taking over from any powers granted under the EPA. For families, this transition can be confusing, especially if they expect the EPA to remain effective after death. To avoid misunderstandings, ensure your loved ones and chosen executor understand these limitations and how responsibilities will shift.
3. Account for Complex Family Relationships and Overseas Connections
In today’s world, many people have families with multiple layers—such as children from prior relationships, overseas property, or loved ones living abroad. Estate laws in Australia vary from state to state, and if overseas assets or beneficiaries are involved, the legal requirements can become even more complex. For example, intestacy laws (the laws that govern inheritance when there’s no will) might distribute assets in ways you wouldn’t have chosen. In such cases, a well-structured will can prevent unexpected disputes. Professional guidance is essential to ensure your will addresses all aspects of your unique circumstances, aligning fully with your intentions.
Ready to Take Control of Your Legacy?
If you’re ready to start planning your estate, Coastal Lawyers can help you develop a clear and legally sound will. Contact us today for guidance tailored to your needs and let us help protect your family’s future.s of the child. Once the court approves the orders, they become a legal obligation for both parents.
Written by Coastal Lawyers- Central Coast Family Lawyers
Coastal Lawyers are family lawyers based in Erina, on the Central Coast.
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