E14 Estate Planning - Part 1: Things to know about Wills

09/08/23 • 13 min

Midlife Money Matters

Estate Planning is more than just having a will

We answer some of the following questions about Estate Planning

Why is Estate Planning important ?? and there are many reasons why Estate Planning is important

Almost 70% of women in Australia do not have their Estate Planning in place

What is a Will?

What needs to be included in your Will?

What motivates people to make their Will?

Did you know that 14% of people say "There is nothing that would encourage me to make a Will!"

We talk through what happens if you do not have a Will in place - the impact it has for the family to manage and deal with the assets of the deceased.

The courts will make the decisions about the assets and this can be time consuming - which can be avoided by having a legally documented Will

An important consideration - and probably one that most people don't want to have to think about - is what happens to your children if you die while they are still under legal age

This also applies to any vulnerable dependants that you may have

We love reviews and would appreciate if you were to leave a review and share this episode with friends and family

If you have any questions or suggestions please email us at:

[email protected]

Financial Disclaimer

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

Estate Planning is more than just having a will

We answer some of the following questions about Estate Planning

Why is Estate Planning important ?? and there are many reasons why Estate Planning is important

Almost 70% of women in Australia do not have their Estate Planning in place

What is a Will?

What needs to be included in your Will?

What motivates people to make their Will?

Did you know that 14% of people say "There is nothing that would encourage me to make a Will!"

We talk through what happens if you do not have a Will in place - the impact it has for the family to manage and deal with the assets of the deceased.

The courts will make the decisions about the assets and this can be time consuming - which can be avoided by having a legally documented Will

An important consideration - and probably one that most people don't want to have to think about - is what happens to your children if you die while they are still under legal age

This also applies to any vulnerable dependants that you may have

We love reviews and would appreciate if you were to leave a review and share this episode with friends and family

If you have any questions or suggestions please email us at:

[email protected]

Financial Disclaimer

Previous Episode

E13 Retirement Living - Part 2 - Is a Retirement Village right for me?

When it comes to Retirement living many people like the idea of downsizing from the family home and moving into a Retirement Village

In this episode we talk about some of the key factors to consider when assessing a Retirement Village as a retirement option

A few key points from this episode:

It is essential to fully understand all the fees and charges involved. There are entry fees and exit fees as well as monthly charges.

Buying into a Retirement Village is not the same as regular property investment. You don't ever own the property, you buy the right to live in that property - and that includes using the facilities, you're buying into the community and the access to the activities. People value the safety aspects of being in a Retirement Village.

Retirement Village contracts are not like any other property contract - so you need specialised legal advise AND from a professional who is familiar with that specific state in Australia

Assess the financial viability of the Village operator as a whole and any future development plans they may have. Ask for copies of their Annual Report

A few questions we suggest it is important to consider:

What happens if you are in a Retirement Village as a couple and one partner needs to move to Aged Care due to health conditions?

How do you pay for this next stage of living?

If you are in Retirement Village as a single person and then need to move to Aged Care, how do you pay for that while you wait for the Retirement Village operator to sell your existing property?

This is a information dense episode and we have kept it deliberately short and covering the basic information to get you started thinking about Is Retirement Village the right option for you?

As always we encourage you to please email any questions or comments to [email protected]

If you are enjoying the show please share with another woman who might find it helpful and leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Next Episode

E15 Issues and Costs of a Move into an Age Care Facility

Part 3 of our series about Retirement Living options

What are the Issues and Costs of a Move into an Age Care Facility

We understand and acknowledge this is or can be an emotional topic. Both Jacqui and Ingrid have been through this with their parents - so we understand completely

You may have read and heard about residential age care in the media.

Most people are quite resistant to going into care.

However there are a lot of really good age care homes in Australia with very caring dedicated staff.

If people are on their own at home and not managing they are often not getting the correct medical care, likely not eating properly or maybe not looking after themselves as well as they had been when they were younger.

Older people are also very susceptible to having a fall or a medical event and no one being notified to get them help.

We talk about: How do you find a suitable age care facility?

and

What are the fees involved? Jacqui explains:

There are 3 different fees payable, sometimes 4 as some facilities have an extra services fee for things like wine with dinner, better meals, streaming services etc.

In this episode we give an overview of the 3 main fees and how they are calculated

This is an important episode if you are in a situation where you have a loved one who is reaching the stage of considering Aged Care.

We understand and acknowledge this is an emotional topic. Both Jacqui and Ingrid have been through this with their parents

Access My Aged Care - click here

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.