Planning for the future

Estate planning can help avoid complications that can arise following the death of a loved one. With an ageing population in Australia, proper estate planning is critical to ensure that your loved ones are adequately taken care of and have directions as to what to do when you move on.

Estate planning can include the following matters:

  • Having a Will
  • Having adequate life Insurance
  • Making sure your superannuation benefits go to the right people
  • Having a list of all your assets and liabilities
  • Having an enduring power of attorney
  • Having an enduring guardian
  • Having an Advanced Health Directive

Estate plans should never be considered permanent as considitions, whether financial or personal, change. Your plans should be reviewed perhaps every five years or so, or whenever there has been an important or significant change in your life, such as the acquisition of a significant asset or liability, or the birth, death, or marriage of someone in your family.

We can help you

review your estate plans – and where possible, help you transfer your assets to the next generation in the most effective way possible. If you have any questions please do not hesitate to contact us using the quick enquiry form on this blog.

Want to know more about estate and succession planning?

For more information regarding our estates and succession planning services, including will preparation, powers of attorney, enduring guardianship, obtaining probate or letters of administration, and managing deceased estates, please use the quick enquiry form found on this page or call our office on 02 9687 8885. Our experienced estates lawyers look forward to assisting you with your estate and succession planning requirements.

This website is proudly supported by Phang Legal. This article was posted by Kenneth Ti, associate solicitor at Phang Legal.

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Estate planning for the holiday season

Finding an excuse to discuss your Will over the holidays

An interesting observation of human nature is that there

is a noticeable increase in enquiries for Wills and estate planning services during the period leading up to the holiday season around Christmas and the New Year. Why is that?

Some clients explain that it’s the thought of traveling and the risks associated with traveling. Others just worry about what will happen to them while they’re away or far from home. Others consider it a time for reflection and family, and realise (shock) that their affairs aren’t in order and it’s time for them to do something about it. They know they should have done it before, but just never got around to it (see our previous poll on why people don’t have a Will).

Whatever the reason may be, it shouldn’t take something like the holiday season or a trip away from home to prompt people into thinking about their Will or their estate planning requirements. The possibility or probability of passing away without a Will is the same if you don’t have a Will regardless of whether you’re staying at home singing Christmas carols, sipping cocktails and relaxing on some tropical beach, or enjoying skiing on a mountain top resort. If you don’t have a Will, you don’t have a Will (see our previous post on intestacy).

When the family comes together to celebrate the holidays, maybe that’s an opportunity to discuss some of the key issues related to your Will or your estate planning requirements – after all, those discussions generally involve or affect those closest to us, right? Is it an appropriate topic of discussion? Maybe not, you’ll need to decide that – but consider what other opportunities will you have throughout the rest of the year to have these conversations. When do most people get together? Maybe it’s weddings, funerals, birthday parties or key festive dates. It’s not easy and it’s probably uncomfortable as well – but that’s life, and should be doing something about it because before you know it another year will have gone by.

What we do know for a fact is that once you’ve done it, you’ve prepared your Will and you’ve stored it away, there is a sense of relief and accomplishment. It’s done! That’s the reward for not procrastinating any more. Sure, you might still have to review your Will from time to time, but that’s another issue for another day. For today, it’s done.

Then you can enjoy the rest of your holiday and the (hopefully) many more to come.

Want to know more about Wills and Estate Planning?

Ern Phang

For more information regarding our estates and succession planning services, including will preparation, powers of attorney, enduring guardianship, obtaining probate or letters of administration, and managing deceased estates, please use the quick enquiry form found on this page or call our office on 02 9687 8885. Our experienced estates lawyers look forward to assisting you with your Wills, and your estate and succession planning requirements.

This website is proudly supported by Phang Legal. This article was posted by Ern Phang, director of Phang Legal.

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45% of Australians don’t have a Will!

Statistics for Wills in Australia

The NSW Trustee and Guardian (the replacement of the NSW Public Trustee) indicates that 45% of Australians don’t have a Will. Compared to the reasonable assumption that 100% of people die, that’s a glaring statistic showing an imbalance which then begs the question “why is there a section of the

Australian population who don’t have a Will?”

We’ve created this quick poll using some statements that we’ve heard over the years. So if you also don’t have a Will, let us know why.

On 19 August 2011, we’ll be running a free information session on Wills and estate planning at the Harris Park Community Centre as part of Will Awareness Day. Come along and you’ll find that writing a Will isn’t as difficult as it may seem, doesn’t cost as much as you thought, and doesn’t take a lot of time to do right (especially with professional advice and guidance).

A Will is probably one of the most important documents you’ll ever write in your life, and while you’ll never be around to regret not writing one, your family and loved ones that you leave behind will.

Want to know more about Wills and Estate Planning?

Ern Phang

For more information regarding our estates and succession planning services, including will preparation, powers of attorney, enduring guardianship, obtaining probate or letters of administration, and managing deceased estates, please use the quick enquiry form found on this page or call our office on 02 9687 8885. Our experienced estates lawyers look forward to assisting you with your Wills, and your estate and succession planning requirements.

This website is proudly supported by Phang Legal. This article was posted by Ern Phang, director of Phang Legal.

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Will Awareness Day 2011

On 19 August 2011, the Law Society of NSW will be promoting Will Awareness Day – an initiative focused on providing the community with free legal information on Wills and other estate planning matters, all in the name of increasing awareness of the importance of Wills.

Having a legally valid Will helps you to decide how your possessions will be distributed after you die, which can be an important consideration especially if you leave behind family, friends and other loved ones. If you do not have a Will, do not assume that your possessions will be distributed according to your wishes. Under current legislation, if you die without a Will, your estate will be divided according to a Government formula which may not reflect what you really want.

Choosing to write your will is one of the most important decisions you will ever make and it is important to seek proper legal advice so that your financial and personal circumstances are covered.

Phang Legal will be

holding a free information session at the Harris Park Community Centre on 19 August 2011 at 10am. The Centre is located at 11 Albion Street, Harris Park NSW 2150. All are welcomed to attend.

Want to know more about Wills and Estate Planning?

Ern Phang

For more information regarding our estates and succession planning services, including will preparation, powers of attorney, enduring guardianship, obtaining probate or letters of administration, and managing deceased estates, please use the quick enquiry form found on this page or call our office on 02 9687 8885. Our experienced estates lawyers look forward to assisting you with your Wills, and your estate and succession planning requirements.

This website is proudly supported by Phang Legal. This article was posted by Ern Phang, director of Phang Legal.

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Moving Into Aged Care – Further Considerations

Moving a family member into Aged Care is usually a very difficult task. Often the need arises following an illness or injury, the result of which is that a loved one can no longer care for themselves in their own home. There is often little time available to research and make decisions (particularly if a hospital is involved), as the hospital faced tries to move them along to a facility which can provide a longer term solution.

For many people, moving a family member into an aged care facility will be their first contact with the aged care industry, and this can be quite daunting. The pressure of finding the right home and doing so quickly, combined with the concerns for the wellbeing of a parent make for a stressful combination.

We spoke to Janeene Lycett of Chesalon about the difficulties families face when choosing an Aged Care facility, and asked her how she would go about choosing a place for her parents.

What would you never accept from a facility?
You should never accept a bad attitude from the facility’s management and staff. If they have a bad attitude towards you before your parent is admitted, how are they going to treat them and you, after they become a resident?

How can you make the process easier?
You can make the process easier by:

  • Being well informed – know what questions to ask when you are inspecting the facility and make sure they are answered.
  • Using the internet for research – this can significantly cut down on the time spent running around.

There are also placement agencies available who specialise in finding a facility to meet your specified needs. These organisations do charge for their services, however if you are time poor this may be an option.

Would you look for different things in a facility for your mum or your dad?
Aged care facilities have historically catered more for females than males because most residents were female. This is starting to change, and some places have developed specific recreation programs designed to appeal to men. These might include a Mens’ Shed, gardening programs or men only card games. Look for somewhere that does specifically cater for men.

Another issue relates to personal care and who provides this care, particularly as it relates to showering and toileting. It is important to find out how the facility will provide this care, and if they will accommodate your needs for staff of the same sex to provide this care. It might be quite stressful and confronting for an elderly lady to be showered by a male nurse (and vice versa), and if this is an issue you would want to obtain some assurances that this would only be done by someone of the same sex.

Related posts:

  1. Moving Into Aged Care – Important Considerations
  2. Moving Into Aged Care – Important Information
  3. From Beyond the Grave – Considerations when Drafting a Will

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Moving Into Aged Care – Important Information

Moving a family member into Aged Care is usually a very difficult task. Often the need arises following an illness or injury, the result of which is that a loved one can no longer care for themselves in their own home. There is often little time available to research and make decisions (particularly if a hospital is involved), as the hospital faced tries to move them along to a facility which can provide a longer term solution.

For many people, moving a family member into an aged care facility will be their first contact with the aged care industry, and this can be quite daunting. The pressure of finding the right home and doing so quickly, combined with the concerns for the wellbeing of a parent make for a stressful combination.

We spoke to Janeene Lycett of Chesalon about the difficulties families face when choosing an Aged Care facility, and asked her how she would go about choosing a place for her parents.

Who would you talk to at the facility to get comfortable with the how it is run?
The Facility Manager and the Care Manager are the most important people to get to know from this perspective. You need to feel that you can have open lines of communication with them to ensure your parents will be looked after, that any issues you raise will be dealt with, and that you will be notified if any issues arise. It is important that they are able to provide you with feedback on your parent and their care.

If you are not able to easily communicate with these people, there would be concerns regarding how effectively they are able to communicate with their staff and therefore how effectively the facility is managed.

Where would you look for independent information on a facility?

  • Their corporate website.
  • A Google search of the organisation – what are their values and are these consistent with the any independent reports or news items found on them?
  • The annual report on the organisation. This is important to check on the financial health and well being of the organisation, because having gone through the process of finding a suitable facility you do not want to have to repeat the exercise because the facility closes due to financial difficulties.
  • Social workers at the hospital – they will have a good feel for local facilities, so be sure to ask their opinion
  • The Aged Care Standards and Accreditation Agency. This is the federal organisation charged with accrediting and auditing aged care facilities. You can read about the latest inspections and accreditation audits conducted on any facility.
  • Department of Health and Ageing. Look for any Sanctions or Notices of Non-Compliance imposed on a facility. These include historical notices so you can see if facility has a history of not meeting appropriate standards.

Related posts:

  1. Moving Into Aged Care – Important Considerations
  2. Will Preparation made simple and hassle-free
  3. Reduced Fee for Will Preparation and Review

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Invaluable Valuables

In today’s materialistic world it is easy to attach a value to everything.

However there are some things that you leave behind which may have an unspoken value to either you or those you leave behind.

It is quite common to have family heirlooms such as jewellery, art, watches, or writing instruments. Of course, you may have other items of personal value which may not be as obvious to other people.

When making a Will you should consider all of these personal items, and ensure that they are all accounted for and left to the people whom would appreciate them.

One of the things you can do is to discuss these matters with your beneficiaries and ask them which of your personal items that they would like to have. Of course, you should only do this if you are comfortable with it.

The danger of not including or being specific in relation to your personal items is that your Executor, the person whom you appoint to take care of your estate and distribute your assets, may not appreciate or may not understand the full value of your personal items, and may, through no fault of their own, improperly distribute these personal items among your beneficiaries.

You must have peace of mind at the end of the Will-making process, knowing that your personal items are properly distributed to those who will value them the most.

No related posts.

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Moving Into Aged Care – Important Considerations

Moving a family member into Aged Care is usually a very difficult task. Often the need arises following an illness or injury, the result of which is that a loved one can no longer care for themselves in their own home. There is often little time available to research and make decisions (particularly if a hospital is involved), as the hospital faced tries to move them along to a facility which can provide a longer term solution.

For many people, moving a family member into an aged care facility will be their first contact with the aged care industry, and this can be quite daunting. The pressure of finding the right home and doing so quickly, combined with the concerns for the wellbeing of a parent make for a stressful combination.

We spoke to Janeene Lycett of Chesalon about the difficulties families face when choosing an Aged Care facility, and asked her how she would go about choosing a place for her parents.

What would you look for in a facility?
There are a number of questions to ask and consider, such as:

  • What is the level of service offered by a facility?
  • Is it a standard facility or does it offer extra services?
  • If so, are they appropriate for both you and your family member’s needs?
  • Is it affordable?
  • Who owns and runs the facility?
  • Are they well known, and do they have a good reputation?

Extra services can include more modern facilities, a choice of food and in some cases, alcohol at meal times, internet access and individual air-conditioning controls, among other things. Extra services does not mean extra care as the level of care is legislated. It is important to recognize that extra services do come at a cost, and this must be factored into your calculations to ensure your care is affordable now and in the longer term.

There are a number of large operators of aged care facilities. Some of these are religious organisations or other not for profit groups. There are also some large companies (for profit) organisations. You should be comfortable with the organization standing behind the facility.

Most important though, is your gut feel. What is your first impression when you walk into the facility? Does it look well maintained and clean? Do the residents look happy and well cared for? There is a lot to be said for first impressions, and if your initial impressions aren’t favourable then you are probably better off looking at the next place on your list.

What issues are important in the selection process?
The location and proximity of the aged care facility to family is very important. Families are now often spread over wide areas which can make it difficult for some to be involved in the ongoing care process. It is very important to select a facility that is located close to one family member who is both willing and able to visit and to be involved in their care.

If at all possible the facility should be located close to friends, but unfortunately this is not always possible.

The age of the facility is one of the least important factors, provided it is well maintained. You should not automatically exclude a facility just because it is located in an older building.

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Wills for the Hills!

Promoting Estate Planning in the Hills

As part of our strategic review for 2011, we identified estate planning and Will preparation to be one of the key areas of need within the local community. Leaving aside all other areas of law, it is the area that affects us all and is relevant to all of us – no matter of who we are. The contemplation of death and what it means for those loved ones that we leave behind is not the normal morning topic of discussion, but it is an important, a necessary and a serious topic nonetheless.

Everyone deals with death differently and in their own way, but with our professional advice and guidance in estate planning and Will preparation we ensure that each client shares the same confidence and peace of mind knowing that their future plans are secured and that their family is protected.

What’s happening?

Over the next few months, we will be promoting our estate planning and Will preparation services throughout the Sydney’s Hills area and suburbs to the north west of the Sydney metropolitan area. These areas are experiencing a population growth as young families take advantage of new housing and land developments, improved transport and infrastructure, and the boom of suburban retail shopping and central business districts like the Parramatta CBD, the Norwest Business Park, and the Rouse Hill Town Centre.

Young couples, young couples with children or young families, generally need to give special attention to their estate planning and Will preparation requirements – especially if they have young children under the age of 18 years. For those families, caring for their children and providing or supporting for them in the event of their own misfortune or death will be the most important consideration. This is where we assist and add the most value.

As young people with our own families and children barely into their schooling years, we are very familiar with the challenges facing young families in managing to raise a family in the world today. We personally experience it, we live it – and so do our friends, our network of business connections, and our own families. We understand you.

What’s next?

Even if you have already prepared your own Will or had a Will prepared for you, it is the time to take a serious look at your life and to consider ‘what happens when I die?’ If you consider this issue in the context of your children, you will realise that the opportunity to make a difference for tomorrow actually starts today – and that by taking steps to put your plans into place, you are providing for them well into the future and even in a time when it is beyond your direct control. Take advantage of our current promotion on Will preparation, and we look forward to assisting you with your estate planning and Will preparation requirements.

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Choosing an Executor

Appointing the right Executor makes all the difference

It is important to have peace of mind after making a Will. Part of the Will-making process involves the election of one or more Executors.

Your Executor is the person that you choose to help you “execute” or carry out the instructions in your Will. Your Executor will take charge of your assets and property after you pass away, and see that the funeral and administration expenses as well as your outstanding debts or taxes are paid, before distributing the balance of your assets in accordance with your instructions.

You can choose more than one person to be your Executor, and you can have them act together or in an individual capacity.

Because your Executor carries out such an important function it is important that you choose your Executor wisely. Your Executor can be a family member, a person named in your Will, a beneficiary, or an independent person, unrelated to your family, such as a solicitor. Depending on the dynamics of your family, you should carefully consider who you elect as the Executor of your Will.

It is common for family members to be elected Executors, however if a family has not been getting along well it might be wise for you to elect an independent person to become an Executor.

Before settling on an Executor you should discuss your intentions with your intended Executor. That person must be comfortable with assisting you with taking care of your estate.

You should also consider if there is any need to appoint an alternate Executor, as there may be unexpected circumstances which may cause your first choice of your Executor to be unable to become your Executor.

Most importantly of all, you must have peace of mind at the end of the process, knowing that your Executor will carry out your last wishes in accordance with what you have in mind.

Want to know more about estate and succession planning?

For more information regarding our estates and succession planning services, including will preparation, powers of attorney, enduring guardianship, obtaining probate or letters of administration, and managing deceased estates, please use the quick enquiry form found on this page or call our office on 02 9687 8885. Our experienced estates lawyers look forward to assisting you with your estate and succession planning requirements.

This website is proudly supported by Phang Legal. This article was posted by Kenneth Ti, associate solicitor at Phang Legal.

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