Just A Matter Of Will Power

Somebody once said “Everybody wants to go to heaven but nobody wants to die”. I think that we can take that sentiment one step further as not only do we not want to die, we do everything possible to avoid thinking about it or the consequences the event will have on the people we care about most. Never being the kind to shy away from the tough subjects, this month Property Women meet the important, complicated and sometimes scary necessity of Estate Planning and Wills head on!

At some point in our lives, for nearly all of us the thought of making a will has passed through our mind. Unfortunately it is all too common for us to follow that thought with a “Yeah, I must get around to doing that sometime” or “I’ll sort it out in a couple of years when I’m a bit older”. Before we know it weeks, months or even years have passed and we’ve still done nothing about it. Even for the women amongst us who have made a will, how many are brave enough to review it on regular basis to check that it still meets their needs, is still legal or is still the best way to distribute their estate. As people or circumstances change, wills need to change too.

Here Today, Gone Tomorrow?

Let us meet Mary of Townsville, mother of three, professional saleswoman with a small property portfolio that she and her partner were working on building up. “I’ve been living with Doug for nearly five years. We have the three children although the eldest two are from my marriage to Stephen, who I had separated from some time ago.  I had a will drawn up shortly after the birth of my first daughter and had been thinking of changing it for a while but I just never seemed to have the time. There was always something more important to do”.

Not an uncommon story, Mary’s life was happy and contented with little reason think of a visit from the grim reaper! Then one afternoon she received a call from her doctor “I’d had a couple of routine tests and I got a call out of the blue to say there were some abnormalities with the results and I needed to go back in for retesting. It may sound silly now but I just automatically assumed the worse and my mind started racing. I had so many questions I couldn’t answer about what would happen if I wasn’t around anymore. What about the children? Would they all be provided for? Would my husband (we’d separated but never divorced) get everything? Was my old will still valid? What about Doug?”

Fortunately for Mary and her family the recall proved to be a standard precautionary measure and her health was soon given the all clear. “I felt so stupid when I found out everything was OK. Partly for assuming the worst but mainly for not having taken the time to make sure I had made the proper provisions for the people I love. I had been irresponsible and selfish”. Within a week of her scare Mary had made a call to her lawyer and started the ball rolling on a new will.

Help at Hand

Whilst the case of Mary highlights the fragility of the things we take for granted and some of the reasons that all of us need to ensure we’ve made provisions , this only leads us to the daunting minefield of legal jargon that Estate Planning can become. Fortunately Property Women has resident legal expert Susan Sing on hand to guide us on how best to take action.

Susan, part of Brisbane and Gold Coast based company Michael Sing Lawyers, suggests that whilst there are many common queries that people want answered, there are rarely standard answers as things vary from case to case. “Speaking with a wills/estate lawyer is very popular because most people don’t get the opportunity to ask questions like

• Do I need a will?
• Why does it help to have a will - I thought transmission was an automatic process?  
• Will my old will suffice?
• Will it hold up legally?
• How do I reduce the likelihood that someone will contest it?
• When is the will revoked by law (divorce, marriage)?
• If I am going to give $100 000 to my daughter now, how do I make sure that this is taken into account when my estate is distributed?
• How do I ensure my child of a previous relationship gets a piece of my estate, now that I have re-partnered?
• If all my land is owned in a company or trust will I will suffice or do I have to also do company minutes or take other steps?
• What is a testamentary trust and when would be useful?

Michael Sing Lawyers have two specialists in Estate Planning, Terry Ogge and Sandra Conceico both of whom are highly respected in the field and can help with even the most complex of cases. For the readers of Property Women, Susan has put together an exclusive offer to help overcome the initial fears of starting to plan your estate “We offer the opportunity to fill out a Will Review Sheet and then have an interview with a specialist wills and estate lawyer, who has reviewed their sheet, at no charge”. The lawyer will give advice as to wills, estate planning and testamentary trusts. Then if you decide to go ahead, a written quote will be given, agreed and then the works can proceed.

With a document that can have so many intricacies and is so important, the most logical and sensible option is to seek this kind of specialist help.

Whilst the Iron Is Hot

So if you haven’t done so already, it’s time to make a start. No doubt your mind is already brimming with questions, so we’ve arranged for Susan and some of her team to be our special guests at our upcoming Property Women on Tour Event to be on hand with the answers. Details of the fun, friendly and full of information event can be found here.

For those of you wishing to take advantage of Susan’s offer, you can start by completing the Will Review Sheet and returning it to Michael Sing Lawyers as soon as possible. Get it here.

Michael Sing Lawyers are based on the Gold Coast and Brisbane but may still be able to assist you even if you live elsewhere. For more information about their services go to www.mslawyers.com.au or email info@mslawyers.com.au.