WILLS AND ESTATES was the topic for this week’s presentation by Morgan Solomon, a founding partner of law firm Solomon Hollett. Last week’s Applecross Advocate had a comprehensive presentation by Morgan, so this week we’ll just summarise. 
 
The essential parts of any estate planning are 
  • Your Will 
  • Enduring Power of Attorney 
  • Enduring Power of Guardianship 
  • Binding Death Benefit Nomination (very important for superannuation) 
  • Advance Health Directive (aka Turning off the machine!) 
Why do I need a will? 
  • Choice of who benefits from your estate (and who doesn’t) 
  • Choice of executor 
  • Clarification of funeral and burial wishes 
  • Saves complications, delays and costs 
  • Consider the alternative…the chaos you leave behind 
Some common myths: 
  • “I don’t need a Will because my spouse will simply receive everything anyway”. 
  • “I can just tell my family what I want now, and they will follow my wishes.” 
  • “If my estate can be challenged, there’s no point making a Will at all.” 
  • “My executor can decide who receives my estate.” 
  • “All my Assets are covered by my Will.” 
  • “It’s easy and inexpensive to make a DIY Will.” 
Important considerations include 
  • What do I have, and where is it? 
  • If I have loaned money to someone, do I want to forgive the loan or should it be repaid to my estate? 
  • Who will be my executor? What if they can’t do the job? 
  • Who do I have to provide for, and who do I want to provide for? 
  • Is there anyone I don’t want to benefit from my estate? 
  • What if my intended beneficiaries die before me? 
  • Do I have specific wishes about my funeral, burial or cremation? 
  • Do I have overseas assets? 
  • What about my stepchildren /de facto spouse/ grandchildren? 
  • What happens to my Super and Life insurance? 
  • What happens to my Family Trust? 
  • Do I have at risk or special needs beneficiaries? 
  • Should I have a Testamentary Trust in my Will? 

 
The last say, from Morgan Solomon: 
I hope you enjoyed the presentation (We did, it was excellent thanks).  
If any of your members are interested, I have produced some very comprehensive guides that are available for free download on my website, here: 
 
https://solomonhollettlawyers.com.au/our-resources/ 

These go into much more detail and talk about many of the things I was speaking on today. 
 
And naturally, if any of your members had any queries at all, big or small, they must feel free to contact me 
 
Kind regards 
 
Morgan Solomon    Director 
Ph (08) 6244 0985    Mob 0487 700 556 
Level 3, 33 Richardson Street, West Perth, Western Australia  6005 
www.solomonhollettlawyers.com.au