Have you considered how changing your home could effect your Will and what will happen to your property after death?
Does your Will gift your ‘home’ or ‘real estate’ to people you love and care for? If you plan to move your home or downsize, then you want to make sure that your legacy, your home, goes to those you intended.
For example, a Rochedale family discovered in 2011 that the Will of their grandmother, which gifted her ‘house property’ to the grandchildren, would not be successful.
Unfortunately, she had a change of circumstances, had sold the home and moved into a Retirement Village. Poor drafting of her Will meant that a change in circumstances, equaled the gift of her home going to someone OTHER THAN her grandkids.
Effect? The grandkids missed out on the gift from Grandma.
As part of the personalised retirement/aged care moving plan Care to Move’s Senior Move Mangers prepare for our clients we recommend they complete an Estate Plan Health Check.
What is an Estate Plan Health Check?
Tammy Parsons of Rouse Lawyers says completing an Estate Plan Heath Check before you move ensures you are planning for success on death, not distress. Tammy recommends that you:
- Update your Will (does it allow for a change in circumstances, cover digital assets, consider Trust interests, business agreements, international assets, debts owed to you, family provision applications, protect vulnerable beneficiaries, provide guidance on parenting minor children, etc etc).
- Complete an Enduring Power of Attorney (if you lose capacity, can your trusted supporters access your finances to pay for your care needs?)
- Do your Superannuation Trustees have up-to-date instructions, to gift your superannuation to your spouse and/or kids – or are you leaving it totally to their discretion? A local Brisbane family found that failing to consider superannuation, caused huge emotional upheaval, litigation and further inflamed family disharmony (not to mention a reduction in the funds available as legal fees had to be paid).
- Provide opportunities for harmony and complete an Advance Health Care Directive (provide your loved ones with a clear picture of your views on quality of life, pain relief versus no pain relief, religious beliefs and detailed wishes for your health care). Remove the potential for disputes.
- Do your Life Policies give your loved ones adequate protection when you die……and will it be gifted in your Wills or remain a direct gift outside of your Wills?
Care to Move recommends that you commence your Estate Plan Heath Check well before your moving date. Plan, schedule and work with a professional team to make the transition to your next chapter stress free. A little bit of Care to Move can make this happen.
