I’ve heard some stories in my time.

Perhaps the worst was an old bloke who didn’t trust the banks. You can’t blame him for that, but this chap kept his savings in a broken radio he’d hollowed-out and left in the shed to look like junk.

It was a pretty good hiding place – so good, in fact that radio made its way to landfill before his children found his hand-written Will hidden in a plastic bag at the bottom of an old flour tin that was still filled with flour as added security.

Best guess, there was probably $20,000 in that radio.

We see the same problems when it comes to legal Wills.

Wills are important confidential documents.

You need to store your Will in a safe, secure place, but at the same time it needs to be accessible at the time of your death. That means at least two different people should know where to find it and be able to access it.

What happens if you die and one of those people doesn’t like what your Will says? It might find its way to landfill along with that radio.

Doesn’t seem so safe after all, doesn’t it?

Then there’s the storage itself. Your Will needs to be free from bends and marks so it’s clear to the Probate Court that no one has meddled with it.

Plastic tubs from office supply places don’t cut it. They melt like ice-cream in a fire and the lack of weather proofing means your document can go mouldy in the shed, which is where these tubs often end up.

Concertina files? You might as well just let a dog chew your Will.

A fireproof storage box or safe from a hardware store is a great idea, but you need to ensure you have copy keys or the combination written down … which somewhat defeats the purpose, doesn’t it?

Sometimes, these jobs are best left to the professionals.

When making a Will with your solicitor, it’s best to leave it with them.

All documents held by Welden & Coluccio are stored in our explosive-rated bank vault.

Probably more secure than a broken radio, don’t you think?

Legal Wills are boring documents. Make no mistake, as Wills and Estate Lawyers we love our work, but Wills aren’t exactly page turners, if you know what I mean.

That’s because legal Wills serve a very clear purpose – to take your testamentary wishes (what should happen to your assets when you die) and translate them into legal wording.

That’s why sometimes when children finally get to see their parents’ Will, it can feel like they’re reading a car rental agreement instead of mum and dad’s lasting legacy.

Understandably, that’s why some people want to leave their kids more than just a Will as parting words.

There’s a growing trend to leave “Emotional Wills”; a personalised message your children receive separate to the legal will, outlining fond memories and your hopes and wishes for their future.

It might simply be a chance to say goodbye, or a chance to right old wrongs and mend bridges.

Whatever the intention, “Emotional Wills” can have unintended consequences to your estate plan and should be approached with extreme caution.

Here’s an example.

You have three children. You enjoy good relationships with two, but the third turned away from the family and you haven’t spoken in years.

You plan to split your estate between your closest children, excluding the third, but your solicitor recommends you leave that estranged child a small gift to ensure they can’t challenge the estate for more money (yes, they can do that).

You follow your solicitor’s advice, but later decide to leave a letter to your estranged child about how you regret that your relationship soured and wish you could have made things right. You date the letter and leave it with a friend.

While a touching sentiment, that letter could potentially be considered by the courts to be a codicil (addition) to your Will and be used by your estranged child to argue for a much greater share of your estate.

If you’re going to mend fences, do it now. Don’t wait until it’s too late. And if you do plan on leaving your children a message, make sure you keep your estate planner updated so they can tailor your Will and estate plan to your needs.

(two minute, easy read)

It’s hard to believe that in 2019 people are still trying to forge legal Wills, but a remarkable case in the UK has reinforced the need to have your Will drafted – and stored – by a qualified legal professional.

The criminal law case, out of Gloucestershire, involves a married couple who sought to exclude their relatives from their late mother’s estate by writing a new will and then simply photocopying the deceased woman’s signature on to it.

If true, it’s an amateurish attempt to deceive the courts, but it goes to show that some people will try anything to get your money, which makes it all the more important to take prudent steps to secure your estate in the meantime.

A lot goes in to making a good Will, and the benefit of having an ongoing relationship with a lawyer is that, like a GP, they get to know you and your personal circumstances.

Now forging a Will might be one thing but getting it past the Supreme Court in an application for a grant of probate is an entirely different matter.

Sudden changes to long standing instructions, like giving all the money to a friend instead of the children will set off alarm bells. If you’ve got a good lawyer who can testify to your previous wishes, the chances of beating an attack on your estate are pretty good. Assuming the assets are still there.

There’s also a chance that someone might appear out of the woodwork with an “informal will”, such as a letter or voice message on a phone that the courts might accept as an addition or correction (called a codicil) to the original will.

Again, a good lawyer will help you anticipate these occurrences by delving deep into your life and establishing mechanisms within your estate plan to combat these claims against your estate.

It’s for these reasons that Welden & Coluccio Lawyers recommend revisiting your estate plan and will every three to five years, to ensure your Will is up-to-date and represents your most recent wishes.

The South Australian Government has announced plans to revamp the Public Trustee’s “no-upfront cost” legal Will service, a move that could slash access to legal Wills for thousands of South Australians.

Under plans reported in InDaily, the Public Trustee’s deferred cost Will service would be limited to concession card holders – about half their current annual client base.

The service is an important one, providing underprivileged South Australians with a legal Will, despite their inability to afford a lawyer.

The scheme works by deferring the cost of the creating the Will until after death, when the Public Trustee recoups their costs from the deceased estate.

Like many government services, it’s important to ensure those that need it most have access first to reduce the strain on taxpayers.

That’s why the idea of limiting that service to those than can least afford it has merit.

There is of course the danger that the move will push more people into using a DIY Will Kit. Never do this, lawyers love DIY Wills because they create more problems than they solve.

The simple truth is, most people can afford a Will, they just don’t see the value.

A legal will is perhaps the most important legal document you’ll ever sign. They are an investment, protect your children’s inheritance, and, when prepared by legal Will specialists like Welden & Coluccio Lawyers, provide insurance and peace of mind against uncertainty after your death.

Still not convinced? Let’s see what else you could buy for the average price of a Welden & Coluccio Will.

• A used iPhone 7
• A 1999 Ford Falcon AU Forte (ex-Taxi with more than 500,000 km on the clock)
• Return flights to Brisbane (mid-week, off-peak time on Jetstar with no checked luggage)
• A TV from Aldi (stock permitting)
• A four-night stay in a caravan park (off-peak season).

We’ve all heard the stories of the vast riches and jaw-dropping losses to be had in cryptocurrency.

The bitcoin bubble of 2018 saw fortunes built and decimated in the blink of an eye.

And who could forget the British man left begging his local council to go digging through the local rubbish tip after he accidentally discarded a hard drive containing $127 million worth of Bitcoin?

But a recent case shows just how vulnerable we all are to the loss of digital assets in the event of an untimely death.

More than $275 million (that’s a quarter of a billion dollars) in crypto is now locked away in the internet – possibly forever – after a fund manager died and took the only passwords to a managed fund’s encrypted account to his grave.

Aside from a glowing endorsement of his firm’s cyber security measures, the case highlights the need for a proper estate plan that deals with access to digital assets after death.

Sure, we might not all be sitting on a fortune in crypto but think about the assets you do own in the digital world.

You might run an eBay or Esty store. Plenty of people run an online business from home, keeping stock in their garage or fulfilling orders through a third party like Amazon. What happens when you die and that business needs to continue to fulfill orders?

What about PayPal accounts? iTunes. Google Play. X-Box Live, YouTube, PlayStation Plus; all online entities with real financial links to your life.

Many people have lottery accounts that reinvest small winnings into future draws. Wouldn’t it be horrible to have a win your family cant access?

What about your online photo galleries, or cloud storage where you’ve saved copies of important documents?

At a bare minimum you should consider having plans in place for your social media accounts and smart phone, such as a recovery email address that can only be accessed by a trusted person.

More and more, our clients are designing their Wills and estate plans to include instructions on what happens to their digital assets after death. It’s a smart move, and something that’s only going to grow in importance.

Don’t leave your family staring at a log-in screen, wondering what to type when “password 1234” fails.

It’s worth remembering the old joke; “when I die, delete my browser history”. There’s wisdom in that. Just make sure someone has the ability to do so.

Imagine sitting on a fortune and not being allowed to spend it because the government doesn’t trust you to make financial decisions on your own, even though your wife is healthy and your home falling down around you.

That’s the reality for one Queensland couple who hit the news this week, but it’s a situation that can be avoided with a simple, affordable legal document that every Australian should have – an Enduring Power of Attorney.

The case in question refers to Robert Lea, 72 and heir to the Darryl Lea chocolate fortune. Mr Lea lives with his wife in a modest home requiring maintenance many us of might be familiar with; termites in the shed and bathroom in need of new tiles. The difference? Mr Lea has nearly $15m in the bank.

Sure he earns close to $185,000 a year in interest – but think about it – even at 3% interest with cash in the bank, he should be receiving over $400,000 each year!! To top it off, he pays $103,000 a year to have these managed at a rate lower than what cash would receive in the bank.

According to reports, Mr Lea is under financial administration of the Public Trustee of Queensland, which means his money is managed on his behalf and cannot be accessed without the Public Trustee’s permission.

Mr Lea is reported to have memory lapses but can still communicate his wishes and make decisions affecting his life.

The public trustee has a duty to ensure a person’s money isn’t squandered and although the circumstances aren’t know here, intervenes in cases where a person loses “capacity” to deal with their financial affairs, be it through age, illness or injury, and does not have an Enduring Power of Attorney in place nominating a friend or loved one to handle their affairs.

The public trustee provides an important public service, but it can be a sledgehammer solution where a soft touch is needed and in almost all cases, it’s better to make arrangements where care and control is retained by someone you know and trust.

When a person has an Enduring Power of Attorney in place, decisions can be made be a loved one or trusted friend, someone who understands your situation and can make decisions based not just on numbers, but what you would have wanted if you were still in control of your affairs.

As an estate lawyer, I see similar problems every day. Most people just don’t understand just how vital it is to have a proper estate plan in place, made up of a Will, Power of Attorney and Advance Care Directive.

For a few thousand dollars, you can access expert legal advice to obtain a tailored estate plan and save a world of pain.

When a relationship gets serious we often think the most difficult decisions will be whose pictures will go on the walls (spoiler – your KISS posters are going in the shed).

It might not be the most romantic idea, but when getting serious about a relationship one of the most important conversations you can have is whether each of you has your financial house in order before your lives – and assets – are joined.

For many, this might take the form of a Pre-Nuptial Agreement (commonly referred to as a prenup). Under a prenup, both parties agree that should the relationship fall apart, the assets each person brought to the relationship should be theirs at the end, too.

Unfortunately, a prenup simply isn’t enough protection, because it’s not just at the end of a relationship that your wealth can come under attack.

A news story out this week highlighted the importance of having your affairs in order after a woman was forced to hand over nearly $500,000 to help settle her new partner’s divorce.

The trouble was, the new partner’s property settlement from his first marriage was never completed, so when it came time to divide up his assets, the courts included the mingled assets he held with his new partner.

So here’s a simple checklist to ask yourself (and your partner) when things are getting serious.

1: What’s yours, what’s theirs and what debts do you carry?
Doing a full audit of your finances to see what you own, how it’s owned and what you owe can reveal trouble spots i.e. bad debts that are still outstanding, potential stamp duty or tax problems should your relationship get serious and your financial dealings mix.

2: What’s your exposure?
You need to identify potential threats to your financial health that come with your new relationship. Here’s a hypothetical: Your new partner runs a business as a sole trader. They have a great year, so your partner invests in new ute and tools and you both borrow against property you independently own to buy your dream house together. Suddenly, business turns bad and the creditors are knocking on your door – literally. That house you bought together is considered a business asset of a sole trader, and you could stand to lose the lot.

3: Are there children already in the mix?
Say you and your new partner have kids from previous marriages and another child together.
Without an expert estate plan in place, this is a potential nightmare when it comes time to divide your estate among your children. As estate lawyers, we see this all the time, with blended families far more likely to challenge their parents’ estate in court.

Welden & Coluccio Lawyers can help advise you on the best steps to take to protect your assets before the cutlery gets mingled in your new life together.

For a small investment now, you could be saving yourself a world of pain in the future.

Welden & Coluccio Lawyers are delighted to announce we have again been named by our peers as one of the best Wills and Estates firms in South Australia.

Announced on Tuesday September 11, our listing in the prestigious Doyle’s Guide for the third consecutive year is a vote of confidence by other lawyers in the quality of service we provide.

Being listed in Doyle’s Guide is like a chef receiving a Michelin Star; it’s a sign of excellence that’s earned through hard work, determination and consistently delivering the highest quality results and service.

Those named in the guide are selected by their peers to recognise good work in the industry and help consumers choose a lawyer.

Given this firm is only four years old, to be named in Doyle’s Guide three years in a row is an achievement that is not lost on us.

Greg Welden and I founded this firm in 2014 because we didn’t like the way big law did business. We’d rather look after mums and dads than chase multinationals.

Families shouldn’t be treated like numbers. The only numbers we care about are how many goals your kids kicked on the weekend, or how many grand kids you have.

Estate planning is a complex, specialised field of the law. We strive to make your experience as simple as possible.

Because everyone deserves a quality estate plan, to maximise their children’s inheritance and protect their assets for the future.

Our services are cost effective and can save you and your children thousands in the long run.

Importantly, Welden & Coluccio featured in all categories of this year’s best Wills and Estate Lawyers announcement, full details below:

• Leading Wills, Estates & Succession Planning Law Firms – South Australia, 2018 (2nd tier) – Welden & Coluccio
• Leading Lawyers Estate Planning Lawyers – Greg Welden, Jason Coluccio (recommended).
• Leading litigation firms – Welden & Coluccio (2^nd tier)
• Recommended Wills and Estates Litigation Lawyers – Jason Coluccio and Greg Welden.

As we get older, some things just get harder to manage.

That goes especially for the traditional family home. When you’re in your 30s, maintaining a house with two big yards is something to look forward to on the weekend.

But when you’re in your 60s, you just want to enjoy your retirement.

For many of my parents’ generation – the Baby Boomers – the decision to downsize is a tough one.

Some people don’t want to let go of the house they raised their children in. Others see downsizing as one step closer to the nursing home. Some see it as “trading down”; letting go of a sizable bricks and mortar asset to move into something smaller.

Recent changes to superannuation law are enticing many of these “fence sitters” to commit to downsizing.

Under the new rules, retirees can funnel up to $300,000 from the proceeds of the sale of a home they’ve owned for 10 or more years into their super fund. If you’re a married couple, that means between you, up to $600,000 from that sale could be invested into your super – and all the tax benefits your super fund enjoys.

On the surface, this might seem like the chance for a windfall: sell the family home, or an investment property, and move into something cheaper and live comfortably on the extra funds you’ll free up for your super.

But as an estate lawyer, I can tell you it’s never that simple.

Already, plenty of retirees are taking advantage of this new scheme, meaning demand for smaller homes is increasing. And not only are you up against other retirees in this market, but younger Australians are increasingly seeking apartments or townhouses to match their busy lifestyles.

That means you may not have the buying power you’d like when re-entering the housing market and could take a hit in stamp duty.

More importantly, how will the sale affect your entitlement for the aged pension? Cash is not exempt from aged pension means testing, so by liquidating your biggest asset you could be shooting yourself in the foot. Other questions to consider include:

• Is the house you’re looking to sell Capital Gains Tax exempt?
• Is the property owned as part of a trust, or subject to finance?
• How will the sale affect your children and grandchildren’s inheritance?

Downsizing can be a liberating experience, something that can actually help you enjoy your retirement more by freeing you up to live, but it needs to be done properly.

At Welden & Coluccio Lawyers, we are Estate Law specialists. This means we help people make decisions that will benefit them and their families into retirement and beyond.

If you’re considering selling your home to take advantage of this new super scheme, make an appointment to speak to us, as no decision happens in a vacuum.

It is wise to see what is proposed all from all angles.

A new study has shown that only one in four Australians has discussed their end-of-life wishes with their family, despite three quarters acknowledging a need to plan ahead.

As an estate lawyer, this is worrying news. I’m not pretending this is an easy discussion to have, but some issues are made worse by ignoring them.

End of life planning isn’t just about what songs you want played at your funeral, or whether you want to be buried or cremated, there are considerations that may impact your loved ones while you’re still alive.

In my work, I see the consequences of these decisions all the time.

Typically, when someone comes to see us for a Will, they actually leave with three very important legal documents:

• A will: This lays out your wishes for what happens to your assets after you die (and how those assets should be used to pay any bills you leave behind).
• An advanced care directive: This spells out your medical care wishes for when you’re really unwell. This could be for a number of reasons including dementia, a serious stroke, mental health episode or an accident.
• Enduring power of attorney: This appoints someone you trust to be your legal decision maker in the event you lose capacity to act on your own.

For many of us, the legal implications of death begin when someone loses capacity to care for themselves and the power of attorney must be implemented.

Being someone’s attorney is a big responsibility. It can mean you’re spending a great deal of time organising aged care placements, placing assets into storage and even preparing the family home for sale to help secure an aged care bed. It’s stressful work. In some cases, people even have to take extended leave from work to handle everything the role entails.

For that reason, it’s important that you discuss what this role really means to someone that you plan to nominate as your attorney, to help reduce the risk of tension within the family over “who is doing what”.

The same goes with your advanced care directive. Through this document, you can actually nominate for your medical treatment to focus on comfort at the end, rather than prolonging your life – a decision that can be hard for family members to understand at the time it’s implemented.

While there’s no legal need to discuss your will, it can also help if you explain to your beneficiaries why certain decisions have been made.

Aside from the practical reasons to discuss your end of life wishes, there’s strong psychological evidence that an open discussion helps ease the anxiety around an impending death.

Final conversations between the terminally ill and their family members can help individuals begin the grieving process while their loved one is still present and can help family members move on after the death without regret because nothing was left unsaid.

My advice. Don’t wait for illness to begin discussing your end of life plans – make it an event to bring your family and friends closer together. Have the discussion, explain your wishes then share a meal and remember what makes your time together so special.