Australian women typically outlive Australian men by 4.1 years. For several years now, more Australian women than men have owned their own homes. The gap is particularly marked among Generation Y. Increasingly you will find yourself having to deal with wills and estate planning matters, so it's important that you're well informed.

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DEVELOP
Seminar
4551601
16 September 2015
Daniel Kelliher, Special Counsel,
Accredited Wills & Estate Specialist
Daniella Trimboli, Lawyer
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2. > Life expectancy in Australia
Source: ABS 3302.0.55.001 – Life Tables, States, Territories and Australia, 2011-2013; ABS
4102.00 – Australian Social Trends, 1995
Estate Planning for Women
2
Women Men
Year of birth 1960-
1962
1993 2011-
2013
1960-
1962
1993 2011-
2013
Life
expectancy
from birth
74.2 80.9 84.3 67.9 75 80.1

3. > Statistics show that more women than
men own their own property.
Source: ABS 4125.0 – Gender Indications, Australia, Aug 2015
Estate Planning for Women
3

4. > A study of over 1,000 participants by
Westpac in 2013 indicated that Gen Y
women in particular are more financially
savvy and prioritise home ownership
more than their male counterparts
> Sole home-owners should always have a
Will, especially if partnered
> Persons with dependent family should
avoid intestacy – by having a Will
Estate Planning for Women
4

5. > Role of Executors:
> Apply for Probate
> Collect your assets
> Pay any liabilities
> Complete a tax return and pay tax
> Distribute the Estate
Appointment of Executors
5

6. > Options for Executorship:
> Friends, family or beneficiaries
> Solicitors, accountants or other
professional advisors
> Trustee companies
Appointment of Executors
6

7. > Characteristics to look for in a friend or
family member when appointing an
executor:
> Mature
> Neutral
> Trustworthy
> Aware of legal responsibilities
Appointment of Executors
7

8. > For the care of children under 18 years of
age
> Non-binding appointment
> Role of a guardian:
> Day-to-day care & lifestyle decision-making
> Housing
> Education
> Relating to Executor/Trustee as to money
Appointment of Guardians
8

9. > Characteristics of an ideal guardian:
> Shares your values
> Appropriate age
> Agrees to the appointment
> Proximity to grandparents and other
important people in your children’s lives
> Able to work with executors/trustees
Appointment of Guardians
9

10. > Funds for maintenance and education as
well as accommodation can be provided
by the trustee through your Will.
> Consider expressing your wish that the
guardians consult with other family
members of importance.
Appointment of Guardians
10

11. >No effect on correct prior Powers
>Legislation seeks to empower the Principal
>Ability to decide must not be restricted
>Support must be given to participation
>Actions must support personal and social
wellbeing, have regard to existing
relationships and respect confidentiality
Powers of Attorney
11

12. New Forms of:
>General Power of Attorney
>Enduring Power of Attorney
>Supportive Power of Attorney
Medical Power of Attorney unchanged
Powers of Attorney
12

13. New Forms commenced 1 September 2015
Old Forms:
> GPA 1981-2015
> EPA 1981-2004
> EPAF 2004-2015
> EPG 2001-2015
Powers of Attorney
13

14. >“Personal matters” and “financial matters”
(Combines EPAF and EPG)
>Joint, several, joint & several, majority
>Single alternative per attorney
>Increased witness qualifications
>Acceptance must be witnessed
>Ineligible attorneys
Enduring Power of Attorney
14

15. To act as attorney:
> Accommodation providers, health providers and
care workers
> Insolvent or under administration
> Undisclosed dishonesty convictions
To witness powers: (be very cautious!)
> Relatives, care workers and accommodation
providers to the principal
Statutory Ineligibility
15

16. > Form 5 – a transitional option for the reluctant
> “Attorney’s implementation (execution) powers
exclude “significant financial transactions” (eg.
above $10,000)
> Supported decision-making, before the principal is
incapable
> Less power, but lower risk for the Attorney
> Prohibition on profit to the attorney
Supportive Attorneys
16

17. Public information:
>http://www.publicadvocate.vic.gov.au
>http://www.publicadvocate.vic.gov.au/index.
php/power-of-attorney
Powers of Attorney
17

18. 18
QUESTIONS

19. The information contained in this
presentation is intended as general
commentary and should not be regarded as
legal advice. Should you require specific
advice on the topics or areas discussed
please contact the presenter directly.
Disclaimer
19

20. Level 12, 469 La Trobe Street, Melbourne, VIC 3000 P: +61 3 9609 1555
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