Setting up a Will, Pre or Post property Purchase

Viewing 9 posts - 1 through 9 (of 9 total)

neilharrison_253
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@neilharrison_253
Join Date: 2013
Post Count: 33
January 6, 2014 - 12:01 am
Hi All
We are quite new to Australia and about to purchase our first PPOR. My wife and I have been discussing setting up a Will and looking for some input. Would it be best to setup a Will before we purchase a house or Post? What are the pros .vs cons. Thanks in advance
Regards
Neil Harrison
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
January 6, 2014 - 1:56 am
I'm sure Terry W will be onto this in a flash.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
January 6, 2014 - 2:23 am
Hi
It all depends… If you wanted to leave the property to a specific person then it may be better to wait. If you want to leave everything to your wife and vice versa then it may not be essential. Generally under the intestacy rules a spouse would get everything – this varies from state to state and depends on whether you have children from a different relationship etc.
But consider also what happens if you were both in an accident and died together.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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neilharrison_253
Participant
@neilharrison_253
Join Date: 2013
Post Count: 33
January 6, 2014 - 3:41 am
Hi Terry
Thanks for the response. I do indeed have children. I would want all to go to my wife or visa versa however if something were to happen to either of us split 50/50 between my two kids. Is this something that can be done over the phone with yourself ?
Regards
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
January 6, 2014 - 5:16 am
neilharrison_253 wrote:
Hi Terry
Thanks for the response. I do indeed have children. I would want all to go to my wife or visa versa however if something were to happen to either of us split 50/50 between my two kids. Is this something that can be done over the phone with yourself ?
Regards
Possibly. Ideally a face to face meeting would be good!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
neilharrison_253
Participant
@neilharrison_253
Join Date: 2013
Post Count: 33
January 6, 2014 - 10:14 am
Hi Terry
Sadly face to face would be somewhat difficult. I am currently based on the Sunshine Coast. Do you have anyone local that you could suggest. Am also looking for someone to deal with long term as i get more involved in SMSF / Property Purchasing / Trusts ect
Regards
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
January 6, 2014 - 10:37 am
neilharrison_253 wrote:
Hi Terry
Sadly face to face would be somewhat difficult. I am currently based on the Sunshine Coast. Do you have anyone local that you could suggest. Am also looking for someone to deal with long term as i get more involved in SMSF / Property Purchasing / Trusts ect
Regards
You could try RPI from this forum. He is also a solicitor.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
January 6, 2014 - 2:00 pm
Hi Neil
I am based in Brisbane so feel free to shoot me am email and I can give you Darryl's details.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
neilharrison_253
Participant
@neilharrison_253
Join Date: 2013
Post Count: 33
January 6, 2014 - 10:12 pm
Hi Richard
Have dropped you an e-mail
Thanks