Law

Your money lives on when you are gone

July 30, 2022 Paul Brennan
Your money lives on when you are gone
Law
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Law
Your money lives on when you are gone
Jul 30, 2022
Paul Brennan

How not to leave your affairs in a mess

Brennans solicitors
Lawyers - Property, commercial, disputes, Wills and estates

Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.

Paul Brennan is the principal of Brennans Solicitors, a law firm located on the Sunshine Coast, Queensland, Australia, where he practices with his wife, Diane in the areas of business law, litigation, property and wills/estates.

Over the years, by working in various countries, he noticed how similar the law can be. He set out to explain the law in a simple and often humorous way.

He has written several books about law and lawyers.

Further details of his profile can be found on Linkedin.

Show Notes Transcript

How not to leave your affairs in a mess

Brennans solicitors
Lawyers - Property, commercial, disputes, Wills and estates

Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.

Paul Brennan is the principal of Brennans Solicitors, a law firm located on the Sunshine Coast, Queensland, Australia, where he practices with his wife, Diane in the areas of business law, litigation, property and wills/estates.

Over the years, by working in various countries, he noticed how similar the law can be. He set out to explain the law in a simple and often humorous way.

He has written several books about law and lawyers.

Further details of his profile can be found on Linkedin.

Anyone who has watched Midsummer Murders on TV will know how unexpectedly death can occur.

As distressing as your death might be, handled properly it is a fantastic tax avoidance event. With a well set-up trust, your business affairs can continue and no one need miss you at all (so accountants say). However, leave a mess and your relatives must sort it out, as well as coping with their abject grief at losing you.

There are three steps to putting your legal affairs in order prior to your immediate demise.

Step 1     A will

Many of you might prefer to leave this detail until you are on your deathbed. Apart from causing your lawyer to run around like a scalded cat it can be a prelude to the family dividing between those who were at the deathbed and who, coincidentally, benefited from the will, and those who couldn’t make it and lost out.

Step 2     An enduring power of attorney

This enables one, two or more people chosen by you (called attorneys) to deal with your affairs if you are in a coma or otherwise lost your marbles. You must trust your attorneys absolutely. In the past, this power has been used by unscrupulous individuals (children) to disadvantage other individuals (the other children). So choose carefully.

Step 3     An advance health directive

This is called various names in different countries but gives much detail on how you wish to be treated (medically) if you are unable to say yourself. It can be, in effect, a Do Not Revive notice. It tells your relatives when to turn the machine off and, in some cases, when to keep their fingers off the button. Without it, typically, there can be fights between your parents, friends, relatives who want to keep the machine on and your spouse who has moved on and wants closure. An advance health directive can avoid all this.

Look on the bright side—you may die, but your money and property live on.


© Paul Brennan 2010-18. All rights Reserved.

Extract from "The Law is an Ass—make sure it doesn’t bite yours!