Southern Advisory Financial Planning Sydney
(02) 9524 6711
  • Home
  • About Us
    • Sean Thomas
    • Kade Anthony
  • Services
  • Insurance
    • Life Insurance
    • Income Protection Insurance
    • Trauma Insurance
  • Investment
  • Wealth Management
    • Superannuation
  • Blog
  • CONTACT US

Losing your partner

11/7/2015

1 Comment

 
Picture
Coping with the loss of your partner changes your life, and money matters may seem unimportant at the time. Taking practical steps can help you get through this period and better prepare you for the future.

1. Arranging a funeral
Organising a funeral is never easy but it will probably be your first task after your partner dies. Funeral costs can vary greatly and you may need to budget ahead to pay for them.

How much does a funeral cost?
In Australia, funerals can cost over $5000.The cost will vary greatly depending on the kind of service and the funeral company you use. Your partner may also have left instructions about their funeral in their will.

To find out how much the funeral will cost, ask the funeral director for an itemised and written quote. Don't be afraid to ask questions. While an itemised quote is required by law for basic funerals in NSW, you can ask for an itemised quote no matter where you are in Australia.

Try to spend only what you can afford. Here are costs to consider:
  • Funeral director fees
  • Transport
  • Coffin
  • Death certificate
  • Permits
  • Burial/ cremation
  • Cemetary plot
  • Other expenses, such as a celebrant or clergy, flowers, newspaper notices and the wake

Getting help with funeral costs
If you are paying for a partner's funeral, their bank may be able to release money from their account to help pay funeral expenses before 'probate' is granted, that is, before the court validates their will.

If you think your partner had a funeral bond or made pre-paid funeral arrangements but you can't find the paperwork, check with your solicitor or the executor of the estate. Some private health and life insurance policies, which are sometimes held through superannuation funds, also pay some funeral costs. 

Some organisations can help with the cost of a funeral. Contact the Department of Veterans' Affairs (DVA) on 13 32 54 about how it can help support you through deaths and funerals.

A bereavement payment may be available through the Department of Human Services. See their webpage on what to do following a death or call 13 23 00. 

2. Working out the will
Your partner will probably have left a 'will', or legal document that sets out how they wanted their 'estate', or personal assets, to be distributed after their death.

The 'executor' of a will is the individual chosen to distribute the assets of your partner - in the way they have set out - and finalise any debt and taxes they owed. People entitled to part of your partner's estate are known as 'beneficiaries'. Assets can only be distributed after debts are paid and once the Supreme Court has granted 'probate', or validated the will.

The executor will need the following documents to administer the will. Gather these documents as soon as you can:
  • Banking records
  • Credit, charge and store cards
  • Taxation records
  • Superannuation
  • Records of investments

If your partner dies 'intestate' or without a will, their assets will then be distributed according to a pre-determined formula by the government.

3. Determining where you stand financially
Although you may still be grieving, you must take care of yourself, and that includes your finances. When you're ready, you can access information and advice from one of our Planners at Southern Advisory. This will help you plan ahead.

You will probably experience a change in your household income as a result of your loss. This might mean you become eligible for government entitlements or it may alter the payments you receive. We can help you work out what entitlements you may be able to access.

4. Seeking other support
Don't be afraid to seek emotional support from a professional if you need it.

You can also contact:
  • Lifeline Australia or phone 13 11 14 for a free 24-hour crisis support service or try their crisis support chat service
  • MensLine Australia or phone 1300 789 978 for a free 24-hour telephone counselling service
  • Relationships Australia or phone 1300 364 277 to arrange a face-to-face meeting

5. Preparing for your future
If your partner's name was used in your policies for superannuation, insurance or health, or in your will, then you will need to update these documents. Contact Us at Southern Advisory to work through your situation and plan for your future.

Source: www.moneysmart.gov.au
1 Comment

A will can save you more than your money

11/7/2015

0 Comments

 
Picture
With an up to date will you can make sure your money goes where you choose...

A recent news story reminded me of the importance of having an up to date will.

Like me, you may have read that the Sydney Swans club is arranging a memorial plaque for one of its long term supporters—a man named Royce Skinner who died in 2014.

What makes the story so interesting is that Mr Skinner had no direct family and he chose to bequeath what is believed to be a six-figure sum to the Sydney Swans Foundation.

The thing is, without a formal will in place—and no immediate next of kin, there’s every chance Mr Skinner’s wealth could have ended up in the hands of the state government. But by choosing to make his wishes known in a formal will Mr Skinner has not only provided a valuable legacy to the club he loved, he will be acknowledged for many years to come through the memorial plaque.

It could be a very different story for some 45% of Australians who don’t have a formal will.

When we die intestate (without a will) we can leave behind a mess for families, friends and even business associates to sort out. And if things turn nasty, as they can do, the people who matter most to you could face years of legal wrangling as it’s left to the courts to sort out who inherits your estate.

All this can be avoided by having a will drafted by your solicitor. It will set out what you want done with your property and possessions after your death as well as making provisions for all your dependents including elderly relatives. It gives you peace of mind and provides certainty for family members.

Yes, you can write a will yourself and there’s no shortage of online will kits that cost next to nothing. However it’s not something I usually recommend. For the cost of around a few hundred dollars I think it’s preferable to employ your solicitor to prepare a will. This should ensure it’s written up properly and more likely to withstand legal challenge.

If you already have a will in place, take a few minutes to think about any significant changes to your life over the last year—like the purchase of additional assets, the sale of old ones, or even a shift in your relationships, and consider if your will should be updated in light of these.

Source: Paul Clitheroe for AMP - www.amp.com.au


0 Comments

    Author

    Sean Thomas - Financial planner 

    Archives

    September 2024
    June 2024
    December 2023
    October 2023
    March 2023
    November 2022
    August 2022
    July 2022
    May 2022
    February 2022
    November 2021
    September 2021
    July 2021
    May 2021
    March 2021
    December 2020
    June 2020
    March 2020
    January 2020
    September 2019
    July 2019
    April 2019
    March 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    April 2017
    March 2017
    February 2017
    January 2017
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    January 2016
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    March 2015
    February 2015
    January 2015
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    March 2014
    February 2014
    January 2014
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    February 2013
    January 2013
    September 2012
    August 2012
    July 2012
    June 2012

    Categories

    All
    Insurance
    Investment
    Superannuation

    RSS Feed

Powered by Create your own unique website with customizable templates.