David Andrew

speaker

514 appearances 1 recordings 1 series first heard Aug 2022 last heard Aug 2022

David Andrew’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · 🪦 Wills, estates and executors: what happens when you die? · 25 Aug 2022 podcast

gee, as you're buying a very valuable property, why wouldn't you get an expert to do it properly?

The charge is not great.

I think the same thing with wills.

I don't think it's a significant charge for what you're trying to protect.

Plus, you'll get advice.

That advice will also tell you about things like powers of attorney and those sorts of things as well, which you might not otherwise think about.

You can walk away with the comfort that you've considered everything.

Yeah, look, one of the main mistakes is you get people who try and give away all their assets.

I give my house and my bank account here and my sofa over there or whatever it might be and try and list everything individually.

And of course, 10 years down the track and half those things don't exist or you've acquired other assets and the like.

So don't try and do that.

Make sure that you can gift specific items.

Don't get me wrong.

But you need to have an effective remainder clause, a residuary clause that says, and I give the balance of my assets to whoever you want, making sure that you've considered a proper gift over clause.

So if whoever you've said you want to take is no longer around, then it goes to someone else.

So that's a big one.

Another one is having an effective executive clause.

I appoint A, but okay, but you're 94 and A's 97 and doesn't want to do it.

Who's an alternate?

So having an effective executive clause.

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