Local Expert Series With Simon - Ep 7 featuring Simone Hargreaves (part 3)

Welcome to our "Local Expert" video series, where we bring together local professionals to share their insights and expertise.

In the last part of our interview with Simone Hargreaves, Principal Lawyer and Director of The Estate Planning Centre, she discusses the most well-known component of estate planning: the Will. Simone breaks down common misconceptions, legal pitfalls, and why having a will tailored to your circumstances is critical. 

Key Points: 

• A will ensures your wishes are respected. Without one, your estate is distributed according to intestacy laws, which differ by state and rarely reflect what people actually want. 

• Taking control means choosing: 

  - Who administers your estate (executor) 

  - Who benefits (beneficiaries) 

  - How they benefit (e.g., outright gifts vs. trusts) 

• Many people confuse powers of attorney with wills. A Power of Attorney is only valid while you’re alive. After death, the will takes over and the executor becomes responsible. 

• Asset ownership affects estate distribution. Property ownership structure (e.g., joint tenants vs. tenants in common) can override what’s written in a will. 

• DIY or online will kits often fail to account for these legal complexities, leading to devastating unintended consequences. 

Cautionary Tale: 

❗ A man drafted a DIY will assuming he could leave a jointly owned property to his partner. Due to survivorship rules, the property bypassed the will and went elsewhere. The result? His partner received nothing, and the fallout involved litigation, emotional distress, and significant legal costs. 

Key Takeaways: 

✅ A will is not optional – it's your legal voice after death 

✅ Misunderstanding asset ownership can override your intentions 

✅ Don't rely on online or DIY kits – they often miss critical legal details 

✅ 50% of Australians don’t have a will; of those who do, 75% are inadequate at time of death 

✅ Poor estate planning leads to relationship breakdowns and costly court battles 

Thanks for watching!

Simon

p.s/ Check out the first and second part of our interview with Simone by clicking here and here. For Episode 1 of our Local Experts series you can view our interview with Retirement Coach Jon Glass here!

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