FINANCE

DON MACPHERSON explains the meaning of legal words that are part and parcel of understanding the workings of wills and estates.

Probate is a term that regularly comes up when dealing with Estates, but what it means, and what is involved, is often not understood.

Probate is the formal approval of a Will by the Court.

Importantly, it is not needed in all cases.

With small estates, depending on the assets, and the financial institution to be dealt with, the release of funds from a bank or super fund to the beneficiaries of the deceased person can be arranged simply by way of provision of a Death Certificate, and a copy of the Will.

However, with more substantial assets the financial institution will commonly request the Executor of the estate obtain Probate so that the financial institution has the comfort of knowing that they are paying out on a Will that has been officially endorsed by the Court.

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Banks have different rules depending on their individual requirements, but generally if there is an account of more than $50,000 then the Bank will require Probate to be produced prior to releasing funds.

We come across the need for Probate most commonly in relation to Retirement Village and Aged Care contracts. Retirement Village and Aged Care contracts are for a substantial sum of money and the usual practice is that the Retirement Village or Aged Care operator will require Probate to be obtained prior to releasing to the estate (or the beneficiaries) the proceeds of the sale of the Retirement Village unit or the Aged Care RAD (Refundable Accommodation Deposit).

The process of Probate involves firstly advertising to see whether there are any alternate Wills or potential claimants against the estate. Once a 14-day period has expired then the original Will, plus a series of other Court documents must be prepared and filed in the Supreme Court. The Court will then review the Will and affidavit material in support and make an assessment as to whether the Will seems to be validly executed and should be endorsed as the true and correct last Will of the deceased person.

If satisfied, the court will issue the Probate, which can then be presented to the bank, Retirement Village or Aged Care home to release the funds to which the estate is entitled. Brisbane Elder Law are experts in relation to Probate, Estate Management, and Retirement Village and Aged Care contracts. Contact them on 1800 961 622 or visit www. brisbaneelderlaw.com.au

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The process of how we perceive and understand the world and ourselves is achieved through a complex set of interactions. JUDY RAFFERTY suggests. retirement could give us the time to reflect upon our interpretations.

We have no way of knowing the world directly. Your brain is lodged within an enclosed dark space inside your head. It cannot peek out to see or smell or hear or touch the world outside of your body. To know anything about the world we must rely on our senses: eyes, ears, nose etc. But, working alone, our eyes do not see, our fingers do not feel, our nose cannot smell, nor can our ears hear. It is the extraordinarily complex interaction between our brain and our senses that allows us to know the world. We must learn how to see and smell and hear. Our brain must learn to interpret the trillions of pieces of information it receives so that we can perceive and know the world outside of our bodies.

Sometimes as a psychologist I think that, just like in our physical world, we have no direct way of knowing ourselves. Perhaps we are only a result of our physical being or perhaps we are much more. Either way it is the extraordinarily complex interaction between our genes, upbringing, physical state, beliefs and life experiences that seem to determine us. Yet we have capacity to reflect on who we are and to make choice and to change. How marvellous and what a responsibility.

Perhaps it is in retirement that we have a golden opportunity along with experience and self-knowledge to really make the most of this ability....to reflect, choose and change. This can be difficult. It may help to have the assistance of another, objective but caring, person such as a psychologist.

The act of brave self-reflection and courageous change can make for a more meaningful life in retirement.

Judy Rafferty is the author of Retirement Your Way, A Practical Guide to Knowing What You Want and How to Get It, at all good bookshops and online.

QLD GARDEN EXPO

Queensland’s premier gardening event is one of Australia’s most loved event, attracting the country’s gardening royalty to the speaker program. The speaker program includes favourites such as Costa Georgiadis, Sophie Thomson, Jerry Coleby- Williams, Kate Wall and Claire Bickle and more. In gardening circles, this means visitors will have access to the best gardening minds in the country both through the extensive three-day speaker program and by chatting directly to growers representing the many nurseries exhibiting at the event. The expo will open its gates on July 8, when more than 360 exhibitors will have everything gardening related on offer, including one of the largest ranges of plants .visitors are likely to see . The expo is on from July 8-10 at Nambour Showgrounds. Info and tickets: Qldgardenexpo.com.

CULTURAL NORMS INFLUENCING MEN’S POSITION IN AGED CARE INDUSTRY

Dr Julie Moschion, associate professor at the Melbourne Institute of Applied Economic and Social Research at the University of Melbourne says as our population ages, without men entering this workforce, there will be a severe shortage of Aged Care workers.

It seems that when it comes to the aged, cultural norms and stereotypes about caring roles are holding men back.

Currently, Aged care is dominated by female workers, even more so than construction is dominated by men

When it comes to the aged care workforce, the challenges are significant due to a number of factors including these points:

The award wage for personal care workers is almost a third lower than disability carers doing similar jobs.

The Australian Institute of Health and Welfare research findings reveal more than 10 per cent of aged care staff hold a second job to get by. It is forecast that within a decade, the number of Australians aged over 65 will climb to be one in five people (20 per cent) from its current level of 16 per cent.

The aged care workforce is expanding by about two per cent a year. But CEDA research suggests that unless that growth rate doubles we’ll be 110,000 workers short by the end of the decade

• Retirement Village Contracts • Aged Care Contracts • Elder Law

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