Malcolm McColm

There are things that you need to consider carefully before you make a Will including:- what assets do I own? what assets do I control but not own? who should be in my thoughts when making a Will? who are my family members and who are my dependants? do I want certain items to go to particular people? who will administer my estate and ensure that my wishes are carried out – not merely to the letter but also in spirit? what are the consequences of me making a Will in the terms that I would...

Reverse mortgages enable you to withdraw equity from your home.  With a reverse mortgage there is no obligation to make any repayments of principal or interest.  Perhaps you have the problem of being asset/equity rich and cash poor and you need funds to assist with some home renovations for old age, to fund some lifestyle needs, or to assist you to fund an Accommodation Payment to access Aged Care. Some features of reverse mortgages are:- The amount you are able to borrow will depend on the...

There are two types of power of attorney (1) “General Power of Attorney” and (2) “Enduring Power of Attorney”. Both types involve a formal agreement where one person (known as the principal) gives another person (known as the attorney) power to make decisions on behalf of the principal.   The term “person” includes both natural persons and legal entities such as corporations. A General Power of Attorney can only be used for financial matters.  It operates only while the principal retains...