The Biggest Mistakes People Make With Their Wills
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,797,295 (-0.31%)       Melbourne $1,075,632 (-0.17%)       Brisbane $1,249,605 (-0.00%)       Adelaide $1,097,216 (-0.97%)       Perth $1,122,957 (-1.33%)       Hobart $865,909 (+0.08%)       Darwin $845,396 (-2.25%)       Canberra $1,062,919 (-0.56%)       National Capitals $1,207,421 (-0.51%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $820,260 (+0.40%)       Melbourne $553,256 (+0.31%)       Brisbane $796,351 (-1.62%)       Adelaide $595,818 (+3.94%)       Perth $683,075 (-0.20%)       Hobart $581,624 (-0.60%)       Darwin $496,326 (+5.24%)       Canberra $499,963 (+0.25%)       National Capitals $650,385 (+0.27%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 13,543 (-93)       Melbourne 16,685 (+164)       Brisbane 7,546 (+68)       Adelaide 2,737 (+47)       Perth 5,954 (+96)       Hobart 847 (-33)       Darwin 130 (+7)       Canberra 1,219 (+19)       National Capitals 48,661 (+275)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,158 (-16)       Melbourne 6,926 (+89)       Brisbane 1,459 (-16)       Adelaide 413 (-7)       Perth 1,233 (+17)       Hobart 165 (+6)       Darwin 174 (-3)       Canberra 1,201 (+42)       National Capitals 20,729 (+112)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $850 (+$10)       Melbourne $600 (+$5)       Brisbane $700 ($0)       Adelaide $650 ($0)       Perth $750 ($0)       Hobart $643 (-$8)       Darwin $720 (-$30)       Canberra $740 (+$20)       National Capitals $714 (+$)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 (+$10)       Melbourne $585 (+$5)       Brisbane $650 ($0)       Adelaide $550 ($0)       Perth $700 ($0)       Hobart $520 ($0)       Darwin $640 (+$30)       Canberra $595 ($0)       National Capitals $645 (+$6)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,384 (-35)       Melbourne 6,776 (-135)       Brisbane 3,626 (-33)       Adelaide 1,453 (+34)       Perth 2,269 (+4)       Hobart 224 (+8)       Darwin 43 (-12)       Canberra 426 (+6)       National Capitals 20,201 (-163)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 8,462 (+24)       Melbourne 4,615 (+49)       Brisbane 1,888 (+11)       Adelaide 430 (+6)       Perth 659 (+2)       Hobart 79 (+1)       Darwin 74 (+2)       Canberra 650 (+1)       National Capitals 16,857 (+96)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.46% (↑)      Melbourne 2.90% (↑)      Brisbane 2.91% (↑)      Adelaide 3.08% (↑)      Perth 3.47% (↑)        Hobart 3.86% (↓)       Darwin 4.43% (↓)     Canberra 3.62% (↑)      National Capitals 3.08% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.20% (↑)      Melbourne 5.50% (↑)      Brisbane 4.24% (↑)        Adelaide 4.80% (↓)     Perth 5.33% (↑)      Hobart 4.65% (↑)        Darwin 6.71% (↓)       Canberra 6.19% (↓)     National Capitals 5.16% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 1.5% (↑)      Brisbane 1.2% (↑)      Adelaide 1.2% (↑)      Perth 1.0% (↑)        Hobart 0.5% (↓)       Darwin 0.7% (↓)     Canberra 1.6% (↑)      National Capitals $1.1% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 2.4% (↑)      Brisbane 1.5% (↑)      Adelaide 0.8% (↑)      Perth 0.9% (↑)      Hobart 1.2% (↑)        Darwin 1.4% (↓)     Canberra 2.7% (↑)      National Capitals $1.5% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 32.8 (↑)      Melbourne 32.3 (↑)      Brisbane 30.6 (↑)      Adelaide 26.4 (↑)      Perth 36.7 (↑)      Hobart 29.8 (↑)        Darwin 26.1 (↓)     Canberra 32.5 (↑)      National Capitals 30.9 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 31.4 (↑)      Melbourne 30.6 (↑)      Brisbane 29.8 (↑)      Adelaide 24.1 (↑)      Perth 35.2 (↑)      Hobart 29.6 (↑)        Darwin 30.4 (↓)       Canberra 39.1 (↓)       National Capitals 31.3 (↓)           
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The Biggest Mistakes People Make With Their Wills

The obvious one isn’t doing a will at all. But that is just one of many errors people make—often with potentially serious consequences.

By CHERYL WINOKUR MUNK
Fri, Feb 17, 2023 8:49amGrey Clock 5 min

Everybody knows they should have a will, and not having one can leave heirs with a big mess. But just having a will isn’t enough. Big mistakes are common—from leaving decisions to the last minute and failing to update documents to mismatching beneficiary designations.

What follows are some of the biggest mistakes people make when doing their wills, according to attorneys who have seen these missteps far too often.

Procrastinating

Of course, thinking about death is uncomfortable, and planning for it can be costly. But to have a say in the distribution of your assets after you die—what each heir will receive, what charities to support and other matters—timely planning is critical. Yet many people either don’t create the proper documents, or they attempt to cobble something together on their deathbed. These last-minute efforts can lead to a host of problems for the simple reason that decisions made in haste leave less time to think through the multiple what-ifs.

Last-minute preparation also raises the likelihood that a disgruntled heir could claim the will was made under duress or in a diminished capacity, says Rebecca Hedaya-Heller, founding partner of Heller & Associates, a law firm in North Woodmere, N.Y.

Another reason not to procrastinate: A document known as a revocable trust, or living trust, can make it possible to distribute assets while you are still living and can be useful if you become incapacitated. A living trust can be especially important in states such as New York, California and Florida that have more restrictive probate laws. Living trusts have other uses as well, such as keeping things out of the public record since trusts are private documents, Ms. Hedaya-Heller says. This means that a family’s affairs can be kept private, including the value of the estate and to whom assets have been given.

Dropping large inheritances in heirs’ laps

When leaving significant money to heirs, people sometimes choose to bequeath it outright, all at once. This can be a mistake, says David Handler, a partner in the trusts and estates practice group at Kirkland & Ellis LLP. Children in their early 20s or 30s, or even later in life, may not be able to handle such windfalls. Giving them unfettered access to it, he says, can be imprudent.

A better option, Mr. Handler says, is to leave the assets to a trust to manage the assets after death. Such trusts also can offer tax and asset-protection advantages to the beneficiaries, he says. For example, they can be designed so that a divorcing spouse or creditor from a lawsuit cannot reach the trust assets. A trust also can be structured to avoid additional estate tax when the assets pass to siblings or children upon the beneficiary’s death, regardless of the trust’s value or the beneficiary’s net worth.

Forgetting digital assets

As more people invest in cryptocurrency and NFTs, it becomes critical to ensure someone will have the ability to navigate their digital wallets once they pass away, says Jonathan Forster, partner at Weinstock Manion in Los Angeles. “If you have a digital wallet and no one has that information, the crypto is lost,” he says.

Be sure to keep good records of your cryptocurrency and leave heirs instructions about how to access this information. Don’t store private keys—strings of letters and numbers that allow access to digital assets—on an old, offline computer, for instance, because the hardware could be inadvertently thrown out and the assets lost. Instead, consider using a special device known as a hardware wallet to manage your crypto assets, and make sure heirs know how to find and access the device.

Additionally, people should not include their passwords or private keys in a will itself, which becomes public through the probate process.

Not making regular updates

Write it and forget it is a common theme for wills. But the documents should be updated every five to 10 years because intentions and circumstances can change over time. “Life happens,” says J. Whitfield Wilks, director at Novare Capital Management, an investment management firm in Charlotte, N.C.

People who have made out their wills years earlier can change their minds about who should get what and which charities to support. Appropriate guardians for children, too, can change over time, which is why periodic reviews are critical. For instance, says Mr. Wilks, 20 years after a will is drawn up, a sibling who was named as executor could be dead or estranged, in a nursing home or otherwise incapacitated.

Mismatching beneficiaries

Even if they have an updated will or living trust, many people forget to update their beneficiary designations on other things—such as pension accounts, individual retirement accounts and other investments, and life-insurance policies. Because a beneficiary designation generally supersedes the terms of a will, there can be unintended consequences. These can include leaving substantial sums of money to an ex-spouse or failing to leave specific assets to a child or grandchild since an original designation may have been made before they were born. “It’s an ongoing process to make sure these things match and your wishes will be implemented,” Mr. Wilks says.

Not allowing for flexibility

Sometimes wills or living trusts are worded in ways that cause unintended consequences, such as leaving more or less money than desired to an individual or charity.

For example, Mr. Handler says, imagine a man with an estate worth $10 million whose will says to leave $1 million to charity and the rest to his children. Under that scenario, the children would get $9 million. But if the estate’s value drops and is now worth only $4 million, the charity would still receive $1 million and the children only $3 million.

People also have to be careful when leaving a particular stock or bank account to a particular child, he says. When the person dies, if the asset is no longer owned or has dropped precipitously in value, that child could unintentionally be left with nothing or significantly less than their siblings, he says.

Not heading off conflicts

Conflicts between heirs tend to happen more often when they are surprised by the contents of wills or trusts, says Mr. Forster, which is why the Los Angeles attorney says he recommends clients be upfront with beneficiaries about their intentions. While these conversations can be hard, having them in advance mitigates the risk of resentment, and possibly litigation, among heirs after a loved one dies.

Mr. Forster offers the example of a mother who was planning to leave a significantly larger share of her estate to her daughter, a teacher. This move would have left her son, a doctor, mostly disinherited. Although the mother loved both her children and was on good terms with both, her estate-planning decisions were based on their respective financials.

Acting on Mr. Forster’s advice, she spoke to the son before drafting the estate plan and was surprised to hear he felt snubbed and unloved, which wasn’t her intent. As a result, she amended her plans, still leaving the daughter more money than the son, but to a lesser extent.

Because the family discussed the situation, the son won’t “have to spend the rest of his life wondering if he did something wrong or whether his mom didn’t love him as much,” Mr. Forster says. “At least they got to have that conversation.”



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As housing drives wealth and policy debate, the real risk is an economy hooked on growth without productivity to sustain it.

By Paul Miron, Opinion
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For decades, Australia has leaned into its reputation as the lucky country. But luck, as it turns out, is not an economic strategy. 

What once looked like resilience now appears increasingly fragile. Beneath the surface of rising property values and steady headline growth, the Australian economy is showing signs of strain that can no longer be ignored. 

Recent data paints a sobering picture. Australia has recorded one of the largest declines in real household disposable income per capita among advanced economies.  

Wages have failed to keep pace with inflation, meaning many Australians are working harder for less. On a per capita basis, income growth has stalled and, at times, reversed. 

And yet, on paper, things still look relatively solid. GDP is growing. Unemployment remains low. But that growth is increasingly being driven by population expansion rather than productivity.  

More people are contributing to output, but not necessarily improving living standards. 

That distinction matters. 

For years, Australia’s economic success rested on a powerful combination: a once-in-a-generation mining boom, a credit-fuelled housing market, strong migration and a property sector that rarely faltered. Between 1991 and 2020, the country avoided recession entirely, building enormous wealth in the process. 

But much of that wealth is tied to property. Around two-thirds of household wealth sits in real estate, inflated by leverage and sustained by demand. It has worked, until now. 

The problem is the supply side of the economy has not kept up. 

Housing supply is falling behind population growth. Rental vacancies are near record lows.  

Construction firms are collapsing at an elevated rate. At the same time, massive infrastructure pipelines are competing with residential projects for labour and materials, pushing costs higher and delaying delivery. 

The result is a system under pressure from all angles. 

Despite near full employment, productivity growth has stagnated for years. In simple terms, Australians are putting in more hours without generating more output per hour. The economy is running faster, butgoing nowhere. 

Meanwhile, government spending continues to expand. Public debt is approaching $1 trillion, with spending now accounting for a record share of GDP.  

The gap between spending and revenue has been filled by borrowing for decades, adding further pressure to an already stretched system. 

This is where the uncomfortable question emerges. 

Has Australia become too reliant on a model driven by rising property values, expanding credit and population growth? 

As asset prices rise, households feel wealthier and borrow more. Banks lend more. Governments collect more revenue. Migration fuels demand. The cycle reinforces itself. 

But when productivity stalls and debt outpaces real income, the system begins to depend on constant expansion just to stay stable. 

It is not a collapse scenario. But it is not particularly stable either. 

Nowhere is this more evident than in housing. 

The National Housing Accord targets 1.2 million new homes over five years, yet current completion rates are well below that pace. With approvals falling and construction costs rising, the gap between supply and demand is widening, not narrowing. 

Housing is also one of the largest contributors to inflation, with costs rising sharply across rents, construction and utilities. Yet the private sector, from small investors to major developers, is struggling to make projects stack up in the current environment. 

This brings the policy debate into sharper focus. 

Tax settings such as negative gearing and capital gains concessions have undoubtedly boosted demand over the past two decades. But they have also supported supply. Removing them may ease prices briefly, but risks deepening the supply shortage over time. 

That is the paradox. 

Policies designed to make housing more affordable can, in practice, make the shortage worse if they discourage development. The optics may appeal, but the economics are far less forgiving. 

It is also worth remembering that most property investors are not institutional players. The majority own just one investment property. They are, in many cases, ordinary Australians using real estate as their primary wealth-building tool. 

Undermining that system without replacing it with a viable alternative risks unintended consequences, from reduced supply to higher rents and increased inflation. 

So where does that leave Australia? 

At a crossroads. 

The country can continue to rely on population growth and rising asset prices to drive economic activity. Or it can shift towards a model built on productivity, innovation and sustainable growth. 

The latter is harder. It requires structural reform, long-term thinking and political discipline. 

But it is also the only path that leads to genuine, lasting prosperity. 

The question is no longer whether Australia has been lucky. 

It is whether it can evolve before that luck runs out. 

Paul Miron is the Co-Founder & Fund Manager of Msquared Capital. 

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