I would like to speak to someone about Estate Planning for my aged parents, one who has been under the oversight of VCAT

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Customer: I would like to speak to someone about Estate Planning for my aged parents, one who has been under the oversight of VCAT for a number of years. I am one of the Trustees.
JA: What state are you in? It matters because laws vary by location.
Customer: Victoria
JA: What steps have you taken so far?
Customer: None yet.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: The other Trustee is my father - he is also in an Aged Care Retirement Home but he is not well.
Answered by John Melis in 1 min 7 months ago
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John Melis
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John Melis
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John Melis
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John Melis, Expert

Hi! You’re speaking with John Melis, a solicitor in Australia.
Please tell me more about the issue concerning the estate planning for your parents?

Customer
Preparing an Estate Plan for elderly parents when one is under the oversight of the VCAT system but may possibly pre-decease the other. Currently there Wills are conventionally framed, ie all assets etc pass to the other at that time.
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John Melis, Expert

what is your question of concern?
Customer
Apologies - incorrect scenario - it is possible even probable that the parent under guardianship will live longer than the other parent.
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John Melis, Expert

It is possible that the other parent may live longer than the other one. A case like that just results in the state trustees managing the affairs of that particular person.

Customer
The parent not under guardianship is concerned to legally pass on some of the estate now to his children.
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John Melis, Expert

Then that person needs to move the asset now.

Customer
presumably assets held under the name of the parent under guardianship (of course the majority of their wealth including shares) would remain as is until their eventual death?
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John Melis, Expert

Yes, you are correct.

Customer
Thank you.
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John Melis, Expert

It was my pleasure to help you today, and I thank you for chatting with me.
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