Estate Ready
Frequently asked questions
▶ What is Estate Ready?
▶ How do I get started on Estate Ready?
▶ I already have a Will. Do I need Estate Ready?
▶ I own property with someone else. In what ways is Estate Ready important for controlling my asset?
▶ What are the benefits to my family if I am Estate Ready?
▶ My estate plans are simple, I’m just gifting my estate in equal portions to my family. Why do I need Estate Ready?
▶ My executor is a good person who knows me well. Does this mean she’s also the perfect executor?
▶ Whom should I choose as executor?
▶ What is an Estate Ready Family Meeting?
▶ If I’m young, fit and healthy, why do I need Estate Ready?
▶ How do I know if I’m Estate Ready?
▶ My grown children are my executors. How can Estate Ready help them?
▶ What are the consequences of dying without a Will?
▶ I have additional questions about Estate Ready. Who can I contact?
What is Estate Ready?
Estate Ready is Montane’s most personal and exclusive product. Estate Ready gives you the tools and apps to prepare, sort and put in place everything for your legacy.
Estate Ready gives you peace of mind. With Estate Ready, you ensure that when you can’t make decisions, the people who will make them for you know exactly what you want.
With Estate Ready, you get:
- every important legacy document in place, such as your Montane Will, Power of Attorney and Living Will
- all your property titled in a way that makes transfers and sales smooth and trouble-free
- preparation and know-how for executors, beneficiaries, and attorneys
How do I get started on Estate Ready?
The first step to being Estate Ready is the Estate Ready Review.
The review process requires you to provide details about your Estate plans to date, as well as relevant and vital information about how you’ve structured your life affairs. A Montane Consultant then personally reviews your information and provides you with a report including expert recommendations about what next steps you can take to ensure you are Estate Ready.
I already have a Will. Do I need Estate Ready?
Yes. A Montane Will is only one part of being Estate Ready. This is especially the case if you only have a simple Will drafted by a traditional law firm. Estate Ready ensures you have all the documents you need in place, all the know-how required to activate and use them, as well as care and storage routines.
Also, depending on when you made it, your Will may not clearly express your wishes because of changes in life circumstances. Your Estate Ready Review assesses your current needs and advises you about whether or not important existing legacy plans need updating.
I own property with someone else. In what ways is Estate Ready important for controlling my asset?
Owning a property jointly comes with the responsibility of deciding who gets your share after you’re gone.
You can buy a property with someone else either as “tenants in common” or “joint tenants”. Most people don’t know that joint tenancy means you have less control over who gets your property when you die.
Estate Ready gives you the best possible legal property ownership structure. This way, when you die, your estate can be distributed as smoothly as possible. And exactly as you want it.
What are the benefits to my family if I am Estate Ready?
Your family might all get along now.
But decision making during the stress of a traumatic accident or death can sometimes bring out conflicts and tensions.
Estate Ready ensures your wishes are expressed clearly and with legal validity. This means no unnecessary squabbling, no messy bank meetings, no time-consuming and stressful paperwork. With Estate Ready, your family can get on with their grieving – and their lives.
My estate plans are simple, I’m just gifting my estate in equal portions to my children. Why do I need Estate Ready?
Sometimes there are circumstances where you can’t simply equally distribute everything to your children.
Treating beneficiaries “equally” does not always result in “equal” outcomes. Being Estate Ready means that the individual, personal circumstances of your life are accounted for. And so are the lives of your beneficiaries. For instance, if you have spendthrift children you may need specific plans to make sure what you give them is not wasted or used to pay debtors.
My executor is a good person who knows me well. Does this mean she’s also the perfect executor?
It’s vital your executor understands your values, family dynamic — and more — so she can make decisions on your behalf.
Being an executor involves some tasks, though, that go above and beyond simply being a well-intentioned good friend.
Estate Ready gives you the know-how and tools to prepare your executor and attorney for their important roles, like:
- What are the first steps to estate administration?
- What are the legal responsibilities of an executor?
When an executor is on top of it, estate administration causes less pain to the people you care about.
Whom should I choose as executor?
As a general rule, anyone over the age of 18 who has legal capacity can be executor of your Montane Will. This includes beneficiaries named in the Will.
You should choose someone you can trust, who has an understanding of your affairs and who is not an undischarged bankrupt.
Many people choose a close family member to act as executor. This is not always the best option where there are family tensions (eg. two siblings in conflict or a blended family situation where there are divisions). Sometimes it is better to select someone with less of an emotional interest in the administration of the estate, perhaps a business colleague or someone you know from the wider community.
You can also choose an authorised trustee company to administer your estate. However the costs for this can be high as their fees may be based on a percentage of the value of your estate.
What is an Estate Ready Family Meeting?
An Estate Ready Family Meeting is a formal meeting held between you, your family members, and your Montane Legacy consultant.
The meeting is designed to start and expand conversations about your legacy plans. Sometimes those talks can be tricky. Montane’s skilled and expert legacy consultants ensure your wishes are expressed, heard and understood.
If I’m young, fit and healthy, why do I need Estate Ready?
Estate Ready structures your legacy plans. It also prepares for if you are incapacitated and unable to make decisions. For example, if you are in a coma or become ill, you need someone to pay your bills, your mortgage and take care of your daily affairs. Estate Ready gives you the tools and apps to choose someone who can make decisions for you. So you’re always in control of what happens next.
How do I know if I’m Estate Ready?
Untied loose ends are a nightmare for the people you’ve asked to look after your affairs.
You know you’re Estate Ready when plans are in place to take care of all the hidden, tricky aspects of estate administration, like paperwork and family jealousies and tensions. Estate Ready is more than just legacy administration. It also means that when you can’t make decisions, you’ve got a trusted someone to stand in your place.
If your estate is not thoroughly prepared, dealing with banks, superannuation funds and other complex institutions can be extremely stressful for the people you care about.
You’re Estate Ready when you know your legacy is cared for in the way you planned.
My grown children are my executors. How can Estate Ready help them?
Estate Ready gives your executors the know-how to administer your estate. Estate administration is a complex and time-consuming task. This is only made worse by a lack of knowledge. Estate Ready gives you tools, support and know-how to make sure your executor is ready too.
What are the consequences of dying without a Will?
When you die intestate (without a legal Will), the government decides, according to pre-determined, objectively applied formulas, what happens to what you own. Sometimes those formulas don’t align with what you would have chosen.
With Estate Ready, you stay in control because you of what happens to your assets when you die, plus more.
I have additional questions about Estate Ready. Who can I contact?
To get the extra information you need, you can contact our helpdesk.
Additional Product Support Information
Visit Estate Ready Support for more information.