Creating an estate plan allows you to plan your future, specifying what should happen to your financial affairs and assets on your death. Among other things, an estate plan gives you peace of mind as you go about your life, … Read More
What is a Family Constitution? A family constitution is an aspirational document that can evolve over time. While not a contractual document here in Australia, a family constitution is a set of guiding principles for how to manage and enhance … Read More
What is a Power of Attorney and an Enduring Power of Attorney? A Power of Attorney is a legal document by which you can appoint another person or multiple people (referred to as ‘attorney/s’) to make decisions for you or … Read More
What is a Testamentary Trust? A testamentary trust is a discretionary trust set up by a Will. Creating a testamentary trust in your Will can have significant advantages for your beneficiaries instead of giving them an outright gift in a … Read More
The role and responsibilities of an Executor can involve considerable time and effort. As the person responsible for the administration of the estate, the role can be significant and, for that reason, sometimes people include provisions in their Will for … Read More
Leaving a valid will is the only way to be sure about who will receive your wealth following your death. If you pass away without a will, your assets will be distributed according to a formula set by law. The … Read More
The appointment of attorneys pursuant to an Enduring Power of Attorney is an important part of a clients planning and goes hand in glove with other aspects of estate planning. There are good reasons for appointing someone to make decisions … Read More
As accountants and financial planners, you have insights into your clients’ financial position far before we, as estate planners, do. Becoming familiar with the many benefits of Testamentary Trusts in a variety of scenarios will help you further protect your … Read More
The identification and proving of elder financial abuse is unfortunately an area of law that we are dealing with more regularly. In this article we cover what elder financial abuse is, the warning signs of elder financial abuse and what … Read More
When people take the step to make their will and/or estate plan, they don’t always get it right. In this article, I explore some of the more common errors that can lead to unintended or even catastrophic outcomes, such as … Read More
As estate lawyers, we often have clients come in to make a Will and they have not heard of testamentary trusts. Or if they have heard of them, they assume they are overly complicated or just for those that have … Read More
If you are reading this article, chances are you or someone you know, has a lot on their plate right now. You are likely to be the person coordinating and communicating with other family members, you’re likely to be fielding … Read More
For many Australians, superannuation is the largest component of their wealth when they die, particularly if insurance is held within the fund. Since superannuation was designed to provide for your retirement and your dependants after your death, it is often … Read More
Imagine discovering that you do not have control about who your superannuation will go to upon your passing, even though you have documented your wishes in a will. A nasty surprise and it is occurring more than you might think. … Read More
By Theresa Dowling Those in the Australian agribusiness sector know that the rewards of life in primary production are many and varied. A family farming business can deliver exceptional gains including financial growth and success, autonomy, an enviable lifestyle, and, … Read More
Christmas is all about family. It’s a time to get together, indulge in good food, a few drinks and swap stories about the year that’s been. And it’s also an ideal time to talk about death. Or more specifically, estate … Read More
The recent amendments to the Marriage Act, that came into effect as of 9 December 2017, may have inadvertently revoked your Will. For couples in the ACT, getting married automatically revokes any Will you have in place before marriage – … Read More
Winter is coming and so are changes to the superannuation system, starting on 1 July 2017. One of the major changes is to limit the amount of super that a person can have in a tax free pension environment. In … Read More
By Phil Davey A recent decision of Justice Brereton in Lodin v Lodin: Estate of Dr Mohammad Masoud Lodin throws light on the circumstances in which a former spouse can make a claim against an estate by way of a … Read More
[template id=”755″] By Rehana Richard Significant changes to the Power of Attorney Act 2006 (ACT) came into effect on 1 September 2016. Whether you have an existing Enduring Power of Attorney or are thinking of making an Enduring Power of … Read More
By Rehana Richard As seen in the May edition of B2B Magazine You are a child of the 80s and 90s – a product of the Generation Y era, just like me. You’re young, healthy,technologically savvy and enjoying the best years of your … Read More
High Court decisions regarding wills and estates matters are relatively few and far between, so it is always of interest when a matter is considered by the High Court. The High Court recently handed down the decision of Badenach v … Read More
By Rehana Richard Your spouse, relative or friend has appointed you as their attorney under an Enduring Power of Attorney – but what does this mean for you? Here are some questions we are regularly asked by attorneys. What is … Read More
Many Australians are turning to assisted reproduction technologies to conceive but have they considered what will happen to any stored genetic material in the event of their death? This question was considered by the ACT Supreme Court in a recent … Read More
The death of a loved one can be an overwhelming, confusing and busy time. Although nothing will remove the sting of grief, unnecessary stress can be reduced by understanding the steps involved and seeking the right advice. Most of the … Read More
The Court of Appeal in WA has confirmed how important it is to consider superannuation when you do your will and your will if you do a binding death nomination in relation to your superannuation. Neither should be done in … Read More
Dying without a Will can lead to unexpected results, especially for the family of a person who has recently gone through family law proceedings. Media reports recently shared the story of a young man who died unexpectedly at the age … Read More
Wilcox v Wilcox involved a claim by two grandsons against their grandfather’s will. The grandfather’s estate was worth around $5.5 million and was left mostly to his only daughter who was the mother of his two grandsons. Justice Pembroke, after … Read More
I am regularly asked about whether an official “reading of the Will” needs to take place after someone has died. You have probably seen American movies where the family gathers after the death of a relative in an oak-panelled office … Read More
On 14 May 2014, the ACT Legislative Assembly amended the Family Provision Act 1969 to reduce the time for making a family provision claim from 12 months to 6 months after the grant of representation. This means that eligible applicants … Read More
The Minister for Education, Christopher Pyne, recently caused a media stir by floating the idea that the government should recover HECS debts from students who have died. Tony Abbott quickly announced that he would not be making any changes to … Read More
A recent New South Wales Supreme Court judgment shows just how costly a failed family provision claim can be. Friend v Brian & Anor [2014] NSWSC 613 involved a claim by an adult daughter against her father’s will. Her father’s … Read More
A statement in a Will excluding particular persons may be ineffective if the estate is distributed on intestacy. The ACT Supreme Court recently handed down a decision in the Estate of McMullen [2014] ACTSC 53. The testator had made a … Read More
I am currently at the stage of life where I seem to spend every second weekend attending a baby shower. Planning for the arrival of a baby is a busy time and most first time mothers have long lists of … Read More
The importance of having a will cannot be understated. For those people who go to the effort of making a will, it is crucial that they go the extra step of ensuring that their will complies with all the formal … Read More
A number of same sex couples recently celebrated their marriage under the Marriage Equality (Same Sex) Act 2013 (ACT). The new legislation also has an impact on succession law. The Wills Act 1968 (ACT) states that a Will is automatically … Read More
The death of a loved one can be an overwhelming, confusing and busy time. Although nothing will remove the sting of grief, unnecessary stress can be reduced by understanding the steps involved and seeking the right advice. Most of the … Read More
Family provision is a growing area of law and high profile estate disputes are increasingly being reported in mainstream media. There are many reasons why you may not want another person to receive anything from your estate when you die … Read More
This week the Daily Telegraph, commenting on a survey undertaken by Suncorp, reported that of Australia’s 84,000 divorces, 86% failed to include the parties’ superannuation interests in the division of assets. Given the statistics regarding women already suffering from a … Read More