Bankrupt Estates
The most popular warning of wills and estates law is to always have a will. It appears that only two options are available: intestate or testate. But even having a valid will can bring about a new option in dealing with an estate if a deceased had more debts than assets, it is necessary that the estate is treated differently than from a normal administration by virtue of the Probate and Administration Act 1898 (NSW).
Date: May 02, 2010
But he's not capable of Making a Will!
One of the essential requirements for making a will is that the testator - the will-maker - has the mental capacity to do so, that they know what they are doing. The same requirement exists for revoking a will, and giving someone an enduring power of attorney does not give the attorney the power to make a will.
Date: Sep 02, 2009
Can a person create a trust for the maintenance of their pets?
The bond between a pet and an owner can sometimes be so strong, that some people have actually named their pets as beneficiaries after their passing. Many of us have probably read or heard stories someone leaving instructions in their will for the maintenance of their pets, and some of us may have even guffawed at such a practice. However, the fact remains, that many people are rather quite attached to the pets and animals that they own, and there may even be a few readers who are wondering if gifts for maintenance can be made to their own animals. Does Australian law actually allow an animal to become a beneficiary?
Date: Jan 03, 2012
Capital Gains Tax Considerations for Estates
The taxation of estates can be quite complex depending upon the assets held by the deceased. For complex estates, it is important for the executor to have an understanding of relevant taxation principles. An executor’s choices when administering an estate can have a significant effect on the amount of tax paid and who pays the tax.
Date: Oct 05, 2011
Capital Gains Tax Considerations for Estates
The taxation of estates can be quite complex depending upon the assets held by the deceased. For complex estates, it is important for the executor to have an understanding of relevant taxation principles. An executor’s choices when administering an estate can have a significant effect on the amount of tax paid and who pays the tax.
Date: Sep 05, 2011
Creating a Living Will
A Living Will is a document created to clarify intent with regard to future health concerns and treatment. The document itself is legitimised by setting up specific medical Enduring Power of Attorney while a person is in sound mind and able to do. This Power of Attorney may be held with a family member or other trusted person who is given the rights to make decisions regarding health and treatment when the person is no longer able to do so.
Date: Jun 06, 2011
DIY will kits: will they hold up?
Most of us have seen will kits in a newsagency, or seen them advertised on-line or in the press. Buying one is certainly cheaper than seeing your solicitor to make one, but do they work?
Date: Jul 02, 2010
Do I Need a Power of Attorney?
Powers of Attorney are documents that have been around for hundreds of years. Put simply, a Power of Attorney is a document whereby one person – the "donor" – gives another – the "attorney" – the power to sign legal documents on their behalf. They can be given by companies or individuals. For example, banks will sometimes appoint senior staff members to sign various specified documents on the bank’s behalf.
Date: Nov 01, 2009
Estate Planning Strategies for Combined Families
If you have a combined or blended family, you may wish to consult with a lawyer to consider some estate planning strategies suited to your needs. When people enter into a second relationship, they often have separate assets. They may wish to provide some or all of those assets to their own children, rather than to their new partner and his or her children. There are laws of family provision that must be taken into account when estate planning in these circumstances.
Date: Mar 02, 2011
He didn't leave a will. What happens now
Most of us know what a will is, and if we think about it (which often we don't) we know we should have one. Many Australians, however, do not have one, and this can cause extra expense, delays and complications when they die.
Date: Jun 02, 2009
He didn't leave me anything
When someone dies, the terms of their will can cause jealousy, distress or upset in a surprising number of cases. What can someone do if they think that they have not been treated fairly in a will?
Date: May 05, 2009
How superannuation death benefits are dealt with upon the death of a member
All working Australians will be members of a superannuation fund, and with that in mind, it’s no surprise that according to the Australian Prudential Regulation Authority, the total amount of superannuation assets at the end of the 2010 financial year was $1.23 trillion. Many individuals will have large superannuation benefits waiting to be cashed upon retirement, however, some people will sadly pass away before they are able to make a claim on their benefit. So the question will arise of how will a person’s superannuation entitlements be dealt with upon their passing, is a natural line of inquiry.
Date: Dec 01, 2011
In Event of Death Who Will Watch Your Children
Who will watch your children in the event of your death? If you have children younger than 18 years, this is a very important consideration. In your will, you may nominate one or more people to be your child's guardian in the event of your death. This may help to avoid any future disputes between family members by making your intentions clear. The question of 'who' is very important to any parent when nominating a guardian for their children, as well as what 'will' happen.
Date: Oct 07, 2010
Make an Executive Decision & Appoint an Executor
Thinking about making a will can be overwhelming. Part and parcel of writing a will is appointing an executor. Many people may not understand the responsibilities of an executor – whether it is appointing one or being named as one.
Date: Aug 03, 2010
Missing Wills and Court Proceedures
Most of us realise that it is a smart step to have an appropriate will in place, but its important to make sure that your next of kin knows where the will is kept. If a will cannot be located, the estate will be dealt with as an intestate estate and your assets will be distributed according to the law and not necessarily as you would have wanted. The beneficiaries will also ultimately bear higher expenses.
Date: Jan 02, 2010
Missing Wills and Court Proceedures
Most of us realise that it is a smart step to have an appropriate will in place, but its important to make sure that your next of kin knows where the will is kept. If a will cannot be located, the estate will be dealt with as an intestate estate and your assets will be distributed according to the law and not necessarily as you would have wanted. The beneficiaries will also ultimately bear higher expenses.
Date: Dec 02, 2009
Obtaining Probate
When a person dies leaving a valid will, their estate is distributed according to the terms of their will. Each state has unique legislation setting out the rules for administering the deceased’s estate.
Date: Feb 03, 2011
Organise Organ Donation
A person can donate their organs after their death. It is advisable to think about whether you would like to donate your organs when drafting your will and informing your relatives.
Date: Jun 04, 2010
Should I Appoint an Enduring Guardian?
People usually hear about appointing a guardian in one of three ways: their solicitor may talk about it when discussing a will, a financial advisor may ask if there is one in place, or a retirement village or hospice may require a prospective resident to have one.
Date: Oct 03, 2009
The Basics of Estate Planning
Estate planning is important. One of the essential purposes of estate planning is to ensure that your beneficiaries receive the maximum possible benefit from your estate. This involves determining the most financially efficient and tax effective way to distribute your estate on death.
Date: Apr 01, 2011
The Duties and Responsibilites of an Executor
When a person passes away and leaves a valid will, it is up to the executor to make the funeral arrangements, obtain a grant of probate, pay off any debts to creditors and administer the estate of the will-maker according to their wishes. Needless to say, the responsibilities and duties of the executor are quite significant, so it is important that they carry out their role appropriately.
Date: Jul 05, 2011
The Guardianship Tribunal
More and more of us today are doing the wise thing, and appointing attorneys and guardians by Enduring Powers of Attorney and Guardianship Appointments.
Date: Feb 02, 2010
The importance of using the right words when drafting a will
The words used in wills – much like other legal documents – need to be chosen carefully, because terms and phrases can easily be misconstrued and can have multiple meanings. As the person drafting a will, you may know what you meant in the will, but for others who are trying to decipher your wishes, they might have a bit more trouble. Keep in mind that in most instances, an executor and any beneficiaries will only be privy to the information in your will only after you have passed away. So needless to say, you won’t be able to clarify your wishes to the parties involved if any misunderstandings do arise. In order to ensure that your executor is able to administer your property and estate in line with your wishes, it’s important to bear in mind that you should always choose your words carefully when drafting a will.
Date: Nov 02, 2011
The Will fundamentals
Most of the disputes about wills fall into one or the other of two categories. These are either that someone has not been provided for adequately in the will, or that some formality has not been complied with.
Date: Apr 05, 2009
There's no death duty nowadays, is there?
Premier Jo Bjelke-Petersen of Queensland has been a rather controversial figure in Australian political history, but one of the lesser known facts about him is that he was responsible for the end of death and estate duties in Australia. For many years both the individual states and the Commonwealth imposed death duties, known as estate duty for the Commonwealth version. Premier Jo abolished death duty in Queensland, and the resultant rush of investment into Queensland led to his lead being followed throughout Australia, so there are no death duties as such in our country.
Date: Aug 03, 2009
What on earth does Wills and Estates mean
One of the most common complaints about lawyers and the law is the language used, which has even produced its own name, “legalese”. Why is that?
Date: Nov 02, 2010
What you need to know to make a Will
Making a will is probably the last thing on your mind right now. Even as people age and raise a family, the idea that our mortality is potentialy a problem is understandably far away from consideration. However, just as people strive to provide for their family as best they can, it is important to take some time to prepare a plan for the possiility that you may no longer be around for your loved ones.
Date: Apr 03, 2010
What you need to know to make a Will
Making a will is probably the last thing on your mind right now. Even as people age and raise a family, the idea that our mortality is potentialy a problem is understandably far away from consideration. However, just as people strive to provide for their family as best they can, it is important to take some time to prepare a plan for the possiility that you may no longer be around for your loved ones.
Date: Mar 03, 2010
When should a will be changed?
Drafting a will can be a long, complicated process. Once it has been witnessed and filed away for safekeeping, it can be tempting to rarely think about it again. But keeping your will up to date is extremely important. Wills are often made years before a person dies, and there may be significant changes to an estate between when the will was written and when the will is executed.
Date: Feb 03, 2012
Where there is NOT a Will, There is a Way
Around half of all Australians do not have a will, so they will not have a say in what happens to their estate when they die! Surprising, but true.
Date: Jul 02, 2009
Why is it so important to keep your Will updated?
A recent decision from the Supreme Court of New South Wales has highlighted the need to keep your Will updated. In the NSW Trustee and Guardian v Ritchie [2011] the NSW Trustee applied to the Court for orders in relation to the administration of the Estate.
Date: Aug 02, 2011
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