When a loved one passes away it can be a very overwhelming and confusing time. Not only are you dealing with grief, but you are also trying to navigate your way through the various matters to be dealt with such as funeral arrangements, the estate and the Will.
We provide some key things to consider when a loved one passes away.
We take a look at what is a testamentary trust and the benefits to putting this in place.
Unfortunately we see first hand the expensive mess left behind when people attempt a DIY Will.
So why should you seek proper legal advice when preparing a Will?
Research shows that around 50% of people in NSW do not have a Will. So what are the consequences if you die without one?
When delving into the world of estate planning, it is important to consider the treatment of a disabled beneficiary under a Will.
Take a look at some common concerns that clients have.
The role of an Appointor in a Discretionary Trust Deed or Family Trust is important as they have the power to decide who the trustee is in the deed. We often come across trust deeds for clients who are not sure who the Appointor is. It’s vital that you find out who is the nominated person and ensure they are the correct person to hold this position. If there’s someone appointed in the role that you do not want in that position, they can potentially change the trustee without any authority of the current trustee and then potentially get control of that trust. It’s extremely important to review the trust deed or get advice to make sure the correct person is appointed. If we can offer any advice for your situation please get in touch.
The legislation regarding Electronic Signatures on documents has just been amended in NSW. This is fantastic news as it allows witnessing of wills, powers of attorney, enduring guardianship, deeds or agreements, affidavits and statutory declarations to be done via video link.
Superannuation is becoming one of the largest (if not the largest) asset a person holds at the time of their death. However, contrary to popular belief, your superannuation is not automatically covered by your will. Instead most super funds allow you to nominate a person or persons to be paid your super in the event of your death.
Is one of your new year resolutions to get on top of your life admin? Do you have up to date estate planning documents? Australians are generally pretty good at making sure they have adequate insurances to cover circumstances relating to health, cars and property. However it’s estimated that almost half of Australians do not have a valid will and for many that have one, the documents are out of date and do not reflect current wishes.
A basic estate plan should have 3 essential documents including a Will, Power of Attorney and Enduring Guardianship. As you can see from the diagram below, a Will covers your assets in the event of your death whereas the Power of Attorney and Enduring Guardianship cover your affairs in the event of your incapacity. All three documents are equally as important given they cover off on different scenarios. More information on each document is outlined below.