Previously it was common practice for individuals with assets in Australia and overseas to prepare a Will in each country where they held assets. This was to ensure the requirements for a valid Will were met in each country given differences in rules between countries.
To overcome this, Australia became a party to the International Wills Convention which came into effect in Australia on 10 March 2015.
Christmas is an exciting time of year, one filled with love and laughter, but also quite a hectic time of year getting presents ready for family.
Finishing off jobs at work can cause emotions to rise and the stress that comes with it. So can you imagine what would happen in the event that your work involved not only ensuring that everything was done by the strict deadline of Christmas, but also fulfilling the wishes of billions of people around the world?
It’s in our nature to look out for our loved ones and one of the most valuable assets you will ever ‘own’ is your education.
So it’s not surprising that we receive a number of calls from people wishing to somehow pay for the future expenses of their child or grandchild’s education, in the event of their passing.
Unlike cash, cars or material ‘things’, the gift of education is one that could make a profound difference in your grandchild’s life.
With school holidays coming up, it can be a difficult time for separated families to agree upon and juggle arrangements in relation to their children and what time they will spend with each parent.
Unfortunately for those families the tension and stress associated with making this decision can add to making the process more difficult.
There’s good news for investors nervous about purchasing property ‘off-the-plan’. Recent changes to NSW property laws will make it harder for unscrupulous developers to back out of off-the-plan contracts for residential property.
What are off-the-plan contracts?
An off-the-plan contract is a contract to buy a property which has not yet been created. That property may be vacant land to be created on registration of a plan of subdivision (e.g., the Shearwater Landing development at Greenhills Beach), an apartment to be constructed and created on registration of a strata plan (eg. the Woolooware Bay apartments) or anything in between.
Let’s imagine Mr and Mrs Claus want to give one of their elves $100,000 to help he and his new elf girlfriend buy a new pad in the North Pole. It’d be important that Mr and Mrs Claus to be wary of whether they are giving the $100,000 to their elf or to both he and his girlfriend and also whether it is it in fact a gift or a loan?
People often talk about going through a ‘messy divorce’, when in fact, obtaining a divorce is the easiest part of separation. Are you considering getting a divorce and wondering what the process will be like?
Married couples in Australia can apply for divorce if their marriage has broken down irretrievably. To apply for an Application for Divorce the parties need to be separated for a period of at least 12 months; and
• One of the parties must regard Australia as their home and intend to live in Australia indefinitely or
• be an Australian citizen by birth, descent or grant of Australian Citizenship, or
• have lived in Australia and have done so for 12 months immediately before filing the divorce.
Australians are known to love property as an investment vehicle. Generally this has been achieved by borrowing from a bank to purchase property before paying it off over time. Since 2007 self managed superannuation funds (SMSF) have been allowed to borrow money to acquire property, which has seen a large increase in the amount of SMSFs and the amount of property owned by SMSFs.
What is a SMSF?
A SMSF is a superannuation fund that has four (4) or fewer members and is an alternative to retail and employer sponsored superannuation funds. In a SMSF, the members (who are subject to strict rules) have control over the superannuation fund, its investments and decisions.
At Southern Waters Legal we agree! Unfortunately we see first hand the expensive mess left behind when people attempt a DIY Will. Homemade Wills often cause significant delays in beneficiaries receiving their inheritance, drawn out expensive litigation and family disputes.
The first step is to review all the information you need to start the debt recovery process.
You should confirm who the invoice is made out to, and who issued the invoice. This will allow you to determine who you need to chase for the debt (the debtor) and who the money is actually owed to (the creditor).
You should then establish exactly what goods or services you provided to the debtor and how much the debtor owes you for these goods and services.
Southern Waters Legal are proud to announce we have expanded our reach into the Sydney CBD and Northern Beaches by acquiring four Sydney-based legal firms. Learn more here.