The decision of who to appoint as executor of a person’s will is often overshadowed by who receives the assets, however the decision of who is appointed, and whether that person chooses to accept the appointment are not ones to be taken lightly. The duties of the executor include preserving and collecting all assets and […]
Hopefully you caught my chat with the lovely people at Newcastle Hunter Mummas on their podcast about why it is important to put together a last will and testament. For a will to be effective after preparation, it must be kept safe in a place able to be located once the willmaker passes away. Where […]
A common question asked is whether a client needs to update their will based on the age of the document. A will does not need to be updated merely based on age, but rather based on the answer to the fundamental question:- Does my Will properly contain my current and future wishes? If the wishes […]
Most people are familiar with a Power of Attorney. It is a legal document that gives your attorney the legal authority to act on your behalf and look after your affairs, including financial affairs, in the event that you are unable to do so. However, what most people don’t realise is that a Power […]
If you or someone close to you dies without leaving a will then their wishes cannot be known or followed. In this case the legislation, specifically Chapter 4 of the Succession Act 2006 NSW, sets out how the estate is to be divided. The legislation creates two classes of beneficiaries for the deceased person: 1. […]
Parents are able to appoint a ‘testamentary guardian’ to act in their place in the event of their death. This guardian would act in conjunction with the remaining parent should there be one. If the surviving parent objects to this then the guardian may have to make application to the court to carry out their […]
People often overlook one very important matter in the excitement of a wedding: any pre-existing will (unless it is stated to have been made in contemplation of the marriage) will become invalid. This in turn means that it is likely your new spouse will inherit your estate regardless of what your prior will provided. This […]
Quite frequently where there is a dispute in relation to a will it is necessary to prove that a will is valid. So what needs to be shown? 1. Capacity A will maker (known as the testator) must: i. Be at least 18 years of age unless an exception applies; ii. Be of sound mind, […]
You should revisit your Will regularly to make sure that it gives effect to your wishes which is vital to ensure your estate is distributed in the way you want it to be. Circumstances which may lead you to change your Will include: • Your financial circumstances change; • If you marry, start a new […]
A binding death benefit nomination is a notice given by a superannuation fund member to the Trustee of their superannuation fund requiring death benefits to be paid to the member’s nominated dependant(s) and/or legal personal representative. Without a binding death benefit nomination in place, the superannuation fund trustee will, for better or worse, determine which […]
