If you die without a Will, or for some reason your Will does not deal with all of your assets, this is known as “intestacy”. It can cause considerable stress and expense for your family, which is why you should have a valid will, advises Estate Planning lawyer TERRY MORGAN. The Probate and Administration Act […]
As we increasingly embrace technology and the digital realm in our daily lives, there remain some limitations, such as planning for your death – written wills are still more valid than video or digital versions. Recent Australian cases have acknowledged certain situations where digital documents may be treated as exceptions to the traditional formal Will […]
Alongside the community’s greater awareness of mental and degenerative illnesses and disabilities is the need to plan for such circumstances, according to estate planning lawyer TERRY MORGAN. Some people believe a “living will” is the way to ensure that their welfare and wealth are dealt with in the manner they would like it to if […]
You may have a Will, Power of Attorney and Enduring Guardian, but having a Binding Death Benefit Nomination (BDBN) is a critical aspect of Estate Planning that is often overlooked, according to estate planning lawyer TERRY MORGAN.
Assuming control of an elderly parent’s financial affairs can be time consuming and emotionally draining – and a test of sibling relations, says estate planning lawyer, TERRY MORGAN. In some families, selling the parents’ home, making investment decisions and taking charge of day-to-day money matters are worked through collaboratively and amicably. In others, deciding what […]
Trustees can breathe easier following recent clarification by the ATO as to whether or not trustees of testamentary trusts are like executors of estates and therefore whether the estate’s assets may be subject to Capital Gains Tax. Many people now establish a Testamentary Trust in their wills in order to preserve flexibility, asset protection and […]
In a “normal” situation when a person passes away, their Last Will and Testament discloses the deceased person’s intentions for the distribution of their assets. However a Will only deals with the assets that a person has, or over which a person has control, as at the date of that person’s death.
A Will containing Testamentary Trusts provides your beneficiaries with a fantastic investment vehicle that they can use for the rest of their lives and pass on to their children.
Do you have a child with a severe disability, or know someone who has a child with a severe disability? If so, the following information can help protect that child’s financial future.
How would you feel if part of a deceased family member’s estate were to be applied to satisfy creditors of a bankrupt beneficiary family member? Would a Will maker really want the Trustee in Bankruptcy to receive a bequest under their Will? Unfortunately, it happens, writes partner DEAN FRITH.
